SOLVED

21) In the audio equipment industry, Philips and Sony belong to the same ________. A) target group B) strategic group C) experimental group D) control group E) focus group 22) Country Kitchen and Perkins are both a chain of family restaurants featuring diner-like menus with reasonably priced items. These companies are in the same ________. A) focus group B) strategic group C) control group D) target group E) experimental group 23) Companies use secondary data, personal experience, and word of mouth to ________. A) identify competitors’ target customers and strategies B) identify competitors’ target locations and market share C) learn about their competitors’ strengths and weaknesses D) select competitors to attack or avoid E) estimate competitors’ sales projections 24) ________ is the process of comparing the company’s products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance. A) Segmenting B) Positioning C) Sales promotion D) Benchmarking E) Publicity 25) Benchmarking has become a powerful tool for increasing a company’s ________. A) product mix B) mass appeal C) employee training services D) distribution channels E) competitiveness 26) A firm should compete with ________ competitors in order to sharpen its abilities. Succeeding against these competitors often provides greater returns. A) strong B) international C) weak D) distant E) smaller 27) An analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors’ offers is known as ________. A) customer value analysis B) customer lifetime value C) quantitative analysis D) brand value proposition E) benchmarking 28) In conducting ________, the company first identifies the major attributes that customers value and the importance customers place on these attributes. Next, it assesses its performance against competitors on those valued attributes. A) a customer value analysis B) benchmarking C) entrepreneurial marketing D) intrapreneurial marketing E) a customer lifetime value estimate 29) A market research firm conducts a survey of soft-drink consumers to assess Pepsi’s and Coke’s strengths and weaknesses in product qualities valued by both company’s target customers. The market research firm is using a(n) ________. A) customer lifetime value estimation B) global marketing strategy C) competitive marketing strategy D) customer value analysis E) blue ocean strategy 30) If the company’s offer delivers greater value by exceeding the competitor’s offer on important attributes, the company can charge a higher price and ________, or it can charge the same price and ________. A) earn lower profits; gain higher profits B) earn higher profits; lose profits C) earn higher profits; gain more market share D) lose profits; gain more market share E) lose profits; gain higher profits