Question 1

The Grass Is Greener is a lawn care company providing landscaping and lawn maintenance services to customers in and around Kansas City.The marketing team at The Grass Is Greener carefully tracks the moves of competing companies,watching for shifting strategies and new promotions.The marketing team is also in constant touch with customers,using surveys and other feedback methods to find out what kind of services customer value most.The Grass Is Greener is most accurately described as having a orientation.
A)leadership
B)competitor
C)market
D)product
E)customer

Accepted Answer

The Grass Is Greener is described as having a market orientation because it focuses on understanding and responding to customer needs and preferences, as well as monitoring competitors to adapt its strategies accordingly.

Question 2

involves first identifying and assessing competitors and then selecting which competitors to attack or avoid.
A)Market leading
B)The marketing management process
C)Competitor analysis
D)Customer- centered analysis
E)Benchmarking

Accepted Answer

Competitor analysis involves identifying and assessing competitors and making strategic decisions about which ones to attack or avoid in order to gain a competitive advantage. It is a crucial part of the marketing management process, which involves analyzing market opportunities, developing marketing strategies, and implementing and controlling marketing programs. Market leading refers to a company that is the leader in a particular market, and customer-centered analysis involves gathering information about customers and their needs and preferences. Benchmarking involves comparing a company's performance against that of its competitors.

Question 3

Under which of the following conditions would higher market share be most likely to produce higher profits?
A)when production volume drops as market share increases
B)when unit costs drop as market share increases
C)when production volume increases as market share increases
D)when unit costs increase as market share increases
E)when the company charges a break- even price

Accepted Answer

When unit costs drop as market share increases, the company can command higher prices and increase profits. This is because the company is achieving economies of scale and spreading fixed costs over more units, which lowers the cost per unit.

Question 4

Companies can pursue any of which of the following three strategies,called value disciplines,for delivering superior customer value?
A)customer intimacy,operational excellence,and focus
B)operational excellence,customer intimacy,and product leadership
C)operational excellence,overall cost leadership,and differentiation
D)product leadership,customer intimacy,and focus
E)employee relations,product leadership,and overall cost leadership

Accepted Answer

The three value disciplines that companies can pursue for delivering superior customer value are operational excellence, customer intimacy, and product leadership. Option B correctly lists all three value disciplines. Option A includes "focus" which is not a widely recognized value discipline. Option C includes "overall cost leadership" which is a part of operational excellence. Option D includes "focus" which is not a widely recognized value discipline. Option E includes "employee relations" which is not a recognized value discipline.

Question 5

A company that focuses on customer developments in designing its marketing strategies and on delivering superior value to its target customers is a .
A)target- centered company
B)branding- centered company
C)customer- centered company
D)market- centered company
E)geographic- centered company

Accepted Answer

A customer-centered company puts the needs and wants of its target customers at the center of its marketing strategies and focuses on delivering superior value to meet their needs. It places a strong emphasis on customer development to continuously improve its offerings and stay ahead of competitors.

Question 6

Companies that pursue a clear strategy will likely perform well.Firms that do not pursue a clear strategy are called .
A)overall cost leaders
B)nichers
C)analyzers
D)challenger risk- takers
E)middle- of- the- roaders

Accepted Answer

The term "middle-of-the-roaders" refers to companies that do not pursue a clear strategy and instead try to please everyone by offering a mix of low cost and differentiated products. These companies typically lack a cohesive direction and are at risk of being outperformed by competitors with a more focused strategy.

Question 7

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.
A)"value innovation"
B)"strategic platforms"
C)"service nichers"
D)"strategic sweet spots"
E)"common platforms"

Accepted Answer

The term used to describe the strategic moves mentioned in the statement is "value innovation". This refers to the creation of new value for both the company and its customers by identifying unoccupied market spaces and developing new products to meet the demand in those spaces. This approach is different from simply competing in existing markets, and can lead to significant growth and success for companies. None of the other answer choices accurately describe this concept.

Question 8

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 .
A)"strategic sweet spot"
B)"strategic platform"
C)"common platform"
D)"blue ocean strategy"
E)"red ocean strategy"

Accepted Answer

This strategy is known as the Blue Ocean Strategy, where a company aims to create a new market space with no direct competitors. The term "blue ocean" refers to the untapped market space where there is no competition, unlike the "red ocean" where competitors fight for dominance in a crowded marketplace.

Question 9

An industry often contains "good" and "bad" competitors.Good competitors .
A)play by the rules of the industry
B)dominate the market
C)break the rules of fair competition
D)value excellent customer service
E)share their marketing strategies

Accepted Answer

Good competitors play by the rules of the industry, ensuring fair competition and maintaining the integrity of the market.

Question 10

Most of the market is in the hands of the _ ,the firm with the largest market share.
A)market follower
B)market provider
C)market nicher
D)market challenger
E)market leader

Accepted Answer

The term used in the statement "the firm with the largest market share" refers to the market leader. Therefore, the best choice is E, which represents the market leader.

Question 11

Approaches to marketing strategy and practice often pass through which of the three following stages?
A)entrepreneurial marketing,formulated marketing,and intrepreneurial marketing
B)innovative marketing,strategic marketing,and formulated marketing
C)entrepreneurial marketing,intrepreneurial marketing,and innovative marketing
D)formulated marketing,intrepreneurial marketing,and innovative marketing
E)entrepreneurial marketing,formulated marketing,and strategic marketing

Accepted Answer

The three stages are entrepreneurial marketing, formulated marketing, and intrepreneurial marketing. Entrepreneurial marketing involves innovative and risk-taking approaches, formulated marketing is more structured and strategic, and intrepreneurial marketing focuses on innovation within established companies.

