Question 1

In terms of comparisons with a market leader,whereas the market leader achieves high volume,the market nicher achieves ________.

Accepted Answer

A)  high margin 
B)  low margin 
C)  high promotability 
D)  medium pricing 
E)  lower demand 
A)  high margin 
B)  low margin 
C)  high promotability 
D)  medium pricing 
E)  lower demand

Question 2

If your company was labeled as an imitator (market follower),what would your primary strategies for meeting competition be

Accepted Answer

According to information provided in the

Question 3

Selective price cuts,intense promotional blitzes,and occasional legal action are commonplace in the strategic design of a(n)________.

Accepted Answer

A)  frontal attack 
B)  flank attack 
C)  bypass attack 
D)  encirclement attack 
E)  guerilla warfare 
A)  frontal attack 
B)  flank attack 
C)  bypass attack 
D)  encirclement attack 
E)  guerilla warfare

Question 4

When entry and exit barriers are high,________.

Accepted Answer

A)  profit potential is high, but firms face more risk because poorer-performing firms stay in and fight it out 
B)  firms easily enter and leave the industry, and returns are stable and low 
C)  few new firms can enter the industry, and poorly performing firms can easily exit 
D)  firms enter during good times but find it hard to leave during bad times, resulting in chronic overcapacity and depressed earnings for all 
E)  none of the above 
A)  profit potential is high, but firms face more risk because poorer-performing firms stay in and fight it out 
B)  firms easily enter and leave the industry, and returns are stable and low 
C)  few new firms can enter the industry, and poorly performing firms can easily exit 
D)  firms enter during good times but find it hard to leave during bad times, resulting in chronic overcapacity and depressed earnings for all 
E)  none of the above

Question 5

An industry is a group of firms that offer a product or class of products that are close substitutes for one another.

Accepted Answer

A) True 
 B)False

Question 6

Your marketing manager has asked you to develop a new customer strategy for your company.Additionally,you have been asked to develop,specifically,a market-penetration strategy to assist in gaining new customers.Describe a market-penetration strategy in this context.

Accepted Answer

The market-penetration strateg

Question 7

A niche firm that specializes in customizing its products for individual customers is known as a ________.

Accepted Answer

A)  job-shop specialist 
B)  customer-size specialist 
C)  specific-customer specialist 
D)  channel specialist 
E)  vertical-level specialist 
A)  job-shop specialist 
B)  customer-size specialist 
C)  specific-customer specialist 
D)  channel specialist 
E)  vertical-level specialist

Question 8

When the total market expands,the ________ usually gains the most.

Accepted Answer

A)  market challenger 
B)  market leader 
C)  market follower 
D)  market nicher 
E)  market entrant 
A)  market challenger 
B)  market leader 
C)  market follower 
D)  market nicher 
E)  market entrant

Question 9

In selecting customers,a company should ________ those who are vulnerable and not valuable.

Accepted Answer

A)  make every effort to retain 
B)  focus on maintaining margins on 
C)  encourage the departure of 
D)  try to improve the vulnerability of 
E)  try to improve the value of 
A)  make every effort to retain 
B)  focus on maintaining margins on 
C)  encourage the departure of 
D)  try to improve the vulnerability of 
E)  try to improve the value of

Question 10

A competitor's share of industry sales is known as the firm's ________.

Accepted Answer

A)  share of market 
B)  share of mind 
C)  share of heart 
D)  share of competitive space 
E)  share of psychological field 
A)  share of market 
B)  share of mind 
C)  share of heart 
D)  share of competitive space 
E)  share of psychological field

Question 11

Describe the characteristics of an industry in which competitive rivalry and price cutting are most intense.

Accepted Answer

Competitive rivalry and price

Question 12

According to information provided in Michael Porter's model that describes segment structural attractiveness,the threat of mobility can be encountered.In which of the five forces described by Porter would such a threat occur

Accepted Answer

This threat would oc

Question 13

The best defense against strong buyers is to develop superior offers that strong buyers cannot refuse.

Accepted Answer

A) True 
 B)False

Question 14

The key idea in successful nichemanship is specialization.Which of the following specialists would most closely be identified with the characterization of being an organization that limits its selling to one customer

Accepted Answer

A)  End-user specialist 
B)  Vertical-level specialist 
C)  Customer-size specialist 
D)  Specific-customer specialist 
E)  Quality-price specialist 
A)  End-user specialist 
B)  Vertical-level specialist 
C)  Customer-size specialist 
D)  Specific-customer specialist 
E)  Quality-price specialist

Question 15

Once a company has identified its main competitors and their strategies,it must next ask: ________

Accepted Answer

A)  What are the competitors' objectives 
B)  What are the competitive brand attributes 
C)  What are the competitive promotion schemes 
D)  What is the attrition rate in the market 
E)  What are the subtle market entrance requirements 
A)  What are the competitors' objectives 
B)  What are the competitive brand attributes 
C)  What are the competitive promotion schemes 
D)  What is the attrition rate in the market 
E)  What are the subtle market entrance requirements

Question 16

If a market leader follows a strategy of continuous innovation,it keeps increasing its competitive strength and value to its customers.

