Creating Competitive Analysis

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

It is 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 marketing
E-marketing
Offline marketing
Paid marketing
Relationship marketing
Transactional marketing
Undercover marketing
Word of mouth marketing

Question 18

(T or F) Coca-cola’s “share a coke” campaign is an example of formulated marketing strategy

Answer 18

TRUE

Question 19

(T or F) Online shopping websites are used for diversity marketing

Answer 19

FALSE

Question 20

(T or F) Starbucks reward program is an example of cause marketing

Answer 20

FALSE

Question 21

(T or F) Market share is a plan that company develops to promote and sell its products

Answer 21

FALSE

Question 22

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

Answer 22

TRUE

Question 23

(T or F) Marketing strategy includes marketing schedules and activities that the company has to undertake

Answer 23

FALSE

Question 24

(T or F) Porter’s Generic Competitive Strategies have 4 strategies

Answer 24

TRUE

Question 25

Word of mouth marketing creates a _____ reaction,

Answer 25

Chain

Question 26

(T or F) The point of the marketing strategy is to have a competitive edge over competitors in the market.

Answer 26

TRUE

Question 27

(T or F) 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

FALSE

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 group

Question 38

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

Answer 38

Assumptions 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

Objectives

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

Strengths Weaknesses 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

(T or F) 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

TRUE

Question 50

(T or F) 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

TRUE

Question 51

(T or F) 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

FALSE

Question 52

. (T or F) 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

FALSE

Question 53

(T or F) Having competitors isn’t always a bad thing as there are actually various strategic benefits for you in their existence.

Answer 53

TRUE

Question 54

(T or F) Weak competitors are simpler targets but less profitable

Answer 54

TRUE

Question 55

(T or F) Succeeding against powerful competitors frequently provides greater returns.

Answer 55

TRUE

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 (Alphabetically).

Answer 61

Bypass attack Encirclement attack Flanking attack Frontal attack

Question 62

Enumerate the 4 Types of Market Follower (Alphabetically).

Answer 62

Adaptor Cloner Counterfeiter Imitator

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

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 and services

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 channels

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

Weaknesses

Question 77

This refers to external factors that could positively impact the company's performance and growth.

Answer 77

Opportunities

Question 78

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

Answer 78

Threats

Question 79

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

Answer 79

Trends