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Technopreneurship > Competitive Advantage > Flashcards

Competitive Advantage Flashcards

1
Q

This strategy focuses on becoming the low-cost producer in the industry.

A

Cost Leadership

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2
Q

(T or F) Porter’s Generic Competitive Strategies have 4 strategies.

A

True

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3
Q

Porter’s Generic Competitive Strategies framework is developed by?

A

Michael Porter

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4
Q

(T or F) Online shopping websites are used for diversity marketing.

A

False

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5
Q

This refers to the internal factors that may hinder the company’s performance and competitive position.

A

weaknesses

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6
Q

This strategy involves targeting a narrow segment of the market with a unique and differentiated product or service.

A

Differentiation focus

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7
Q

A useful tool for assessing competitor weaknesses and strengths is ___________.

A

Customer value analysis

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8
Q

It’s a very intelligent form of marketing strategy where businesses and companies advertise their product/service or brand without showing that they’re marketing it.

A

Undercover marketing

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9
Q

___________ is the process of identifying competitors in your industry and researching their different marketing
strategies.

A

Competitive analysis

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10
Q

(T or F) Marketing plan is much wider in scope and has a longer period. It includes many plans and activities to reach the overall picture of the company.

A

False

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11
Q

Is a more structured and systematic approach to marketing that involves the use of market research, data analysis,
and established marketing techniques to develop and implement marketing strategies.

A

Formulated marketing

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12
Q

Is a technique that businesses employ when they have to deal with a diverse population.

A

Diversity marketing

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13
Q

(T or F) Starbucks reward program is an example of cause marketing.

A

False

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14
Q

It is a business that adopts a strategy of observing the actions in a particular market then imitating or copying them.

A

market follower

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15
Q

_____________ is a term that refers to the companies or publishers that don’t sell or market the same products, but are in competition with your business digitally.

A

Indirect competitor

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16
Q

Once you have identified all your competitors, an important next step is to _________ all the information you have collected.

A

organize

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17
Q

______________ are those who provide an alternative to the services that you offer that solves the same pain points.

A

Replacement competitor

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18
Q

(T or F) Market share is a plan that company develops to promote and sell its products.

A

False

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19
Q

It refers to the method through which a business establishes its place in the market relative to its rivals.

A

Competitive positioning

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20
Q

It is a business strategy that focuses on serving a small, specialized segment of the market.

A

market nicher

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21
Q

These refer to the various paths or routes through which a company’s products or services are made available to customers.

A

distribution channel

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22
Q

____________ is an important tool for assessing how well your business has performed, relative to its goals.

A

Strategic evaluation

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23
Q

A _________ company focuses on analyzing and understanding the strategies and actions of competitors in the
market.

A

competitor-oriented

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24
Q

It is a firm or company that has a market share below that of the market leader, but enough of a presence that it can exert upward pressure in its effort to gain control.

A

market challenger

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25
Q

If the customers have good experience with the company’s product/service, they will refer it to their friends and relatives and do the same in return.

A

Word of mouth marketing

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26
Q

(T or F) Target market refers to a specific group of consumers that a company aims to serve with its products or
services.

A

True

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27
Q

It could be a product, brand, company, organization, or group which has the highest percentage of total sales revenue of a particular market.

A

market leader

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28
Q

These are the offerings provided by a company to meet the needs and wants of customers.

A

products and services

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29
Q

These organizations may be new entrants or existing firms that identify as having a strong potential to compete with you.

A

Potential competitor

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30
Q

(T or F) Marketers do not need to understand the life cycle of a product, and business executives need to have a
plan for dealing with products at every stage of their life.

A

False

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31
Q

(T or F) A company that has no short term profitability objectives might be willing to participate in destructive price competition in which neither firm earns a profit.

A

True

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32
Q

A marketing strategy where businesses and companies target customers based on their interests and previous interaction with the brand.

A

Paid marketing

33
Q

This approach to marketing is focused on creating and developing new and innovative products, services, and
marketing strategies.

A

Entrepreneurial marketing

34
Q

An ________ point of view refers to viewing competitors within the same industry.

A

industry

35
Q

_______________ refers to the ways that a company can produce goods or deliver services better than its competitors.

A

Competitive advantage

36
Q

It refers to the process of setting a value or monetary worth for a product or service that a company offers to customers.

A

pricing

37
Q

___________ is the backbone of a strong marketing strategy.

A

Competitive research

38
Q

This refers to the internal capabilities, resources, and advantages that a company has over its competitors.

A

strengths

39
Q

This strategy involves targeting a narrow segment of the market with a low-cost product or service.

A

Cost focus

40
Q

Word of mouth marketing creates a _____ reaction.

