Question 1

Most companies will compete with ________ rather than ________.

Accepted Answer

A)  distant competitors; close competitors 
B)  close competitors; distant competitors 
C)  benchmarkers; distant competitors 
D)  market challengers; market followers 
E)  market challengers; market nichers

Question 2

An example of a company exhibiting a blue ocean strategy is ________.

Accepted Answer

A)  Amazon's online shopping convenience 
B)  a Starbucks opening in the same vicinity of an independent coffee house 
C)  Nike's brand image of the "swoosh" 
D)  Whirlpool's full line of medium-priced, energy-saving appliances 
E)  the first digital tablet iPad released by Apple

Question 3

From a market point of view, Universal Pictures might see its competition as ________.

Accepted Answer

A)  Paramount Pictures 
B)  Warner Bros. Pictures 
C)  Walt Disney Pictures 
D)  20th Century Fox 
E)  Broadway

Question 4

Give examples of competitor objectives and discuss the importance of knowing a competitor's mix of objectives.

Accepted Answer

The answer of Give examples of competitor objectives and discuss...

Question 5

What is the primary focus of a customer-centered company?

Accepted Answer

The answer of What is the primary focus of a...

Question 6

Country Kitchen and Perkins are both a chain of family restaurants featuring diner-like menus with reasonably priced items. These companies are in the same ________.

Accepted Answer

A)  focus group 
B)  strategic group 
C)  control group 
D)  target group 
E)  experimental group

Question 7

When Gary Hirshberg started the Stonyfield Farm yogurt company, he stated that his company could do better with less advertising, less marketing research, and more guerrilla marketing. He came up with innovative marketing ideas to promote his products such as having sales personnel dress up as large yogurt cartons to distribute free yogurt samples. Which of the following marketing strategies was being implemented by Hirshberg?

Accepted Answer

A)  formulated marketing 
B)  entrepreneurial marketing 
C)  ambush marketing 
D)  undercover marketing 
E)  intrepreneurial marketing

Question 8

Smaller companies may assign specific executives to watch particular competitors. A manager who used to work for a competitor might follow that competitor closely to see what it does in the marketplace. Such a manager would be considered the company's ________ on that competitor.

Accepted Answer

A)  market leader 
B)  market challenger 
C)  surrogate consumer 
D)  in-house expert 
E)  laggard

Question 9

When a company provides superior value by leading its industry in price and convenience, it has obtained ________.

Accepted Answer

A)  product leadership 
B)  focus 
C)  operational excellence 
D)  customer intimacy 
E)  differentiation

Question 10

A runner-up firm that wants to hold its share in an industry without rocking the boat is a ________.

Accepted Answer

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

Question 11

A company that focuses on customer developments in designing its marketing strategies and on delivering superior value to its target customers is a ________.

Accepted Answer

A)  competitor-centered company 
B)  shell company 
C)  maquiladora 
D)  customer-centered company 
E)  dummy company

Question 12

Which of the following is a market leader strategy?

Accepted Answer

A)  expanding market share 
B)  multiple niching 
C)  full frontal attack 
D)  following at a distance 
E)  following closely

Question 13

Companies with multiple products or businesses typically choose one marketing strategy for all their different businesses or products.

Accepted Answer

A) True 
 B)False

Question 14

Discuss the four evolving company orientations. Which orientation is considered most successful and why?

Accepted Answer

The answer of Discuss the four evolving company orientations. Which...

Question 15

Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a ________.

Accepted Answer

A)  horizontal integration approach 
B)  commercialization process 
C)  guerrilla marketing technique 
D)  blue ocean strategy 
E)  lean dynamics approach

Question 16

Discuss two ways a market challenger can best attack the chosen competitor and achieve its strategic objectives. Explain when a challenger should use these attacks and provide examples of companies that have used these methods.

Accepted Answer

The answer of Discuss two ways a market challenger can...

Question 17

Which of the following is a competitive position or role that firms play in the target market?

Accepted Answer

A)  surrogate consumer 
B)  market analyst 
C)  market maven 
D)  market nicher 
E)  laggard

Question 18

Tomorrow's leading companies will succeed by seeking out unoccupied positions in uncontested market spaces. Such strategic moves, termed ________, create powerful leaps in value for both the firm and its buyers, creating new demand for new products.

Accepted Answer

A)  customer lifetime value 
B)  customer equity 
C)  value innovation 
D)  market segmentation 
E)  customer intimacy

Question 19

Companies that operate large marketing departments, conduct expensive marketing research, spell out elaborate competitive strategies, and spend huge sums on advertising are using ________ marketing strategies.

Accepted Answer

A)  informal 
B)  formal competitive 
C)  entrepreneurial 
D)  intrepreneurial 
E)  blue ocean

Question 20

Which of the following is a negative aspect of a competitor-centered company?

Accepted Answer

A)  It may end up simply matching industry practices. 
B)  It fails to identify competitors' weaknesses. 
C)  It becomes stable and unreactive. 
D)  It fails to notice weaknesses in its own position. 
E)  It fails to develop a fighter orientation.

Exam 18: Creating Competitive Advantage

Most companies will compete with rather than .