Chapter 18: Creating Competitive Advantage Flashcards Preview

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Flashcards in Chapter 18: Creating Competitive Advantage Deck (15)
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1
Q

Competitive advantage

A

an advantage over competitors gained by offering consumers greater value

2
Q

Competitor analysis

steps in analyzing competitors

A

Identifying key competitors;
assessing their objectives, strategies, strengths and weaknesses, and reaction patterns;
selecting which competitors to attack or avoid

3
Q

Competitive marketing strategies

A

strategies that strongly position the company against competitors and give it the greatest possible competitive advantage

4
Q

Strategic group

A

a group of firms in an industry following the same or a similar strategy

5
Q

Benchmarking

A

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

6
Q

Customer value analysis

A

an analysis conducted to determine that benefits target customers value and how they rate the relative value of various competitors’ offers

7
Q

Market leader

A

the firm in an industry with the largest market share

  • expand total market
  • protect market share
  • expand market share
8
Q

Market challenger

A

a runner-up firm that is fighting hard to increase its market share in an industry

  • full frontal attack
  • indirect attack
9
Q

Market follower

A

a runner-up firm that wants to hold its share in an industry without rocking the boat

  • follow closely
  • follow at a distance
10
Q

Market nicher

A

a firm that serves small segments that the other firms in an industry overlook or ignore

  • by customer, market, quality-price, service
  • multi niching
11
Q

Competitive Market Positions and Roles

A
  1. Market leader: 40%
  2. Market challengers: 30%
  3. Market followers: 20%
  4. Market nichers: 10%
12
Q

Evolving Company Orientations

A

customer-centered vs competitor-centered

13
Q

Competitor-centered company

A

a company whose moves are mainly based on competitors’ actions and reactions.

14
Q

Customer-centered company

A

a company that focuses on customer developments in designing its marketing strategies and delivering superior value to its target customers.

15
Q

Market-centered company

A

a company that pays balanced attention to both customers and competitors in designing its marketing strategies.