Question 1

Newman Inc.is a company that manufactures saddles specifically for horses that race in derbies in the U.S.and the UK.Within this context the firm is exhibiting the role of a ________ specialist.

Accepted Answer

Newman Inc. is specializing in a specific product line, i.e. saddles for horses that race in derbies.

Question 2

The ________ copies some things from the leader but differentiates on packaging,advertising,pricing,or location.

Accepted Answer

The imitator copies some aspects from the leader but differentiates in areas like packaging, advertising, pricing, or location to create a distinct identity.

Question 3

A market nicher is considered to be a(n)________ specialist if the firm specializes in producing a certain type of product or product feature such as,Rent-a-Wreck,that rents only "beat-up" cars.

Accepted Answer

The question specifically mentions that the market nicher specializes in producing a certain type of product or product feature, such as Rent-a-Wreck only renting "beat-up" cars. Therefore, the answer is product-feature (option E).

Question 4

The key idea in successful nichemanship is specialization.Which of the following specialists would most closely be identified with the characterization of being an organization that limits its selling to one customer?

Accepted Answer

The specific-customer specialist is the closest match as it specializes in selling exclusively to one customer.

Question 5

As a market follower strategy,the ________ duplicates the leader's product and packages and sells it on the black market or through disreputable dealers.

Accepted Answer

This strategy is known as counterfeiting, which involves copying and reproducing a product without legal authorization and selling it through illicit channels. Cloning and imitation may involve legal channels and may not necessarily be disreputable, while adaptation and innovation involve modifying the product or introducing new features, making them different from the leader's offerings.

Question 6

As a(n)________,BurgerJacks,a fast food chain selling low-price burgers,has differentiated on location by setting up base in the Middle East,a market which the current leader of the industry McDonalds has yet not exploited.

Accepted Answer

The answer of As a(n)________,BurgerJacks,a fast food chain selling low-price...

Question 7

When a bank takes loan requests over the phone and hand-delivers the money to the customer,it becomes a ________ specialist.

Accepted Answer

The bank is providing a service by taking loan requests over the phone and hand-delivering the money, making it a service specialist.

Question 8

As a market follower strategy,the ________ emulates the leader's products,name,and packaging,with slight variations.

Accepted Answer

The answer of As a market follower strategy,the ________ emulates...

Question 9

Aron,a company manufacturing snack food and soft drinks,replicates its product taste and packaging from Lay's,a market leader in the snack food industry.Later,it sells these imitated products on the black market.This is an example of ________.

Accepted Answer

The act of replicating another company's product taste and packaging and selling them on the black market is considered counterfeiting. It is illegal and unethical as it involves infringing upon the intellectual property rights of the original company.

Question 10

A firm that is based in France designs jewelry and takes custom orders from around the world.They do not design more than 15 pieces of jewelry in a year and ensure that each design uses unique stones and is different from the other.Such nichemanship is an example of ________ specialist role.

Accepted Answer

The answer of A firm that is based in France...

Question 11

The market leader strategy ensures high sales volume,whereas the market nicher strategy allows firms to achieve ________.

Accepted Answer

The market nicher strategy allows firms to achieve high margin by focusing on a niche market with specific needs and preferences, and charging a premium price for their unique product or service. This results in lower sales volume but higher profitability.

Question 12

An alternative to being a market follower in a large market is to be a leader in a small market.This type of competitor is called a ________.

Accepted Answer

A market nicher is a company that focuses their marketing efforts and product offerings on one specific, smaller segment of the market. They aim to be the leader in this niche market rather than attempting to compete with larger, more established companies in the overall market. This allows them to differentiate themselves and potentially charge higher prices for their specialized products or services.

Question 13

A job-shop specialist ________.

Accepted Answer

A job-shop specialist customizes its products for individual customers according to their specific needs and requirements. Therefore, option B is the best choice. The other options may apply to other types of businesses, but they do not necessarily describe the characteristics of a job-shop specialist.

Question 14

Amani,a company that manufactures cloth for suits,strives to be equal to Armani in product design,brand name,and product packaging.This is an example of ________.

Accepted Answer

The answer of Amani,a company that manufactures cloth for suits,strives...

Question 15

The TelePizza chain,which operates in Europe and Latin America,has copied Domino's service model but maintains differentiation in terms of location.TelePizza is an example of a(n)________.

Accepted Answer

The answer of The TelePizza chain,which operates in Europe and...

Question 16

Redo is a market follower in the wristwatch industry.After noticing a shortfall in the market leader's product,Redo improves its product to suit consumer needs and becomes a challenger for the market leader.This is an example of a(n)________.

Accepted Answer

Redo is adapting its product to consumer needs, which means it is an adapter, not an innovator (creating a new product), cloner (copying the exact same product), or counterfeiter (making a fake product). While Redo is imitating the market leader's product, specifically by making improvements to its own product to match consumer demands, the best fit for this situation is to call Redo an adapter.

Question 17

Which of the following is true about market-nichers?

Accepted Answer

Market-nichers are companies that focus on serving a specific market segment and have a competitive advantage within that segment. They tend to have lower manufacturing costs due to their narrow focus, which allows them to achieve higher return on investment than mass marketers.

Question 18

A firm that serves small market segments that are not being served by bigger firms is known as a ________.

Accepted Answer

A firm that serves small market segments that are not being served by bigger firms is known as a market nicher. Market challengers attempt to gain market share from the leader, market leaders are the dominant companies in a market, market followers imitate or adapt to the strategies of the leader, and market entrants are new companies entering a market.

Question 19

Tasteeos,Fruit Rings,and Corn Flakes sell for nearly $1 a box less than leading cereal brands.Which market follower strategy is being employed by the cereal manufacturer?

Accepted Answer

The answer of Tasteeos,Fruit Rings,and Corn Flakes sell for nearly...

Question 20

As a market follower,the ________ may choose to sell to different markets,but often it grows into a future challenger.

Accepted Answer

Adapters often start as market followers by taking existing products and improving them or adapting them for different markets or niches. Over time, as they build their capabilities and market presence, they can grow into future challengers to the leading firms.

Quiz 9: Crafting the Brand Positioning and Competing Effectively