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Techno Quiz 2 > Creating Competitive Analysis > Flashcards

Creating Competitive Analysis Flashcards

1
Q

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

A

Marketing strategy

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2
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

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3
Q

It 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

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4
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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5
Q

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

A

Paid marketing

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6
Q

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

A

Diversity marketing

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7
Q

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

A

Transactional marketing

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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

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

A

Offline marketing

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10
Q

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

A

Entrepreneurial marketing

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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 hybrid approach that combines elements of entrepreneurial and formulated marketing.

A

Intrapreneurial marketing

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13
Q

Porter’s Generic Competitive Strategies framework is developed by?

A

Michael Porter

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14
Q

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

A

Cost leadership

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15
Q

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

A

Cost focus

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16
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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17
Q

Enumerate the types of marketing strategies in alphabetical order.

A

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

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18
Q

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

A

TRUE

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19
Q

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

A

FALSE

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20
Q

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

A

FALSE

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21
Q

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

A

FALSE

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22
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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23
Q

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

A

FALSE

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24
Q

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

A

TRUE

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25
Q

Word of mouth marketing creates a _____ reaction,

A

Chain

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26
Q

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

A

TRUE

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27
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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28
Q

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

A

Competitive analysis

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29
Q

_______ is the backbone of a strong marketing strategy.

A

Competitive research

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30
Q

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

A

Direct competitors

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31
Q

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

A

Potential competitors

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32
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 competitors

33
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 competitors

34
Q

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

A

Replacement competitors

35
Q

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

A

Competitors

36
Q

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

A

Strategic evaluation

37
Q

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

A

Strategic group

38
Q

Enumerate the components of a competitor’s response profile, alphabetically.

A

Assumptions
Capabilities
Objectives
Strategies

39
Q

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

A

Customer value analysis

40
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

41
Q

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

A

Industry research

42
Q

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

A

Competitive advantage

43
Q

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

A

Objectives

44
Q

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

A

Organize

45
Q

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

A

Strengths
Weaknesses
Opportunities
Threats
Trends

46
Q

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

A

Promotion

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

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

A

Industry

49
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

50
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

51
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

52
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

53
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

54
Q

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

A

TRUE

55
Q

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

A

TRUE

56
Q

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

A

Competitive positioning

57
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

58
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

59
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

60
Q

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

A

Market nicher

61
Q

Enumerate the 4 Market Challenger Strategies (Alphabetically).

A

Bypass attack
Encirclement attack
Flanking attack
Frontal attack

62
Q

Enumerate the 4 Types of Market Follower (Alphabetically).

A

Adaptor
Cloner
Counterfeiter
Imitator

63
Q

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

A

Market-oriented

64
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

65
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

66
Q

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

A

Competitor-oriented

67
Q

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

A

Company profile

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 advantage

69
Q

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

A

Target market

70
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

71
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

72
Q

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

A

Products and services

73
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

74
Q

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

A

Distribution channels

75
Q

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

A

Strengths

76
Q

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

A

Weaknesses

77
Q

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

A

Opportunities

78
Q

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

A

Threats

79
Q

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

A

Trends

Techno Quiz 2 (1 decks)

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