Question 1

A customer perceptual map may reveal that there is no available white space for your venture. In other words, competitors currently occupy all the valuable landscape. What could an entrepreneur do in this case?

A) Abandon plans to compete in this market
B) Add an axis to the perceptual map that no one has used before to see if new white space emerges
C) Reposition the competitor and take over its occupied space
D) All three are possible options

D

Accepted Answer

Adding a new axis to the perceptual map (B) can reveal previously unseen opportunities by considering different attributes or values that matter to customers. Repositioning a competitor (C) involves strategic moves to change the market's perception of a competitor, potentially creating new space for the entrepreneur. Abandoning plans (A) is also a viable strategic decision if the market appears too saturated or competitive, indicating that all three options are indeed possible strategies when facing a market with no apparent white space.

Question 2

Competitive positioning tends to be ___________, while customer positioning can be more ________________.&#10;A) objective/subjective&#10;B) positive/negative&#10;C) industry focused/customer focused&#10;D) broader/specific

Accepted Answer

Competitive positioning is typically based on objective assessments of factors such as price, quality, and features compared to competitors. In contrast, customer positioning can be more subjective and based on factors such as emotional appeal, values, and lifestyle preferences.

Question 3

Once you have your competitive intelligence, what is the next critical step in the competitive positioning process?&#10;A) Analyze the information&#10;B) Begin your pricing strategy&#10;C) Produce your product prototype&#10;D) Hire your venture team

Accepted Answer

After gathering competitive intelligence, the next critical step is to analyze the information in order to identify key strengths, weaknesses, opportunities, and threats relative to your own business. This analysis will inform the development of a competitive positioning strategy, including pricing, marketing, and product development decisions. Producing a product prototype and hiring a venture team may come later in the process, after the competitive positioning strategy has been developed.

Question 4

What is Eveready's success in dislodging Duracell and taking over its space as the leader in the long-lasting battery market segment an example of?&#10;A) Price competition&#10;B) Repositioning the competition&#10;C) Competitive positioning&#10;D) None of the above

Accepted Answer

Eveready's success in taking over Duracell's space as the leader in the long-lasting battery market was achieved by repositioning the competition. They introduced a new line of batteries called "Energizer" which emphasized longevity and positioned itself as a more reliable and durable choice compared to Duracell. This effectively dislodged Duracell from its market position and established Eveready as the leader in the long-lasting battery segment.

Question 5

The competitive advantage of a new venture is _______________.&#10;A) rarely sustainable&#10;B) a distinctive factor that gives the venture a clearly superior position relative to competitors&#10;C) protected by a trustworthy team&#10;D) most often a low price

Accepted Answer

A competitive advantage is a factor that gives a venture a superior position relative to its competitors. This advantage could be in the form of a unique product or service, superior quality, lower costs, better customer service or distribution, strong brand recognition, or any other distinctive factor that sets the venture apart from its rivals. It's critical for new ventures to identify and leverage their competitive advantage as it helps them stand out in the market, attract customers, and build a loyal customer base. While competitive advantages may not always be sustainable, they can be used to establish a foothold in the market and make a name for the venture.

Question 6

To position a new venture effectively, the venture must _______________.&#10;A) identify potential customers only&#10;B) identify and assess all competitors who target the venture's intended customer base&#10;C) always charge a premium price&#10;D) assume there is no direct competition

Accepted Answer

To position a new venture effectively, it is important to identify and assess all competitors who target the same customer base. This will help the venture to develop a unique value proposition that differentiates it from competitors and resonates with the target customers. Identifying potential customers alone is not sufficient, and assuming there is no direct competition may lead to inaccurate market analysis and poor positioning. Charging a premium price may or may not be a part of the positioning strategy, depending on the market conditions and the target customers' willingness to pay.

Question 7

What is one thing an entrepreneur must do with regard to competition?&#10;A) Simply forget the competitors and do his/her own thing&#10;B) Assume there is no competition&#10;C) Anticipate and plan for competitive response&#10;D) None of the above

Accepted Answer

Anticipating and planning for competitive response is essential for an entrepreneur in order to stay ahead of their competitors and maintain their market position. Simply forgetting the competition or assuming there is no competition can lead to a lack of innovation and stagnant growth. It is important to be aware of the strategies, strengths, and weaknesses of competitors in order to create a successful business plan.

Question 8

What is competitive intelligence?&#10;A) Lawfully and ethically collecting data on competitors&#10;B) Using industrial espionage&#10;C) Ethnography&#10;D) How your competitors view your company

Accepted Answer

Competitive intelligence is the process of collecting and analyzing information about competitors in a lawful and ethical manner. It helps businesses make strategic decisions and stay ahead of the competition without resorting to unethical practices such as industrial espionage. Ethnography involves studying people's behavior and culture and is not necessarily specific to competitors. How competitors view your company is a separate aspect of competitive analysis.

Question 9

What are two critical types of positioning that an entrepreneur must assess before entering a market?&#10;A) Price positioning and service positioning&#10;B) Competitive positioning and customer positioning&#10;C) Perceptual positioning and functional positioning&#10;D) Metrics positioning and features positioning

Accepted Answer

Competitive positioning and customer positioning are critical types of positioning that an entrepreneur must assess before entering a market. Competitive positioning involves analyzing the competition in the market and determining how the new product or service will compete with them. Customer positioning involves understanding the target audience and their needs and preferences to determine how the product or service can best meet those needs and stand out in the market. Price, service, perceptual, functional, metrics, and features positioning may all be important considerations in assessing competitive and customer positioning, but they are not the critical types of positioning on their own.

