Creating Competitive Analysis Flashcards
Helps you to understand your target customers, the company’s goals, and advertising methods and techniques to
reach more audiences.
Marketing strategy
It is a small part of the marketing strategy, and it includes marketing schedules and activities that the company
has to undertake.
Marketing plan
It is a type of marketing strategy that focuses on building long term relationships with customers by creating
personalized experiences and maintaining regular communication.
Relationship marketing
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
Word of mouth marketing
A marketing strategy where businesses and companies target customers based on their interests and previous
interaction with the brand.
Paid marketing
Is a technique that businesses employ when they have to deal with a diverse population.
Diversity marketing
Is a marketing type when retailers employ different methods like discounts and coupons to increase sales.
Transactional marketing
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.
Undercover marketing
Also goes by the name of traditional marketing. It means businesses and companies employ traditional channels
for marketing.
Offline marketing
This approach to marketing is focused on creating and developing new and innovative products, services, and
marketing strategies.
Entrepreneurial marketing
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.
Formulated marketing
Is a hybrid approach that combines elements of entrepreneurial and formulated marketing.
Intrapreneurial marketing
Porter’s Generic Competitive Strategies framework is developed by?
Michael Porter
This strategy focuses on becoming the low-cost producer in the industry.
Cost leadership
This strategy involves targeting a narrow segment of the market with a low-cost product or service.
Cost focus
This strategy involves targeting a narrow segment of the market with a unique and differentiated product or
service.
Differentiation focus
Enumerate the types of marketing strategies in alphabetical order.
Cause marketing
Diversity marketing
E-marketing
Offline marketing
Paid marketing
Relationship marketing
Transactional marketing
Undercover marketing
Word of mouth marketing
(T or F) Coca-cola’s “share a coke” campaign is an example of formulated marketing strategy
TRUE
(T or F) Online shopping websites are used for diversity marketing
FALSE
(T or F) Starbucks reward program is an example of cause marketing
FALSE
(T or F) Market share is a plan that company develops to promote and sell its products
FALSE
(T or F) Target market refers to a specific group of consumers that a company aims to serve with its products or
services
TRUE
(T or F) Marketing strategy includes marketing schedules and activities that the company has to undertake
FALSE
(T or F) Porter’s Generic Competitive Strategies have 4 strategies
TRUE
Word of mouth marketing creates a _____ reaction,
Chain
(T or F) The point of the marketing strategy is to have a competitive edge over competitors in the market.
TRUE
(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
FALSE
___________ is the process of identifying competitors in your industry and researching their different marketing
strategies
Competitive analysis
_______ is the backbone of a strong marketing strategy.
Competitive research
This type of competition refers to the companies or publishers who sell or market the same products as your
business.
Direct competitors
These organizations may be new entrants or existing firms that identify as having a strong potential to compete
with you.
Potential competitors
_____________ 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.
Indirect competitors
This might be the larger national company that hasn’t entered your local market yet. Think of them as between
potential and direct competition.
Future competitors
______________ are those who provide an alternative to the services that you offer that solves the same pain
points
Replacement competitors
Knowing who your _________ are is the first step to surpassing them.
Competitors
____________ is an important tool for assessing how well your business has performed, relative to its goals.
Strategic evaluation
A __________ is defined as a set of firms within an industry pursuing a similar strategy
Strategic group
Enumerate the components of a competitor’s response profile, alphabetically.
Assumptions
Capabilities
Objectives
Strategies
A useful tool for assessing competitor weaknesses and strengths is ________.
Customer value analysis
________ focuses on how buyers decide on and select the better product and how sellers compete to increase
sales and gain maximum market share.
Market research
__________ analyzes how companies compete to produce a better product and gain an advantage in the
market.
Industry research
_________ refers to the ways that a company can produce goods or deliver services better than its competitors.
Competitive advantage
Knowledge of a competitor’s __________ facilitates a better prediction of the competitor’s reaction to different
competitive moves.
Objectives
Once you have identified all your competitors, an important next step is to _________ all the information you
have collected
Organize
Enumerate the meaning of each letter in “SWOTT” Analysis.
Strengths
Weaknesses
Opportunities
Threats
Trends
__________ encompasses advertising, public relations, and the overall media strategy for introducing a product
Promotion
_________ point of view refers to competitors trying to satisfy the same customer need or build relationships
with the same customer group.
Market
An ________ point of view refers to viewing competitors within the same industry.
Industry
(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.
TRUE
(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.
TRUE
(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.
FALSE
. (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.
FALSE
(T or F) Having competitors isn’t always a bad thing as there are actually various strategic benefits for you in their existence.
TRUE
(T or F) Weak competitors are simpler targets but less profitable
TRUE
(T or F) Succeeding against powerful competitors frequently provides greater returns.
TRUE
It refers to the method through which a business establishes its place in the market relative to its rivals.
Competitive positioning
It could be a product, brand, company, organization, or group which has the highest percentage of total sales revenue of a particular market.
Market leader
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.
Market challenger
It is a business that adopts a strategy of observing the actions in a particular market then imitating or copying
them.
Market follower
It is a business strategy that focuses on serving a small, specialized segment of the market.
Market nicher
Enumerate the 4 Market Challenger Strategies (Alphabetically).
Bypass attack
Encirclement attack
Flanking attack
Frontal attack
Enumerate the 4 Types of Market Follower (Alphabetically).
Adaptor
Cloner
Counterfeiter
Imitator
A ___________ company focuses on understanding and meeting the needs and wants of customers in a particular
market.
Market-oriented
A ___________ company focuses on developing and improving its products, often without a strong
consideration for the needs or wants of the customers.
Product-oriented
A ___________ company places the customer at the center of its operations, focusing on understanding and
meeting the needs and wants of customers.
Customer-oriented
A _________ company focuses on analyzing and understanding the strategies and actions of competitors in the
market.
Competitor-oriented
This includes information such as company name, background, history, and overview of the company’s key
personnel.
Company profile
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.
Key competitive advantage
It refers to a specific group of consumers that a company aims to serve with its products or services.
Target market
It refers to the percentage of total sales or revenue in a particular market that is captured by a specific company
or brand.
Market share
It is a plan or approach that a company develops to promote and sell its products or services to target customers.
Market strategy
These are the offerings provided by a company to meet the needs and wants of customers.
Products and services
It refers to the process of setting a value or monetary worth for a product or service that a company offers to
customers.
Pricing
These refer to the various paths or routes through which a company’s products or services are made available to
customers.
Distribution channels
This refers to the internal capabilities, resources, and advantages that a company has over its competitors.
Strengths
This refers to the internal factors that may hinder the company’s performance and competitive position.
Weaknesses
This refers to external factors that could positively impact the company’s performance and growth.
Opportunities
This refers to external factors that could negatively impact the company’s performance and competitive position.
Threats
This refers to the broader societal, economic, and industry-wide changes that may affect the company’s future
growth and success.
Trends
