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21 Cards in this Set
- Front
- Back
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What is strategic group?
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A group of firms following the same strategy in a given market.
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Which three variables should a company monitor when analyzing competitors?
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1) Share of Market
2) Share of Mind 3) Share of Heart |
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Share of Market is
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the competitor's share of the target market.
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Share of Mind is
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the percentage of customers who named the competitor in responding to the statement, "Name the first company that comes to mind in this industry"
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Share of Heart is
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the percentage of customers who named the competitor in responding to the statement, "Name the company from which you would prefer to buy the product"
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Name the five Competitive Forces?
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1) Threat of intense segment rivalry.
2) Threat of new entrants. 3) Threat of substitute products. 4) Threat of buyers' growing bargaining power. 5) Threat of suppliers' growing bargaining power. |
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Classifying firms by the roles they play in the target market are:
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1) Leader
2) Challenger 3) Follower 4) Nicher |
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What is an Industry?
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Industry is a group of firms that offer a product or class of products that are close substitutes for one another.
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How are Industries Classified?
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1) number of sellers and degree of Product differentiation.
2) presence or absence of entry mobility, and exit barriers. 3) cost structure. 4) degree of vertical integration. 5) degree of globalization. |
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What can the market leader do to defend its terrain?
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Continuous Innovations
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Number of Sellers and degree of differntiation gives rise to which four Industry Types?
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1) Pure Monopoly
2) Oligopoly 3) Monopolistic Competition 4) Pure Competetion |
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To prepare an effective marketing strategy, a company must study
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competetors as well as actual and potential customers.
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Once a company identifies its primary competitors, it must ascertain their
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strategies, objectives, strengths, and weaknesses.
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Which defense strategies can a dominant firm use?
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1) Position Defense
2) Flank Defense 3) Preemptive Defense 4) Counteroffensive Defense 5) Mobile Defense 6) Contraction Defense |
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What is Position Defense?
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involves occupying the most desirable market space in the minds of the consumers, making a brand almost impregnable.
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What is Flank Defense?
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the market leader should also erect outposts to protect a weak front or possibly serve as an invasion base for counterattack.
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What is Preemptive Defense?
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wage a guerilla action across the market - hitting one competition here, another there - and keep everyone off balance; or it can try to achieve a grand market envelopment.
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What is Counteroffensive Defense?
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the leader can meet the attacker frontally or hit its flank or lauch a pincer movement.
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What is Mobile Defense?
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the leader stretches its domain over new territories that can serve as future centers for defense and offense through market broadening and market diversification.
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What is Contraction Defense (Strategic Withdrawal)?
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giving up weaker territories and reassigning resources to stronger territories.
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To prepare an effective marketing strategy, a company must study
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competetors as well as actual and potential customers.
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