Btwo - CREATING COMPETITIVE ADVANTAGE

Question 1

Helps you to understand your target customers, the company’s goals, and advertising methods and techniques to
reach more audiences

Answer 1

marketing strategy

Question 2

It is a small part of the marketing strategy, and it includes marketing schedules and activities that the company
has to undertake.

Answer 2

marketing plan

Question 3

s a type of marketing strategy that focuses on building long term relationships with customers by creating
personalized experiences and maintaining regular communication

Answer 3

relationship marketing

Question 4

If the customers have good experience with the company’s product/service, they will refer it to their friends and
relatives and do the same in return.

Answer 4

word of mouth marketing

Question 5

A marketing strategy where businesses and companies target customers based on their interests and previous
interaction with the brand.

Answer 5

paid marketing

Question 6

Is a technique that businesses employ when they have to deal with a diverse population

Answer 6

diversity marketing

Question 7

Is a marketing type when retailers employ different methods like discounts and coupons to increase sales.

Answer 7

transactional marketing

Question 8

It’s a very intelligent form of marketing strategy where businesses and companies advertise their product/service
or brand without showing that they’re marketing it

Answer 8

undercover marketing

Question 9

Also goes by the name of traditional marketing. It means businesses and companies employ traditional channels
for marketing

Answer 9

offline marketing

Question 10

This approach to marketing is focused on creating and developing new and innovative products, services, and
marketing strategies

Answer 10

entrepreneurial marketing

Question 11

Is a more structured and systematic approach to marketing that involves the use of market research, data analysis,
and established marketing techniques to develop and implement marketing strategies.

Answer 11

formulated marketing

Question 12

. Is a hybrid approach that combines elements of entrepreneurial and formulated marketing

Answer 12

Intrapreneurial Marketing

Question 13

Porter’s Generic Competitive Strategies framework is developed by?

Answer 13

Michael Porter

Question 14

This strategy focuses on becoming the low-cost producer in the industry.

Answer 14

Cost Leadership

Question 15

This strategy involves targeting a narrow segment of the market with a low-cost product or service.

Answer 15

Cost focus

Question 16

This strategy involves targeting a narrow segment of the market with a unique and differentiated product or
service.

Answer 16

Differentiation focus

Question 17

Enumerate the types of marketing strategies in alphabetical order

Answer 17

cause marketing
diversity
e-marketing
offline
paid
relationship
transactional
undercover
word of mouth

Question 18

Coca-cola’s “share a coke” campaign is an example of formulated marketing strategy

Answer 18

T

Question 19

Online shopping websites are used for diversity marketing

Answer 19

F

Question 20

Starbucks reward program is an example of cause marketing

Answer 20

F

Question 21

Market share is a plan that company develops to promote and sell its products

Answer 21

F

Question 22

Target market refers to a specific group of consumers that a company aims to serve with its products or
services

Answer 22

T

Question 23

Marketing strategy includes marketing schedules and activities that the company has to undertake

Answer 23

F

Question 24

Porter’s Generic Competitive Strategies have 4 strategies

Answer 24

T

Question 25

Word of mouth marketing creates a _____ reaction

Answer 25

Chain

Question 26

The point of the marketing strategy is to have a competitive edge over competitors in the market

Answer 26

T

Question 27

Marketing plan is much wider in scope and has a longer period. It includes many plans and activities to reach the overall picture of the company

Answer 27

F

Question 28

. ___________ is the process of identifying competitors in your industry and researching their different marketing strategies

Answer 28

competitive analysis

Question 29

. ___________ is the backbone of a strong marketing strategy

Answer 29

competitive research

Question 30

This type of competition refers to the companies or publishers who sell or market the same products as your business.

Answer 30

direct competitors

Question 31

. These organizations may be new entrants or existing firms that identify as having a strong potential to compete with you

Answer 31

potential competitors

Question 32

. _____________ is a term that refers to the companies or publishers that don’t sell or market the same products, but are in competition with your business digitally

Answer 32

indirect competitors

Question 33

This might be the larger national company that hasn’t entered your local market yet. Think of them as between potential and direct competition.

Answer 33

future competitors

Question 34

______________ are those who provide an alternative to the services that you offer that solves the same pain points

Answer 34

replacement competitors

Question 35

Knowing who your _________ are is the first step to surpassing them

Answer 35

competitors

Question 36

. ____________ is an important tool for assessing how well your business has performed, relative to its goals

Answer 36

strategic evaluation

Question 37

A __________ is defined as a set of firms within an industry pursuing a similar strategy

Answer 37

Strategic grp

Question 38

Enumerate the components of a competitor’s response profile, alphabetically.

Answer 38

Assumption Capabilities Objectives Strategies

Question 39

. A useful tool for assessing competitor weaknesses and strengths is ___________.