Accepted Answer

A) True 
 B)False

Question 17

Market broadening and market diversification are likely tactics employed in which of the following market leader defensive strategies

Accepted Answer

A)  Position defense 
B)  Flank defense 
C)  Preemptive defense 
D)  Counteroffensive defense 
E)  Mobile defense 
A)  Position defense 
B)  Flank defense 
C)  Preemptive defense 
D)  Counteroffensive defense 
E)  Mobile defense

Question 18

When a buyer thinks of performance running shoes,the first name that comes to mind is Nike.In this example,Nike has a high ________.

Accepted Answer

A)  share of market 
B)  share of mind 
C)  share of heart 
D)  share of pocketbook 
E)  share of innovation 
A)  share of market 
B)  share of mind 
C)  share of heart 
D)  share of pocketbook 
E)  share of innovation

Question 19

If your company monitors competitive "share of mind," what is your company monitoring

Accepted Answer

The "share of mind" is the per

Question 20

A market challenger must decide who to attack.All of the following are considered as likely possible targets (as per information found in the text)EXCEPT ________.

Accepted Answer

A)  the market leader 
B)  firms its own size that are not doing the job 
C)  firms its own size that are underfinanced 
D)  a global conglomerate that is market hungry 
E)  small local firms 
A)  the market leader 
B)  firms its own size that are not doing the job 
C)  firms its own size that are underfinanced 
D)  a global conglomerate that is market hungry 
E)  small local firms

Exam 11: Dealing with Competition

In terms of comparisons with a market leader,whereas the market leader achieves high volume,the market nicher achieves ________.

If your company was labeled as an imitator (market follower),what would your primary strategies for meeting competition be

Selective price cuts,intense promotional blitzes,and occasional legal action are commonplace in the strategic design of a(n)________.

When entry and exit barriers are high,________.

An industry is a group of firms that offer a product or class of products that are close substitutes for one another.

Your marketing manager has asked you to develop a new customer strategy for your company.Additionally,you have been asked to develop,specifically,a market-penetration strategy to assist in gaining new customers.Describe a market-penetration strategy in this context.

A niche firm that specializes in customizing its products for individual customers is known as a ________.

When the total market expands,the ________ usually gains the most.

In selecting customers,a company should ________ those who are vulnerable and not valuable.

A competitor's share of industry sales is known as the firm's ________.

Describe the characteristics of an industry in which competitive rivalry and price cutting are most intense.

According to information provided in Michael Porter's model that describes segment structural attractiveness,the threat of mobility can be encountered.In which of the five forces described by Porter would such a threat occur

The best defense against strong buyers is to develop superior offers that strong buyers cannot refuse.

The key idea in successful nichemanship is specialization.Which of the following specialists would most closely be identified with the characterization of being an organization that limits its selling to one customer

Once a company has identified its main competitors and their strategies,it must next ask: ________

If a market leader follows a strategy of continuous innovation,it keeps increasing its competitive strength and value to its customers.

Market broadening and market diversification are likely tactics employed in which of the following market leader defensive strategies

When a buyer thinks of performance running shoes,the first name that comes to mind is Nike.In this example,Nike has a high ________.

If your company monitors competitive "share of mind," what is your company monitoring

A market challenger must decide who to attack.All of the following are considered as likely possible targets (as per information found in the text)EXCEPT ________.

Defining Marketing for the 21st Century

Developing Marketing Strategies and Plans

Gathering Information and Scanning the Environment

Conducting Marketing Research and Forecasting Demand

Creating Customer Value, Satisfaction, and Loyalty

Analyzing Consumer Markets

Analyzing Business Markets

Identifying Market Segments and Targets

Creating Brand Equity

Crafting the Brand Positioning

Setting Product Strategy

Designing and Managing Services

Developing Pricing Strategies and Programs

Designing and Managing Integrated Marketing

Managing Retailing, Wholesaling, and Logistics

Designing and Managing Integrated Marketing Communications

Managing Mass Communications:

Managing Personal Communications:

Introducing New Market Offerings

Tapping into Global Markets

Managing a Holistic Marketing Organization

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