Question 1

Tomorrow's leading companies will succeed by creating "blue oceans" of uncontested market space.Such strategic moves,termed ________,create powerful leaps in value for both the firm and its buyers,creating all new demand and rendering rivals obsolete.

Accepted Answer

The answer of Tomorrow's leading companies will succeed by creating...

Question 2

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

Accepted Answer

The stages typically include entrepreneurial marketing, where businesses are small and flexible; formulated marketing, where strategies become more structured; and intrepreneurial marketing, where larger companies try to regain the flexibility and innovation of smaller firms.

Question 3

Michael Porter suggests four basic competitive positioning strategies that companies can follow-three winning strategies and one losing one.Which of the following are considered winning strategies?
A)	Middle-of-the-roader, focus, and overall cost leadership
B)	Focus, differentiation, and middle-of-the-roader
C)	Overall cost leadership, differentiation, and middle-of-the-roader
D)	Overall cost leadership, differentiation, and focus
E)	Differentiation, operational excellence, and focus

Accepted Answer

Michael Porter's three winning strategies are overall cost leadership, differentiation, and focus. These strategies are aimed at giving a company a competitive edge in the market. The "middle-of-the-roader" strategy is considered a losing one because it implies a lack of clear strategic direction.

Question 4

Most companies are started by individuals who live by their wits.They visualize an opportunity,construct flexible strategies on the backs of envelopes,and knock on every door to gain attention.What stage in marketing strategy are these individuals in?
A)	Exponential marketing
B)	Formulated marketing
C)	Entrepreneurial marketing
D)	Intrepreneurial marketing
E)	Innovative marketing

Accepted Answer

These individuals are in the Entrepreneurial marketing stage, which is characterized by using creativity, vision, and flexibility to identify and exploit marketing opportunities, often with limited resources and in the early stages of a company's development.

Question 5

WalMart,Texas Instruments,and Dell all achieve the lowest production and distribution costs to win a large market share.They utilize a(n)________ strategy very effectively.

Accepted Answer

The answer of WalMart,Texas Instruments,and Dell all achieve the lowest...

Question 6

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

Accepted Answer

The answer of Companies that pursue a clear strategy will...

Question 7

Small companies sometimes succeed in the short run in spite of themselves.They make mistakes but not costly mistakes.Over time,these companies may do a better job scanning market research trying to fine-tune their competitive strategies and programs.These companies are moving toward more ________ marketing.

Accepted Answer

The answer of Small companies sometimes succeed in the short...

Question 8

Jennifer just hired Tony away from his job with her major competition.She did this,in part,so he might follow that competitor closely to see what it does in the marketplace.Tony is an example of a(n)________ expert.

Accepted Answer

The answer of Jennifer just hired Tony away from his...

Question 9

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

The answer of Rather than competing head to head with...

Question 10

Sally has a problem.Her two marketing managers are at odds because each approaches the same problem from two radically different points of view.She knows this is normal because there will be a constant tension between the formulated side of marketing and the ________.

Accepted Answer

The answer of Sally has a problem.Her two marketing managers...

Question 11

Most competitors in the music download industry see Apple's iTunes Music Store as a ________ because they created a closed system with mass appeal.

Accepted Answer

The answer of Most competitors in the music download industry...

Question 12

Old,long-established companies can lose the marketing creativity and passion that they once had.If they want to refresh their marketing strategies and try new approaches,they should initiate ________.

Accepted Answer

The answer of Old,long-established companies can lose the marketing creativity...

Question 13

An example of a company exhibiting blue-ocean thinking is ________.

Accepted Answer

The answer of An example of a company exhibiting blue-ocean...

Question 14

The implication suggested by strategic actions of "good competitor companies" is that they would like to shape an industry that consists of ________.

Accepted Answer

The answer of The implication suggested by strategic actions of...

Question 15

Gary Hirshberg of Stonyfield Farm yogurt company stated that "companies can do better with less advertising,less marketing research,more guerrilla marketing,and more acting from the gut." At this point,Hirshberg was following which marketing strategy?
A)	Formulated marketing
B)	Dntrepreneurial marketing
C)	Innovative marketing
D)	Exponential marketing
E)	Intrepreneurial marketing

Accepted Answer

Hirshberg's approach aligns with entrepreneurial marketing, which emphasizes innovative, flexible, and opportunistic strategies often characterized by limited budgets and a focus on direct engagement and guerrilla marketing tactics.

Question 16

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

Accepted Answer

The answer of An industry often contains "good" and "bad"...

Question 17

Jennifer is doing well in her new position as marketing manager.Having successfully identified and evaluated her major competitors,her company now must design broad competitive marketing strategies by which it can gain competitive advantage through superior ________.

Accepted Answer

The answer of Jennifer is doing well in her new...

Question 18

Not surprisingly,large multi-national companies have large marketing departments.They conduct expensive marketing research,spell out elaborate competitive strategies,and spend huge sums on advertising.These are all called ________ competitive marketing strategies.

Accepted Answer

The answer of Not surprisingly,large multi-national companies have large marketing...

Question 19

There are specific kinds of information that companies need to know about their competitors.The ________ system first identifies the vital types of competitive information and the best sources of this information.

Accepted Answer

The answer of There are specific kinds of information that...

Question 20

Sears and Holiday Inn encountered difficult times because they did not stand out as the lowest in cost,highest in perceived value,or best in serving some market segment.Both companies are ________.

Accepted Answer

The answer of Sears and Holiday Inn encountered difficult times...

Quiz 18: Creating Competitive Advantage