22 terms

Marketing Test Chapter 3

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Competitive Advantage
An advantage over competitors gained by offering consumers greater value
Competitor Analysis
Identifying key competitors; Assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid
Competitive marketing strategies
Strategies that strongly position the company against competitors and give it the greatest possible competitive advantage
Strategic Group
A group of firms in an industry following the same or a similar strategy
Benchmarking
Comparing the company's products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance
Customer Value analysis
An 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 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
Entrepreneurial Marketing
Visualizing an opportunity, constructing & implementing flexible strategies
Formulated Marketing
Developing formal marketing strategies & following them closely
Intrepreneurial Marketing
Attempt to reestablish an internal entrepreneurial spirit & refresh mktg strategies & approaches
Operational Excellence
Company providing value by leading its industry in price & convenience by reducing costs & creating a lean & efficient value delivery system
Customer Intimacy
Company providing superior value by segmenting markets & tailoring products or services to match the needs of targeted customers
Product Leadership
Company providing superior value by offering a continuous stream of leading-edge products or services
Overall Cost Leadership
Company works to achieve the lowest production & distribution costs. Low costs let the company price lower than its competitors
Differentiation
Company concentrates on creating a highly differentiated product line and marketing program to it comes across as the class leader in the industry
Focus
Company focuses its effort on serving a few market segments well rather than going after the whole market