Kotler | Armstrong Principals of Marketing Chapter 17

13 terms by kris_noelle

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Competitive advantage

An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices

Competitor analysis

The process of 1) identifying key competitors, 2) assessing their objectives, strategies, strengths and weaknesses, and reaction patterns, and 3) selecting which competitors to attack or avoid

Competitive marketing strategies

Strategies that strongly position the company against competitors and that 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

The process of comparing the company's products to those of competitors or leading firms in other industries to find ways to improve quality and performance

Customer value analysis

Analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers

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 on 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

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