Question 1

Name the three value disciplines.

Accepted Answer

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Question 2

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

Accepted Answer

A customer-centered company prioritizes understanding and meeting the needs and wants of its target customers. It places strong emphasis on customer satisfaction and delivering superior value, which ultimately drives long-term customer loyalty and repeat business.

Question 3

Which is NOT one of the four orientations a company may have?
A) customer
B) product
C) competitor
D) market
E) cost

Accepted Answer

The four main orientations a company may have are customer, product, competitor, and market. Cost is not considered a direct orientation, but rather a factor that can influence the chosen orientation.

Question 4

Firms competing in a given target market, at any point in time, are similar in their objectives and resources.

Accepted Answer

Firms competing in a given target market may have different objectives and resources. Some firms may have the objective of maximizing profits, while others may prioritize market share or customer satisfaction. Similarly, firms may have different resources such as financial, human, or technological resources that give them a competitive advantage over others.

Question 5

Discuss customer intimacy. Why is it important? Provide an example of a company that successfully abides by this value discipline.

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Question 6

Explain how a market follower can gain advantage from a market leader.

Accepted Answer

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Question 7

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

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Question 8

A company that is in a good position to identify new opportunities is a ________ company.
A) market-centered
B) cost-centered
C) competitor-centered
D) product-centered
E) customer-centered

Accepted Answer

A customer-centered company is focused on meeting the needs and wants of its customers, which includes understanding their changing preferences and identifying new opportunities. By putting customers at the center of their business, these companies are better able to anticipate and respond to new market trends and opportunities.

Question 9

A product-oriented company focuses on ________.
A) the competitors' products
B) the customers' needs
C) its own products
D) the selling process
E) the competitors and the customers

Accepted Answer

A product-oriented company focuses primarily on developing and improving its own products, rather than focusing on competitors or customers. This approach assumes that if a company can produce the best possible product, customers will naturally want to buy it.

Question 10

Which of the following does NOT apply to a customer-centered company?
A) watching customer needs evolve
B) deciding what customer groups are the most important to serve
C) matching or extending industry practices
D) focusing the resources on delivering superior value to target customers
E) setting long-range strategies that make sense

Accepted Answer

A customer-centered company would not necessarily prioritize matching or extending industry practices, but would instead prioritize delivering excellent value to their target customers by watching their needs evolve, identifying important customer groups to serve, and setting long-range strategies that align with their goals.

Question 11

Which of the following is a positive aspect of a competitor-centered company?
A) It carries out its own customer relationship strategy.
B) It bases its own moves on competitors' moves.
C) It searches out competitors' weaknesses.
D) It concentrates its resources on delivering superior value to target customers.
E) It ends up seeking innovative ways to create more value for customers.

Accepted Answer

A competitor-centered company searches out competitors' weaknesses, which can be a positive aspect as it allows the company to exploit these weaknesses to gain a competitive advantage.

Question 12

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

Accepted Answer

A competitor-centered company may focus too much on matching or reacting to competitors, which can lead to a lack of innovation and differentiation, resulting in merely matching industry practices rather than leading or innovating.

Question 13

Michael Porter suggested four basic competitive positioning strategies that companies can follow, three winning strategies and one losing one. Name and describe these four different strategies.

Accepted Answer

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Question 14

When companies watch both their buyers and their competitors, they are called ________ companies.
A) product-centered
B) market-centered
C) customer-centered
D) competitor-centered
E) cost-centered

Accepted Answer

Market-centered companies focus not only on their customers but also keep a close eye on their competitors. They try to understand the changing preferences and needs of their target customers and constantly adapt their strategies to stay ahead in the market.

Question 15

Compare and contrast the four competitive positions that are often used to describe market structures.

Accepted Answer

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Question 16

Market challengers can grow by further increasing their market shares.

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Question 17

A company can become so ________ centered that it loses its even more important focus on maintaining profitable ________ relationships.
A) customer; competitor
B) competitor; customer
C) market; customer
D) market; competitor
E) competitor; product

Accepted Answer

A company can become so focused on its competitors that it neglects its essential focus on maintaining profitable customer relationships.

Question 18

Why is niching profitable?

Accepted Answer

The answer of Why is niching profitable?...

Question 19

Greener-grass Inc. is a lawn care company providing landscaping and lawn maintenance services to customers in and around Kansas City. The marketing team at Greener-grass 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 customers value the most. Greener-grass is most accurately described as having a ________ orientation.
A) market
B) product
C) customer
D) competitor
E) leadership

Accepted Answer

Greener-grass Inc. is focused on understanding and meeting the needs and preferences of its customers, which is indicative of a market orientation.

Question 20

Discuss formal and informal marketing strategies and give examples of companies that follow these strategies.

Accepted Answer

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Quiz 18: Creating Competitive Advantage

Name the three value disciplines.

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

Which is NOT one of the four orientations a company may have?

Firms competing in a given target market, at any point in time, are similar in their objectives and resources.

Discuss customer intimacy. Why is it important? Provide an example of a company that successfully abides by this value discipline.

Explain how a market follower can gain advantage from a market leader.

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.

A company that is in a good position to identify new opportunities is a ________ company.

A product-oriented company focuses on ________.

Which of the following does NOT apply to a customer-centered company?

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

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

Michael Porter suggested four basic competitive positioning strategies that companies can follow, three winning strategies and one losing one. Name and describe these four different strategies.

When companies watch both their buyers and their competitors, they are called ________ companies.

Compare and contrast the four competitive positions that are often used to describe market structures.

Market challengers can grow by further increasing their market shares.

A company can become so centered that it loses its even more important focus on maintaining profitable relationships.

Why is niching profitable?

Discuss formal and informal marketing strategies and give examples of companies that follow these strategies.