A

chain

41
Q

__________ encompasses advertising, public relations, and the overall media strategy for introducing a product.

A

Promotion

42
Q

Is a type of marketing strategy that focuses on building long term relationships with customers by creating personalized experiences and maintaining regular communication.

A

Relationship marketing

43
Q

A ___________ company focuses on understanding and meeting the needs and wants of customers in a particular
market.

A

market-oriented

44
Q

A ___________ company focuses on developing and improving its products, often without a strong consideration for the needs or wants of the customers.

A

product-oriented

45
Q

Knowing who your _________ are is the first step to surpassing them.

A

Competitors

46
Q

It is a small part of the marketing strategy, and it includes marketing schedules and activities that the company has to undertake.

A

Marketing plan

47
Q

_________ point of view refers to competitors trying to satisfy the same customer need or build relationships with the same customer group.

A

market

48
Q

This includes information such as company name, background, history, and overview of the company’s key personnel.

A

company profile

49
Q

This might be the larger national company that hasn’t entered your local market yet. Think of them as between potential and direct competition.

A

Future competitor

50
Q

Enumerate the 4 Types of Market Follower

A

Adaptor
Cloner
Counterfeiter
Imitator

51
Q

Is a marketing type when retailers employ different methods like discounts and coupons to increase sales.

A

Transactional marketing

52
Q

This refers to the broader societal, economic, and industry-wide changes that may affect the company’s future growth and success.

A

trends

53
Q

Is a hybrid approach that combines elements of entrepreneurial and formulated marketing.

A

Intrapreneurial marketing

54
Q

A ___________ company places the customer at the center of its operations, focusing on understanding and meeting the needs and wants of customers.

A

customer-oriented

55
Q

A __________ is defined as a set of firms within an industry pursuing a similar strategy.

A

Strategic group

56
Q

(T or F) Marketers must link the price to the product’s imaginative value, while also considering supply costs, seasonal discounts, competitors’ prices, and retail markup.

A

False

57
Q

This type of competition refers to the companies or publishers who sell or market the same products as your
business.

A

Direct competitor

58
Q

(T or F) Coca-cola’s “share a coke” campaign is an example of formulated marketing strategy.

A

True

59
Q

This refers to external factors that could negatively impact the company’s performance and competitive position.

A

threats

60
Q

(T or F) The point of the marketing strategy is to have a competitive edge over competitors in the market.

A

True

61
Q

________ focuses on how buyers decide on and select the better product and how sellers compete to increase sales and gain maximum market share.

A

Market research

62
Q

Enumerate the 4 Market Challenger Strategies

A

Bypass attack
Encirclement attack
Flanking attack
Frontal attack

63
Q

It is a plan or approach that a company develops to promote and sell its products or services to target customers.

A

market strategy

64
Q

Also goes by the name of traditional marketing. It means businesses and companies employ traditional channels
for marketing.

A

Offline marketing

65
Q

Knowledge of a competitor’s __________ facilitates a better prediction of the competitor’s reaction to different competitive moves.

A

objectives

66
Q

It refers to the percentage of total sales or revenue in a particular market that is captured by a specific company or brand.

A

market share

67
Q

(T or F) Weak competitors are simpler targets but less profitable.

A

True

68
Q

It is a unique attribute or feature of a product, service, or organization that sets it apart from its competitors and gives it an edge in the market.

A

key competitive advantages

69
Q

(T or F) Having competitors isn’t always a bad thing as there are actually various strategic benefits for you in their existence.

A

True

70
Q

Enumerate the components of a competitor’s response profile

A

Assumption
Capabilities
Objectives
Strategies

71
Q

Helps you to understand your target customers, the company’s goals, and advertising methods and techniques to
reach more audiences.

A

Marketing strategy

72
Q

Enumerate the meaning of each letter in “SWOTT” Analysis.

A

Strengths
weaknesses
opportunities
threats
trends

73
Q

Enumerate the types of marketing strategies

A

Cause Marketing
Diversity Marketing
E-marketing
Offline Marketing
Paid Marketing
Relationship Marketing
Transactional Marketing
Undercover Marketing
Word of mouth Marketing

74
Q

___________ analyzes how companies compete to produce a better product and gain an advantage in the market.

A

Industry research

75
Q

(T or F) A competitor that is focused on reaching short-term financial goals might not be willing to spend much money responding to a competitive attack.

A

True

76
Q

(T or F) Succeeding against powerful competitors frequently provides greater returns.

A

True

77
Q

(T or F) Marketing strategy includes marketing schedules and activities that the company has to undertake.

A

False

78
Q

This refers to external factors that could positively impact the company’s performance and growth.

A

Opportunities

79
Q

It refers to a specific group of consumers that a company aims to serve with its products or services.

A

target market

Technopreneurship (3 decks)

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