Answer 39

customer value analysis

Question 40

. ________ focuses on how buyers decide on and select the better product and how sellers compete to increase sales and gain maximum market share

Answer 40

market research

Question 41

___________ analyzes how companies compete to produce a better product and gain an advantage in the market.

Answer 41

industry research

Question 42

. ________________ refers to the ways that a company can produce goods or deliver services better than its competitors.

Answer 42

competitive advantage

Question 43

Knowledge of a competitor's __________ facilitates a better prediction of the competitor's reaction to different competitive moves

Answer 43

Objective

Question 44

Once you have identified all your competitors, an important next step is to _________ all the information you have collected

Answer 44

Organize

Question 45

Enumerate the meaning of each letter in “SWOTT” Analysis

Answer 45

Strength Weakness Opportunities Threats trends

Question 46

. __________ encompasses advertising, public relations, and the overall media strategy for introducing a product.

Answer 46

promotion

Question 47

_________ point of view refers to competitors trying to satisfy the same customer need or build relationships with the same customer group.

Answer 47

market

Question 48

An ________ point of view refers to viewing competitors within the same industry

Answer 48

industry

Question 49

A competitor that is focused on reaching short-term financial goals might not be willing to spend much money responding to a competitive attack

Answer 49

T

Question 50

A company that has no short term profitability objectives might be willing to participate in destructive price competition in which neither firm earns a profit

Answer 50

T

Question 51

Marketers do not need to understand the life cycle of a product, and business executives need to have a plan for dealing with products at every stage of their life.

Answer 51

F

Question 52

Marketers must link the price to the product's imaginative value, while also considering supply costs, seasonal discounts, competitors' prices, and retail markup

Answer 52

F

Question 53

Having competitors isn’t always a bad thing as there are actually various strategic benefits for you in their existence

Answer 53

T

Question 54

Weak competitors are simpler targets but less profitable

Answer 54

T

Question 55

Succeeding against powerful competitors frequently provides greater returns.

Answer 55

T

Question 56

It refers to the method through which a business establishes its place in the market relative to its rivals

Answer 56

competitive positioning

Question 57

. It could be a product, brand, company, organization, or group which has the highest percentage of total sales revenue of a particular market.

Answer 57

market leader

Question 58

. It is a firm or company that has a market share below that of the market leader, but enough of a presence that it can exert upward pressure in its effort to gain control.

Answer 58

market challenger

Question 59

It is a business that adopts a strategy of observing the actions in a particular market then imitating or copying them

Answer 59

market follower

Question 60

It is a business strategy that focuses on serving a small, specialized segment of the market.

Answer 60

market nicher

Question 61

Enumerate the 4 Market Challenger Strategies

Answer 61

Bypass attack encirclement attack flanking attack frontal attack

Question 62

Enumerate the 4 Types of Market Follower

Answer 62

adaptor imitator cloner counterfeiter

Question 63

A ___________ company focuses on understanding and meeting the needs and wants of customers in a particular market

Answer 63

market-oriented

Question 64

A ___________ company focuses on developing and improving its products, often without a strong consideration for the needs or wants of the customers

Answer 64

product-oriented

Question 65

A ___________ company places the customer at the center of its operations, focusing on understanding and meeting the needs and wants of customers.

Answer 65

customer-oriented

Question 66

A _________ company focuses on analyzing and understanding the strategies and actions of competitors in the market.

Answer 66

competitor-oriented

Question 67

. This includes information such as company name, background, history, and overview of the company’s key personnel.

Answer 67

company profile

Question 68

It is a unique attribute or feature of a product, service, or organization that sets it apart from its competitors and gives it an edge in the market

Answer 68

key competitive advantage

Question 69

It refers to a specific group of consumers that a company aims to serve with its products or services

Answer 69

Target market

Question 70

. It refers to the percentage of total sales or revenue in a particular market that is captured by a specific company or brand

Answer 70

Market share

Question 71

2. It is a plan or approach that a company develops to promote and sell its products or services to target customers.

Answer 71

Market Strategy

Question 72

These are the offerings provided by a company to meet the needs and wants of customers.

Answer 72

Products n service

Question 73

It refers to the process of setting a value or monetary worth for a product or service that a company offers to customers.

Answer 73

Pricing

Question 74

These refer to the various paths or routes through which a company’s products or services are made available to customers.

Answer 74

Distribution Channel

Question 75

This refers to the internal capabilities, resources, and advantages that a company has over its competitors.

Answer 75

Strengths

Question 76

This refers to the internal factors that may hinder the company’s performance and competitive position.

Answer 76

Weakness

Question 77

This refers to external factors that could negatively impact the company’s performance and competitive position

Answer 77

Threats

Question 78

This refers to the broader societal, economic, and industry-wide changes that may affect the company’s future growth and success

Answer 78

Trends