Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
Competitor analysis |
Identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid. |
|
|
Competitive marketing strategies |
Strategies that strongly position the company against competitors and give the company the strongest possible strategic advantage. |
|
|
Strategic group |
A group of firms in an industry following the same or a similar strategy. |
|
|
Benchmarking |
Comparing the company's products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance. |
|
|
Customer value analysis |
An analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers. |
|
|
Three stages that approaches to marketing strategy and practice often pass through |
- entrepreneurial marketing - formulated marketing - intrepreneurial marketing |
|
|
Michael Porter's basic competitive positioning strategies |
- overall cost leadership (lowest production and distribution costs) - differentiation (highly differentiated product line and marketing program) - focus (serving a few market segments well) |
|
|
Michael Treacy and Fred Wiersema Competitive marketing strategies |
- Operational excellence (leading the industry in price and convenience) - customer intimacy (exactly match the needs of targeted customers) - product leadership (continuous stream of leading-edge products/services) |
|
|
Market leader |
The firm in an industry with the largest market share |
|
|
Market challenger |
A runner-up firm that is fighting hard to increase its market share in an industry |
|
|
Market follower |
A runner-up firm that wants to hold its share in an industry without rocking the boat. |
|
|
Market nicher |
A firm that serves small segments that the other firms in an industry overlook or ignore. |
|
|
Competitor-centered company |
A company whose moves are mainly based on competitors' actions and reactions. |
|
|
Customer-centered company |
A company that focuses on customer developments in designing its marketing strategies and delivering superior value to its target customers. |
|
|
Market-centered company |
A company that pays balanced attention to both customers and competitors in designing its marketing strategies. |
