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20 Cards in this Set
- Front
- Back
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Define: competitor analysis |
Identification of key competitors, as well as assessing their strengths, weaknesses, objectives, strategies and reaction patterns. This also involves choosing which to attack or avoid. |
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Define: competitive marketing strategies. |
Developing a strong position for the company against competitors. |
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What are the steps for competitor analysis? |
1. Identification 2. Assessment 3. Competitor Selection |
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Define: strategic group |
Firms within an industry adopting a similar strategy. |
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What is customer value analysis and how is it conducted? |
A Venn diagram detailing benefits target market values and how they rate compared to competitor offerings. |
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Define: benchmarking |
Comparison of company's market offerings and processes to competitors or leading firms in another industry to identify best practices to improve quality and performance.
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How can one determine a close or distant and good or bad competitors? |
Closeness is determined by similarity in positioning (market offerings). Goodness is a measurement of how a competitor can share market and development costs (leading to product differentiation). Also, it can increase total market demand. |
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What are examples of "finding uncontested market spaces"? |
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What are possible competitor objectives? |
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How can competitors be identified? |
1. Industry POV (competitors within the same industry) 2. Market Perspective (serving same customer value) or 1. Same products 2. Same services 3. Competing for same consumer dollar. |
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Define: competitor myopia |
Focusing on a direct competitor and ignoring potential indirect competitors, such as those that may technologically render companies redundant. |
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What is the difference between position in positioning? |
Position refers to the market share a company owns, while positioning refers to the place of a product relative to competition in the consumer's mind. |
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What are the different competitor positions? |
1. Market leader 2. Market challenger 3. Market follower 4. Market nicher |
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What can be the possible market leader strategies? How can these be implemented? |
1. Market share expansion (improving product and service quality; improve brand experience further) 2. Market share protection (fixing weaknesses, innovation, price consistency and improving customer relationships) 3. Expanding total demand (more users, more usage, new uses) |
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What is the possible market challenger strategy? How can it be implemented? |
Challenging market leader for more market share. This can be done by the second mover advantage: observation of successful traits of leader improves on it. |
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What are the possible market follower strategies? |
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What is the ideal market niche segment? |
A profitable one with high growth potential, yet small in size to for bigger firms to have an interest. |
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What is the key for market niching? |
Specialization in terms of core customer value knowledge and customer intimacy |
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What are Michael Porter's four basic competitive positioning strategies? Describe each. |
1. Overall cost leadership (lowest possible distribution and product costs)
2. Differentiation (highly differentiated products to be the leader in the industry) 3. Focus (serving a few market segments well than most of the market) 4. Middle of the road (firms not pursuing a clear strategy) |
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What are the three value disciplines (competitive advantage)? Describe each. |
1. Operational excellence. leading in price and convenience 2. Customer intimacy. Precise market segmentation and tailoring its products or services to exactly match their core customer values. 3. Product leadership. Continuous stream of leading-edge products or services |
