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Marketing fundamentals > chapter 18 > Flashcards

chapter 18 Flashcards

1
Q
A
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2
Q

define competitive advantage

A

delivering more value and satisfaction to consumers than competitors

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3
Q

define competitor analysis

A

identifying, assesing and selecting the key competitors

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4
Q

define competitive marketing strategies

A

the way in which companies analyze competitors to create value-based startegies for profitable customer relationships

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5
Q

Describe the steps in which competitors are analyzed

A
  1. identify the competitors
  2. asses the competitors: objetives, strategies, strenghs + weaknesses
  3. select competitors to attack/avoid
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6
Q

IDENTIFYING COMPETITORS

Types of competitors

A
  • making same product or same class of product
  • products supplying same service
  • same consumer dollars
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7
Q

ASSESING COMPETITORS

describe how competirors objectives, startegies and strenghs/weaknesses are assesed, selecting competitors to attack/avoid

A
  1. Objectives–> profitability, market share growth, tech or service leadership
  2. Strategies–> strategic group offers the strongest competition
  3. S and W–> What can competitors do?, benchmarking (comparing products to competitors)
  4. estimate competitors reactions–> what will competitors do?
  5. select competitors to attack and avoid-
  6. (most select weak competitors rather than strong), (selecting bad/ good competitors)
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8
Q

describe how a competitive intelligence system works

A
  • collects the best competitive info
  • collects info continually
  • checks for validity and reliability
  • organizes info
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9
Q

Three types of approaches to marketing

A
  1. entreprenurial marketing: visualizing opportunity and constructing flexible startegies.
  2. formulated marketing: formal mkt strategies
  3. intrepreurial marketing–> attempt to reestablish internal entreprunial spirit
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10
Q

What are the three basic competitive startegies

A
  1. overall cost leadership–> lowest production and distribution costs–> decrease prices lower than competitors.
  2. differentiation–> differentiated product line and marketing program
  3. Focus–> serving a few market segments rather than the whole market.
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11
Q

name given to a company that does not pursue a clear strategy

A

middle-of-the roaders

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12
Q

three startegies that can make companies gain leadership positions

A
  1. operational excellence
  2. customer intimacy
  3. product leadership
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13
Q

Define operational excellence

A
  • company providing value by being a leader in price by reducing its costs+creating an efficent value delivery system.
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14
Q

define customer intimacy

A

company providing superior value by segmenting market and targeting products to needs matching the target customers.

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15
Q

define product leadership

A
  • superior value by offering leading-edge products or services.
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16
Q

what are the competitive positions

A
  1. market leader–> (largest market share) 40%
    2.market challenger–> (runner up firms wanting to increase market share) 30%
    3.market followers –> also runner ups (not that succesful) 20%
  2. market nichers–> small segments and are not pursued by other firms.
17
Q

Strategies for market leaders, challengers followers and nichers.

A
18
Q

MARKET LEADER STRATEGIES

how is the total market expanded

A
  • new users, uses and more usage
19
Q

MARKET LEADER STRTEGIES

How is the current market protected

A
  • preventing weaknesses that give opportunities to competitors
  • constant prices
  • strong customer relationshops
  • innovation
20
Q

MARKET LEADER STRATEGIES

How is market share expanded

A
  1. increase profitability
  2. produce high-quality products
  3. build close relationships
21
Q

MARKET CHALLENGER STRATEGIES

what are the strategies

A
  1. challenge the leader
  2. second mover advantage–> observe what has made the leader succesful
22
Q

Market follower strategies

A
  • play along with competitors
  • bring different advanatges
  • keep costs+prices low
23
Q

Market nicher strategies

A
  • high growth potential, and has little interest from competitors
24
Q

How to balance customer and competitor orientations

A
  • ## adapt startegies to changed in comp enviroment
25
Q

EVOLVING COMPANY ORIENTATIONS

A
  • customer-centered
  • competitor-centered
  • market-centered
26
Q

define a competitor centrered company

A
  • tracks competitors moves, market shares
  • adv–> company is a fighter
  • dvd–> company is reactive
27
Q

define a customer-centered company

A
  • focuses on customer developments + startegy designb
  • building customer relationships.
28
Q

define a market-centered company

A
  • focus on competitor +customer devplments in designing strategies.

Marketing fundamentals (8 decks)

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