Question 10

A traditional perceptual map for competitive positioning generally has which of the following two objectively measured dimensions?&#10;A) Service and satisfaction&#10;B) Performance and price&#10;C) Brand attitudes and price&#10;D) Price and service

Accepted Answer

A traditional perceptual map for competitive positioning generally has two objectively measured dimensions, such as performance and price. Options A, C, and D either do not have objectively measured dimensions or are not commonly used in traditional perceptual maps.

Question 11

Which of the following is a way to gather competitive intelligence?&#10;A) Visit competitors' websites&#10;B) Use data from Yahoo!Finance&#10;C) Go into the marketplace to see what competitors are doing&#10;D) All of the above

Accepted Answer

The answer of Which of the following is a way...

Question 12

Competitive positioning and customer positioning are _______________.&#10;A) exactly the same thing&#10;B) different, and unrelated concepts&#10;C) are different but related concepts&#10;D) are different things to different people

Accepted Answer

The answer of Competitive positioning and customer positioning are _______________.&#10;A)...

Question 13

What is one of the biggest mistakes aspiring entrepreneurs make with regard to competition in the market in which they intend to enter?&#10;A) Using the wrong distribution channel&#10;B) Underestimating the extent of competition he/she will face upon market entry&#10;C) Not advertising enough&#10;D) Using the wrong pricing strategy

Accepted Answer

The answer of What is one of the biggest mistakes...

Question 14

What is the starting point for establishing a competitive position?&#10;A) Establish the venture concept&#10;B) Engage in competitive intelligence work&#10;C) Map out your customer positioning strategy&#10;D) None of the above

Accepted Answer

The answer of What is the starting point for establishing...

Question 15

Which of the following would be a type of non-cost differentiation for a new venture?&#10;A) Superior product&#10;B) Branding superiority&#10;C) Channel superiority&#10;D) All of the above

Accepted Answer

The answer of Which of the following would be a...

Question 16

What is a tool that can help you reveal which rivals your venture will compete against and your competitive position relative to these competitors?&#10;A) Architecture analysis&#10;B) A business model&#10;C) A cash conversion cycle&#10;D) A perceptual map

Accepted Answer

The answer of What is a tool that can help...

Question 17

Assessing your competitive position and ability to win business would include comparing your venture against key competitors using which of the following factors?&#10;A) Product/service performance&#10;B) Sales force quality&#10;C) Operating costs&#10;D) All of the above

Accepted Answer

The answer of Assessing your competitive position and ability to...

Question 18

A very revealing outcome of a perceptual map that captures customers' perceptions of competitors is&#10;A) how they feel about competitors&#10;B) the ideal offering they would like to have&#10;C) possible white space where no competitors currently exist&#10;D) All of the above

Accepted Answer

The answer of A very revealing outcome of a perceptual...

Question 19

Finding out how a new venture concept can be valuable and meaningful in the hearts and minds of target customers is the aim of _____________________.&#10;A) laddering&#10;B) customer positioning&#10;C) competitive positioning&#10;D) customer perceptions

Accepted Answer

The answer of Finding out how a new venture concept...

Question 20

What are two broad choices when it comes to a new venture's competitive advantage?&#10;A) Low price or high price&#10;B) Customer service or high price&#10;C) Cost advantage or non-cost-differentiation advantage&#10;D) Trade secrets or cost advantage

Accepted Answer

The answer of What are two broad choices when it...

Question 21

A venture's brand is:&#10;A) Just it's company name and logo&#10;B) The name of its products&#10;C) The total experience created for customers&#10;D) The color used on packaging and labels

Accepted Answer

The answer of A venture's brand is:&#10;A) Just it's company...

Question 22

One way to make sure customers feel better about purchasing from your company is to excel at:&#10;A) Marketing&#10;B) Emotional Positioning&#10;C) Loyalty Programs&#10;D) Social Positioning

Accepted Answer

The answer of One way to make sure customers feel...

Question 23

For your venture project, what is a) functional positioning, b) emotional positioning, and c) social positioning (if appropriate), and how might this carry forward into your branding strategies?

Accepted Answer

The answer of For your venture project, what is a)...

Question 24

Social branding is generally considered to be more important for younger consumers. How has a powerful social brand affected one of your own important buying decisions? What were the functional and emotional considerations going on at the same time? You can use your selection of your current educational program as an example if you so desire.

Accepted Answer

The answer of Social branding is generally considered to be...

Question 25

What does branding mean for a B2B business such as IBM? Does IBM have emotional and social branding activities, or is it just focused on making faster and better computers and software? How does this compare, say to Oracle or Microsoft?

Accepted Answer

The answer of What does branding mean for a B2B...

Question 26

Which of the following companies have been experts at building social positioning as part of their overall branding strategy:&#10;A) Apple&#10;B) Pantagonia&#10;C) General Motors&#10;D) Google

Accepted Answer

The answer of Which of the following companies have been...

Question 27

Determining _____________ starts by identifying the most direct, current competition.&#10;A) Functional Positioning&#10;B) Emotional Positioning&#10;C) Social Positioning&#10;D) None of the above

Accepted Answer

The answer of Determining _____________ starts by identifying the most...

Question 28

Emotional positioning is different than functional positioning in that&#10;A) Emotional positioning is less powerful than functional positioning&#10;B) Emotional positioning focuses how customers use a product or service, whereas functional positioning focuses on price&#10;C) Emotional positioning focuses on desired experiences and feelings of customers when using a product or service, where functional positioning focuses on performance at different levels of price&#10;D) None of the above

Accepted Answer

The answer of Emotional positioning is different than functional positioning...

Deck 6: Positioning and Branding a Venture in the Marketplace