Exam 4: Marketing Strategies for Competitive Advantage

A differentiation strategy involves a company working hard to achieve the lowest costs of production so that it can price lower than its competitors.

The process of comparing the company's products and processes to those of competitors or leading firms in other industries in order to identify best practice and find ways to improve performance is known as:

A focus strategy involves a company focussing its effort on serving a few market segments well, rather than going after the whole market.

Acme Corporation had been receiving many complaints from customers about errors in billing. Although the problem was by no means critical, management decided to investigate those companies in other industries with excellent reputations for billing and invoicing. They soon identified American Express as a company with a global reputation for the accuracy of its invoicing and studied their processes with a view to translating some of American Express's techniques for their own use. Acme Corporation is engaged in which of the following?

Customer _________ analysis is conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers.

Compared with manufacturers of packaged goods, B2B marketers often have problems collecting data for a competitor analysis. The MOST likely explanation for this is that:

One of the specialist roles that is open to a market nicher and involves the firm specialising in one specific type of customer is known as a(n)________ specialist.

The firm who is a runner- up in an industry but that wants to hold its market share without rocking the boat is known as the market:

Competitive positions are classified based on the role each firm plays in the target market. What are the four (4) typical roles and what are their characteristics? Provide one example, from your own experience, of each position.

Market followers enjoy many advantages. Which of the following is NOT normally seen to be one of the market follower's advantages?

It has been suggested that companies gain leadership positions through the pursuit of value disciplines such as:

Which of the following statements BEST describes the problem of "competitive myopia"?

Firms that serve smaller segments within an industry that others overlook is known as the market:

Companies can identify their competitors from an industry viewpoint or a market viewpoint.

When a market challenger attacks the market leader on its weaknesses or seeks to exploit gaps in the competitor's market coverage, this is known as a(n)________ attack.

Which of the following strategies would NOT normally be indicated for a market leader?

A market- oriented company is one that keeps a close eye on customer trends and customer preferences, but pays only minimal attention to competitors' activities.

The competitive position known as market leader is characterised as the firm that: