Question 1

From an industry point of view, Universal Pictures film studio might see its competition as ________.
A) West End theatre
B) Columbia Pictures
C) Tomorrowland
D) Summerfest
E) HarperCollins

Accepted Answer

Universal Pictures is a film studio, so it would see its main competition as other film studios such as Columbia Pictures. West End theatre, Tomorrowland, Summerfest, and HarperCollins are not film studios and therefore not direct competitors to Universal Pictures.

Question 2

Companies can identify competitors from one of two points of view: ________.
A) manufacturing or selling
B) engineering or producing
C) consumer or business
D) industry or market
E) unique or similar

Accepted Answer

Identifying competitors from an industry or market point of view helps companies understand their market share and potential customer base better.

Question 3

A competitor analysis requires the assessment of all of the following EXCEPT the competitors' ________.
A) objectives
B) organizational hierarchy
C) strategies
D) strengths and weaknesses
E) reaction patterns

Accepted Answer

Organizational hierarchy of competitors is not relevant or important in a competitor analysis. The focus should be on their objectives, strategies, strengths and weaknesses, and reaction patterns.

Question 4

Fosters and Mason House, two major coffee brands, competed neck and neck based on their product attributes and price promotions. They were soon blindsided by the arrival of Starcoffeez, which focused more on the coffee experience rather than the coffee. This resulted in major losses for the two companies. This is an example of ________.
A) self-competition
B) competitor myopia
C) competitor backlinking
D) marketing myopia
E) perfect competition

Accepted Answer

Competitor myopia occurs when companies focus too narrowly on their direct competitors and fail to recognize broader changes in the market or new entrants, like Starcoffeez, that redefine the competitive landscape.

Question 5

________ involves first identifying and assessing competitors and then selecting which competitors to attack or avoid.
A) Competitor analysis
B) Self-competition
C) Blue ocean strategy
D) Quantitative analysis
E) Perfect competition

Accepted Answer

The process described in the question is competitor analysis, which involves identifying and assessing competitors and then making strategic decisions based on that assessment.

Question 6

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) current profitability
C) market share growth
D) cash flow
E) technological leadership

Accepted Answer

The company history is not typically considered a current objective for a competitor. The other options listed are all common objectives for competitors.

Question 7

The goal of performing a competitor analysis is to ________.
A) learn more about the competitors' sales structures
B) find flaws in the competitors' manufacturing processes
C) copy the best features that the competitors offer
D) find areas of potential competitive advantage and disadvantage
E) develop products in markets that the competitors are not in

Accepted Answer

The goal of performing a competitor analysis is to identify areas of potential competitive advantage and disadvantage. This includes understanding competitors' strengths and weaknesses, as well as opportunities and threats in the market. While learning about competitors' sales structures or copying their best features may be part of the analysis, the overall goal is to gain strategic insights that can inform decision making. Finding flaws in their manufacturing processes or developing products in markets they are not in may not necessarily be the primary objective of a competitor analysis.

Question 8

If a company identifies its competitors from an industry point of view, it must understand ________ if it hopes to be an effective player in that industry.
A) the trends in the industry
B) the primary customers
C) the impact of technological changes
D) the potential customers
E) the competitive patterns

Accepted Answer

The competitive patterns in an industry are crucial for a company to understand if it wants to be an effective player in that industry. By understanding the competitive patterns, a company can identify its competitors, their strengths and weaknesses, and the strategies they are using. This information can then be used to develop a competitive strategy that will help the company to succeed in the industry.

Question 9

To plan effective marketing strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors. This is an example of ________.
A) blue ocean strategy
B) competitor analysis
C) organizational evaluation
D) perfect competition
E) quantitative analysis

Accepted Answer

Competitor analysis involves gathering information about the strengths and weaknesses of a company's competitors in order to develop effective marketing strategies. This helps the company understand its competitive environment and make informed decisions about pricing, promotion, distribution, and product development.

Question 10

The first step in initiating competitive marketing strategies is to ________.
A) balance customer and competitor orientations
B) design broad competitive marketing strategies
C) assess long-term organizational objectives
D) conduct competitor analysis
E) conduct transaction analysis

Accepted Answer

To initiate competitive marketing strategies, the first step is to conduct competitor analysis. This involves identifying the strengths and weaknesses of competitors, their marketing strategies, and their market share. This helps a company to understand the competitive environment and to develop effective marketing strategies to gain a competitive advantage. The other options may be important in the process of developing competitive marketing strategies, but conducting competitor analysis is the crucial first step.

Question 11

Companies can identify competitors from a(n) ________ point of view by defining competitors as companies that are trying to satisfy the same customer need or build relationships with the same customer group.
A) customer
B) blue ocean
C) market
D) myopic
E) industry

Accepted Answer

Identifying competitors from a market point of view means looking at companies that are trying to satisfy the same customer need or build relationships with the same customer group, which is a broader and more inclusive approach than a myopic or industry-specific perspective. Blue ocean refers to creating new market spaces with no competition, while customer and industry views are more narrow in focus.

