Question 1

Patterns of ________ are common in capital-intensive,homogeneous-product industries,where competitors present similar offers to buyers and market shares show high stability.

Accepted Answer

Conscious parallelism refers to when competitors in an industry end up making similar business decisions, even though they have not directly coordinated with each other. With capital-intensive, homogeneous-product industries, competitors often face similar cost structures and market conditions, which can lead them to make similar pricing and marketing decisions. This can result in stable market shares and limited price competition, which is consistent with the description in the question.

Question 2

Selective price cuts,intense promotional blitzes,and occasional legal action are commonplace in the strategic design of a(n)________.

Accepted Answer

The use of selective price cuts, intense promotional blitzes, and occasional legal action are typical tactics used in guerilla warfare marketing strategies, which involve smaller, unconventional tactics to disrupt the competition in the market.

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

A market nicher specializes in serving a specific market segment with a unique set of needs or preferences. In this case, the firm specializes in producing a certain type of product feature - "beat-up" cars - which caters to a specific niche. Therefore, the correct choice is E) product-feature.

Question 4

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 5

In terms of comparisons with a market leader,whereas the market leader achieves high volume,the market nicher achieves ________.

Accepted Answer

A market nicher focuses on a narrow segment of the market and creates a product or service that caters to specific needs of that segment. As a result, they can charge a premium price and achieve higher profit margins in comparison to the market leader who competes on a larger scale and sells larger volumes at a lower price point.

Question 6

As a market follower strategy,the ________ copies some things from the leader but maintains differentiation in terms of packaging,advertising,pricing,or location.This strategy is tolerated by the market leader as long as the follower's aggressiveness does not mount.

Accepted Answer

An imitator copies some aspects from the market leader but maintains differentiation in areas like packaging, advertising, pricing, or location, which is why the market leader tolerates it.

Question 7

In his article,"Innovative Imitation," Theodore Levitt argues that ________.

Accepted Answer

Levitt argues that product imitation can be just as profitable as innovation and that companies should consider it as a strategy. He even goes as far as to say that "imitation is the sincerest form of flattery" and that companies should embrace it instead of fighting against it.

Question 8

A market challenger must decide who to attack.All of the following are considered as likely possible targets (as per information found in the text)EXCEPT ________.

Accepted Answer

A global conglomerate that is market hungry is typically not considered a likely target for a market challenger, as these firms are often well-resourced and competitive.

Question 9

Which of the following types of companies is characterized as being "too reactive"

Accepted Answer

A competitor centered company focuses primarily on monitoring and reacting to the actions of their competitors, rather than proactively seeking ways to innovate and differentiate themselves in the market. This can lead to a company being too reactive and always playing catch-up with their competitors, rather than taking the lead in driving the market forward.

Question 10

All of the following are considered to be viable attack strategies that can be employed by a market challenger EXCEPT ________.

Accepted Answer

The answer of All of the following are considered to...

Question 11

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 an organization that limits its selling to one customer. This type of specialist only caters to the specific needs and demands of one customer, and may design products or services exclusively for them. End-user specialists focus on serving the needs of a particular end-user group, vertical-level specialists focus on a specific industry, customer-size specialists focus on serving customers of a certain size, and quality-price specialists focus on offering a particular level of quality at a certain price point.

Question 12

Which of the following types of companies is felt to be in a better position to identify new opportunities

Accepted Answer

Customer centered companies are in a better position to identify new opportunities since they focus on understanding customer needs, preferences, and behavior. By doing so, they can identify areas where customers are currently underserved or unmet needs and develop new products or services to address those gaps. Competitor-centered companies may be too focused on emulating their competitors' strategies and miss out on unique opportunities. Service centered, distribution centered, and niche-centered companies may have a narrower focus that limits their ability to identify new opportunities.

Question 13

Avon became a major cosmetics company by perfecting door-to-door selling instead of battling other cosmetic firms in conventional stores.This is an example of which of the following specific market challenger attack strategies

Accepted Answer

Avon adopted a distribution innovation strategy by focusing on door-to-door selling, thereby bypassing conventional stores and their existing competitors. This allowed them to differentiate themselves in the market and reach customers in a unique way, without engaging in costly advertising or product development.

Question 14

According to attack strategies available to the market challenger,the ________ can be used when the challenger spots areas where the opponent is underperforming.

Accepted Answer

The flank-geographic attack is used when the challenger identifies areas where the opponent is underperforming and focuses on those geographic regions or markets. This allows the challenger to avoid direct competition with the opponent's strengths and instead target their weaknesses. This strategy can be effective in gaining market share without engaging in a costly frontal attack.

Question 15

In a ________ company,the obsession of the company is with the customer,not the competition.

Accepted Answer

A customer-centered company prioritizes its customers' needs and preferences over its competitors'. It seeks to establish a strong relationship with its customers by delivering high-quality products or services, excellent customer service, and personalized experiences. Such a company strives to create a loyal customer base that will advocate for it and contribute to its growth and success.

Question 16

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(n)________.

Accepted Answer

A market nicher is a company that focuses on serving a specific segment of the market where it can be a leader rather than a follower in a larger market. This allows the company to create a strong competitive advantage and differentiate itself from larger competitors. The other answer choices are not related to this strategy.

Question 17

A marketing manager has decided to "leapfrog" competition by moving into cutting-edge technologies.This indirect approach to attacking competition can be characterized as ________.

Accepted Answer

By moving into cutting-edge technologies, the marketing manager is bypassing the competition and taking an indirect approach. This is a characteristic of a bypass attack.

Question 18

All of the following are considered market follower strategies EXCEPT ________.

Accepted Answer

Innovator is not a market follower strategy as it indicates a company that is constantly introducing new and original products or services. Counterfeiter, cloner, and imitator are all market follower strategies as they involve copying or imitating the strategies or products of a market leader. Adapter is also a market follower strategy as it involves adapting to changes in the market rather than leading those changes.

Question 19

Sally Seabrook is an up-and-coming marketing manager for a large department store chain.Ms.Seabrook has distinguished herself with bold strategies such as launching attacks on her primary competitor from several fronts,including advertising,new store openings,and new distributor alliances.Which of the following market challenger attack strategies is Ms.Seabrook using to attack her competition

Accepted Answer

Ms. Seabrook is using an encirclement attack strategy, which involves launching multiple simultaneous attacks on a competitor from different fronts, such as advertising, new store openings, and distributor alliances.

Question 20

Which of the following types of companies is characterized as having a "fighter orientation"

Accepted Answer

A fighter orientation is characterized by a focus on competitors and a desire to outperform them. This type of company is known for being aggressive and competitive in their approach to business.

Quiz 11: Dealing with Competition