Chapter 18 Quiz – Flashcards
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Conduct a competitor analysis
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The first step in initiating competitive marketing strategies is to ________.
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low-cost leadership
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A company that pursues ________ will react much more strongly to a competitor's cost reducing manufacturing breakthrough than to the same competitor's advertising increase.
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compete
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In the context of identifying competitors' strategies, the more that one firm's strategy resembles another firm's strategy, the more likely the two firms are to ________.
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Benchmarking
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________ is the process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.
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customer value analysis
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A market research firm conducts a survey of soft-drink consumers to assess Pepsi's and Coke's strengths and weaknesses in attributes valued by both company's target customers. The market research firm is using a(n) ________.
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play by the rules of the industry
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An industry often contains "good" and "bad" competitors. Good competitors ________.
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operational excellence
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When a company provides superior value by leading its industry in price and convenience, it has obtained ________.
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customer intimacy
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When companies serve customers who are willing to pay a premium to get precisely what they want and the company responds quickly to satisfy these customers' needs, the company has achieved ________.
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new uses of the product
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Marketers can expand markets by discovering and promoting ________.
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niches
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Almost every industry includes firms that specialize in serving target subsegments called market ________.