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103) At the narrowest level, a company can define its competitors as other companies offering
similar products and services to the same customers at similar prices.
104) A group of firms in an industry following the same or a similar strategy in a given target
market is known as a strategic group.
105) Benchmarking involves comparing the firm's products and processes to those of the
competitors to identify best practices to improve quality and performance.
106) Continuous innovation is the best response by a company trying to protect its market share.
107) Most companies prefer to compete against strong competitors.
108) In some markets, competitors live in relative harmony.
109) Most companies tend to compete with distant competitors that are typically unlike them,
rather than with close competitors.
110) The presence of competitors may serve less-attractive segments or lead to more product
differentiation.
111) Destroying a close competitor can actually damage a company's market share in the long
run.
112) The existence of competitors in a market may help a company increase total demand.
113) The goal of a "blue ocean strategy" is to make competition more relevant.
114) The competitive intelligence system of a company supplies key information to relevant
decision makers about the company's competitors.
115) Small firms that can't afford a competitive intelligence system often resort to using "in-
house" experts to study competitors.
116) A good competitor plays by its own rules at the expense of the industry as a whole.
117) Companies with multiple products or businesses typically choose one marketing strategy
for all their different businesses or products.
118) Entrepreneurial marketing exclusively involves developing formal marketing strategies and
adhering to them closely.
119) Many large and mature companies get stuck in formulated marketing. They pore over the
latest Nielsen numbers, scan market research reports, and try to fine-tune their competitive
strategies and programs.
120) Gary Hirshberg started the Stonyfield Farm yogurt company. His marketing strategy:
building a casual bond with customers using guerilla marketing. This is an example of
formulated marketing.
121) According to the overall cost leadership competitive strategy, the company works hard to
achieve the lowest production and distribution costs.
122) Firms competing in a given target market, at any point in time, differ in their objectives and
resources.
123) Market leaders can grow by further increasing their market shares.
124) A disadvantage of a competitor-centered company is that it ends up simply matching or
extending industry practices rather than seeking innovative new ways to create more value for
customers.
125) Discuss the need to understand competitors as well as customers through competitor
analysis.
126) Although competition is most intense within a strategic group, explain why there is also
rivalry among groups. Give examples.
127) Marketing managers need a deep understanding of a given competitor's mentality if they
want to anticipate how the competitor will act or react. Discuss the different ways competitors
act or react. Why do they do so? Use examples to support your thoughts.
128) An industry often contains "good" competitors and "bad"competitors. Define each term and
discuss scenarios with both "good" and "bad" competitors. How might "good" competitors
choose to react to "bad" competition?
129) Discuss the functions and goals of a competitive intelligence system.
130) Discuss formal and informal marketing strategies and give examples of companies that
follow these strategies.
131) Discuss customer intimacy. Why is it important? Provide an example of a company that
successfully abides by this value discipline.
132) Compare and contrast the four competitive positions that are often used to describe market
structures.
133) Discuss two ways a market challenger can best attack the chosen competitor and achieve its
strategic objectives. Explain when a challenger should use these attacks and provide examples of
companies that have used these methods.
134) Discuss the four evolving company orientations. Which orientation is considered most
successful and why?
135) Discuss the steps in analyzing competitors.
136) Discuss the different levels at which competitors can be identified.
137) Explain how the United States Postal Service has "competitor myopia."
138) Give examples of competitor objectives and discuss the importance of knowing a
competitor's mix of objectives.
139) Describe a strategic group. Name a few companies that belong to the same strategic group,
and discuss why they are in the same group.
140) How can companies learn about their competitors' strengths and weaknesses?
141) What is the purpose of benchmarking?
142) Describe a scenario that shows why a company may want to avoid destroying a close
competitor.
143) Discuss why a company really needs and benefits from competitors.
144) Michael Porter suggested four basic competitive positioning strategies that companies can
follow, three winning strategies and one losing one. Name and describe these four different
strategies.
145) Name the three value disciplines.
146) Explain how a market follower can gain advantage from a market leader.
147) Why is niching profitable?
148) What is the primary focus of a competitor-centered company?
149) What is the primary focus of a customer-centered company?