Question 12

Strategies that strongly position a company against competitors and that give the company the best possible strategic advantage are ________ strategies.
A) competitor analysis
B) customer relationship
C) competitive marketing
D) competitive relationship
E) customer identification

Accepted Answer

Competitive marketing strategies are focused on creating a strong and distinctive position for a company against its competitors. These strategies can include product differentiation, pricing strategies, and branding efforts that help to establish the company as a leader in the marketplace. By leveraging its unique strengths and advantages, a company can gain an edge over its rivals and capture market share. Customer relationship and identification strategies are important, but they are not necessarily geared towards creating a distinct competitive advantage. Competitor analysis is an important part of competitive marketing, but it is not a strategy in and of itself.

Question 13

From a market point of view, Universal Pictures film studio might see its competition as ________.
A) Paramount Pictures
B) Warner Bros. Pictures
C) Walt Disney Pictures
D) 20th Century Fox
E) Broadway

Accepted Answer

The answer of From a market point of view, Universal...

Question 14

A company is guilty of ________ if the company forgets latent competitors and only focuses on current competitors.
A) perfect competition
B) self-competition
C) Cournot competition
D) competitor backlinking
E) competitor myopia

Accepted Answer

Competitor myopia refers to a situation where a company only focuses on its current competitors and forgets to consider potential or latent competitors. This can limit a company's ability to innovate and adapt to changes in the market.

Question 15

Kodak's film business didn't lose out to 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) competitor backlinking
C) self-competition
D) competitor myopia
E) marketing myopia

Accepted Answer

Kodak's failure to recognize the threat from digital technology and focusing only on traditional film competitors like Fujifilm is an example of competitor myopia, where a company is too focused on its direct competitors and fails to see broader industry changes.

Question 16

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.
A) competitive advantage
B) first-mover advantage
C) economies of scale
D) comparative advantage
E) differentiation

Accepted Answer

Gaining competitive advantage involves delivering more value and satisfaction to target consumers than competitors, making it a key factor in outperforming rivals in the market.

Question 17

What is the LEAST relevant question to ask when assessing a firm's main competitor?
A) What are the competitor's objectives?
B) What is the competitor's strategy?
C) What are the competitor's strengths?
D) What are the competitor's locations?
E) What are the competitor's weaknesses?

Accepted Answer

The locations of the competitor are less relevant to the assessment of their main competitors as it does not directly impact their strategy, strengths, weaknesses or objectives.

Question 18

Companies can identify their competitors from both ________ points of view.
A) industry and market
B) product and customer
C) customer and location
D) location and product
E) product and strategy

Accepted Answer

Companies can identify their competitors based on industry (companies offering similar products/services) and market (companies targeting similar customers/geographic areas). This allows for a comprehensive understanding of the competitive landscape. The other options provide valid perspectives but are not as comprehensive as industry and market.

Question 19

From a(n) ________ point of view, Pepsi might see its competition as Coca-Cola, Dr Pepper, 7UP, and the makers of other soft drink brands. From a(n) ________ point of view, however, the customer really wants "thirst quenching."
A) market; industry
B) market; consumer
C) industry; competitive
D) industry; market
E) company's; consumer's

Accepted Answer

From an industry point of view, Pepsi sees its competition as other soft drink brands. From a market point of view, the focus is on fulfilling the customer's need for "thirst quenching."

Question 20

Nintendo, producer of the Wii video game console, might define its competitors as other makers of physically interactive video games. But from a(n) ________ point of view, it would include all firms making physically interactive recreational products.
A) industry
B) market
C) segment
D) niche
E) interdependent

Accepted Answer

When defining competitors from a market point of view, Nintendo would have to include all firms making physically interactive recreational products, not just those making video games. A market perspective takes into account a broader range of products or services that satisfy similar needs or wants, whereas an industry perspective focuses on a specific sector of economic activity.

Quiz 18: Creating Competitive Advantage

From an industry point of view, Universal Pictures film studio might see its competition as ________.

Companies can identify competitors from one of two points of view: ________.

A competitor analysis requires the assessment of all of the following EXCEPT the competitors' ________.

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

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 ________.

The goal of performing a competitor analysis is to ________.

If a company identifies its competitors from an industry point of view, it must understand ________ if it hopes to be an effective player in that industry.

To plan effective marketing strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors. This is an example of ________.

The first step in initiating competitive marketing strategies is to ________.

Companies can identify competitors from a(n) ________ point of view by defining competitors as companies that are trying to satisfy the same customer need or build relationships with the same customer group.

Strategies that strongly position a company against competitors and that give the company the best possible strategic advantage are ________ strategies.

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

A company is guilty of ________ if the company forgets latent competitors and only focuses on current competitors.

Kodak's film business didn't lose out to 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 ________.

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.

What is the LEAST relevant question to ask when assessing a firm's main competitor?

Companies can identify their competitors from both ________ points of view.

From a(n) point of view, Pepsi might see its competition as Coca-Cola, Dr Pepper, 7UP, and the makers of other soft drink brands. From a(n) point of view, however, the customer really wants "thirst quenching."

Nintendo, producer of the Wii video game console, might define its competitors as other makers of physically interactive video games. But from a(n) ________ point of view, it would include all firms making physically interactive recreational products.