Question 12

Kodak's film business didn't suffer at the hands of direct competitor Fujifilm;it lost out to Sony,Canon,and other digital camera makers,along with a host of digital image developers and online image sharing services.This is an example of .
A)a blue ocean strategy
B)benchmarking
C)competitor phobia
D)marketing myopia
E)competitor myopia

Accepted Answer

Kodak's film business suffered from competitor myopia, as it failed to recognize the threat posed by digital camera makers and online image sharing services.

Question 13

The usually leads the other firms in price changes,new product introductions,distribution coverage,and promotion spending.
A)market leader
B)market challenger
C)market nicher
D)target leader
E)direct leader

Accepted Answer

The market leader is typically the firm that leads others in price changes, new product introductions, distribution coverage, and promotion spending.

Question 14

Each competitor has a mix of objectives.The company wants to know the relative importance that a competitor places on all of the following EXCEPT _ _.
A)company history
B)cash flow
C)technological and service leadership
D)market share growth
E)current profitability

Accepted Answer

The company history is not a current objective or priority for a competitor, but rather a past aspect of their business.

Question 15

Companies that operate large marketing departments,conduct expensive marketing research,spell out elaborate competitive strategies,and spend huge sums on advertising are using competitive marketing strategies.
A)red ocean
B)blue ocean
C)informal
D)innovative
E)formal

Accepted Answer

Companies that operate large marketing departments, conduct expensive marketing research, spell out elaborate competitive strategies, and spend huge sums on advertising are using formal competitive marketing strategies. This type of strategy is highly structured and detailed, with clear goals and methods for achieving them.

Question 16

The market challenger may launch a full ,matching the competitor's product,advertising,price,and distribution efforts.It attacks the competitor's strengths rather than its weaknesses.
A)multiple attack
B)frontal attack
C)direct attack
D)strength attack
E)indirect attack

Accepted Answer

A frontal attack involves directly targeting the competitor's strengths, such as launching a full-scale product, advertising, price, and distribution efforts to match the competitor's offerings. This approach requires significant resources and carries a higher risk, but it can be effective in gaining market share and more direct competition with the rival.

Question 17

are those runner- up firms that are working to increase their market share in an industry.
A)Market followers
B)Market analyzers
C)Market leaders
D)Market challengers
E)Market nichers

Accepted Answer

Market challengers are firms that are not market leaders but are working to increase their market share. They may use strategies such as innovation, pricing or advertising campaigns to challenge the market leader and gain a larger share of the market.

Question 18

The market leader normally gains the most when the .
A)total market expands
B)rest of the market follows far behind
C)major competitors enter the market
D)personal communication channels expand
E)niche marketing effort expands

Accepted Answer

When the total market expands, there is room for growth and the market leader can capture more customers and increase their market share. With a larger market, there is also the opportunity for the market leader to diversify their product offerings and potentially enter new market segments. As a result, the market leader stands to gain the most from an expanding market.

Question 19

A runner- up firm that wants to hold its share in an industry without rocking the boat is a .
A)market nicher
B)market challenger
C)direct marketer
D)market leader
E)market follower

Accepted Answer

A market follower is a company that tries to hold its share in an industry without disrupting the status quo. The company follows the market leader and tries to imitate its strategies. It usually avoids major investments in R&D or marketing and focuses on cost-cutting and process improvement. A market challenger tries to grab market share from the market leader, a market nicher focuses on a narrow market segment, a direct marketer sells products directly to customers without intermediaries, and a market leader has the largest market share and sets the industry standards.

Question 20

Cozy Country Market entered the candle market with a niche product: a line of candles made from soy that produce less smoke and last up to twice as long as other candles.Cozy Country Market sold its new line for about twice what you would pay for candles from a chain gift shop such as Hallmark.The product was sold online and in unconventional outlets not dominated by the market leaders.In this case,Cozy Country Market was using against the market leaders.
A)an indirect attack
B)an individual attack
C)a leadership attack
D)a frontal attack
E)a direct attack

Accepted Answer

Cozy Country Market used an indirect attack by targeting a niche market with a unique product and selling through unconventional outlets, rather than directly competing with market leaders in their established channels.

Quiz 18: Creating Competitive Advantage

involves first identifying and assessing competitors and then selecting which competitors to attack or avoid.

Under which of the following conditions would higher market share be most likely to produce higher profits?

Companies can pursue any of which of the following three strategies,called value disciplines,for delivering superior customer value?

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

Companies that pursue a clear strategy will likely perform well.Firms that do not pursue a clear strategy are called .

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.

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 .

An industry often contains "good" and "bad" competitors.Good competitors .

Most of the market is in the hands of the _ ,the firm with the largest market share.

Approaches to marketing strategy and practice often pass through which of the three following stages?

Kodak's film business didn't suffer at the hands of direct competitor Fujifilm;it lost out to Sony,Canon,and other digital camera makers,along with a host of digital image developers and online image sharing services.This is an example of .

The usually leads the other firms in price changes,new product introductions,distribution coverage,and promotion spending.

Each competitor has a mix of objectives.The company wants to know the relative importance that a competitor places on all of the following EXCEPT _ _.

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

The market challenger may launch a full ,matching the competitor's product,advertising,price,and distribution efforts.It attacks the competitor's strengths rather than its weaknesses.

are those runner- up firms that are working to increase their market share in an industry.

The market leader normally gains the most when the .

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