BCOR 350 CH 18 TEST QUESTIONS AND ANSWERS ALL CORRECT
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Course
BCOR 350
Institution
BCOR 350
BCOR 350 CH 18 TEST QUESTIONS AND ANSWERS ALL CORRECT
What is a strategic group? - Answer-A group of firms in an industry following the same or a similar strategy in a given target market
What is benchmarking used for? - Answer-To assess competitor's strengths and weaknesses
What is the...
BCOR 350 CH 18 TEST QUESTIONS
AND ANSWERS ALL CORRECT
What is a strategic group? - Answer-A group of firms in an industry following the same
or a similar strategy in a given target market
What is benchmarking used for? - Answer-To assess competitor's strengths and
weaknesses
What is the goal of a blue-ocean strategy? - Answer-To make competition irrelevant by
finding uncontested market spaces
A(n) __________ is used to determine the benefits that target customers value and how
customers rate the relative value of various competitors' offers. - Answer-customer
value analysis
In the process of analyzing competitors, what should a company do next after
identifying competitors? - Answer-Assess them
According to the text, digital services that overlap with traditional newspaper content are
__________ because they offer, for free, real-time content that subscription-based
newspapers printed once a day can't match. - Answer-bad competitors
According to the text, it is important that a company design a competitive intelligence
system that is __________. - Answer-cost effective
Which of the following statements regarding identifying competitors is correct? -
Answer-There is no one correct way to identify competitors.
Marketing strategy often passes through three stages. At which stage is a company
started by an individual who visualizes an opportunity? - Answer-Entrepreneurial
marketing
Companies such as Walmart and Spirit Airlines offer lower prices than competitors.
Which competitive strategy are they using? - Answer-Overall cost leadership
Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. This
represents a(n) __________ strategy. - Answer-focus
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