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22 Cards in this Set

  • Front
  • Back
How do market leading firms gain and keep market share?
careful positioning; differentiation
POD stands for ________.
points-of-difference
All the following are examples of how products can be differentiated.
form
features
performance quality
durability
________ refers to the work done to make a product operational in its planned location.
Installation
________ is the way a company aims to identify or position itself or its products; whereas image is the way the public perceives the company or its products.
Identity
In a ________, only one firm provides a certain offering in a specific area.
pure monopoly
Companies in global industries need to compete on a ________ if they are to achieve economies of scale and keep up with the latest advances in technology.
global basis
Most companies compete with rivals who resemble them the most, yet it is important to also recognize other competitors. Coca-Cola states that its top competitor is tap water, not Pepsi, an example of focusing the attack on what class of competitor?
close versus distant
To increase usage, marketers can boost the level of quantity of consumption or increase the ________ of consumption.
frequency
Firms that are not market leaders in an industry are often called runner-up, or ________ firms.
trailing
Positioning is the act of designing the company's offerings and image to occupy a distinctive place in the mind of the target market.
tf
True
Target market decisions are seldom the key determinant of the competitive frame of reference
tf
False
Announcing category benefits reassures consumers that a brand will deliver on the fundamental reason for using a category.
tf
True
To be branded, products are not differentiated.
tf
False
Style describes the product's look and feel to the buyer.
tf
True
In an oligopoly, a few companies offer products partially differentiated by quality, features, styling, or services.
tf
False
Once a company identifies its main competitors, it must ascertain their strategies, objectives, strengths, and weaknesses.
tf
True
There are five types of defence strategies.
tf
False
Counteroffensive defense in a more aggressive maneuver is to attack before a rival states its offense.
tf
False
Theodore Levitt has argued that a strategy of product imitation might be as profitable as a strategy of product innovation.
tf
True
Name two of the strategies that market-leaders should take to remain number one.
For a market-leader to remain number one it calls action on three fronts. First, the firm must find ways to expand total market demand. Second, the firm must protect its current market share through good defensive and offensive actions. Third, the firm can try to increase its market share, even if market size remains constant.
Describe a competitor-centred company.
A competitor-centered company looks at what competitors are doing (increasing distribution, cutting prices, introducing new services) and then formulates competitive reactions (increasing advertising expenditures, meeting price cuts, increasing the sales promotion budget).