Competitive Strategy Questions And Answers

21⟩ The launch of store own brands such as Tescos Butter me up has had what effect on the competitive environment-

1. Increased price competitiveness

2. Increased pressure on market leading brands as it has eroded their market dominance.

3. Given the consumer an increased choice of products

4. Put additional pressure on the large manufacturers to provide further discount their original products to gain shelf space, instead of Tesco just stocking their own brand.

5. All of the above

Answer: All of the above

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22⟩ An industry is defined as which of the following-

1. Group of firms developing similar products

2. A group of firms that operate in a specific field of expertise

3. Group of firms that offer products that are close substitutes for each other

4. All of the above

5. None of the above

Answer: Group of firms that offer products that are close substitutes for each other

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23⟩ Competition can be viewed from different aspects. When an industry is defined as the set of all sellers of a product or service, this is referred to as what-

1. A customer perspective

2. A market perspective

3. An industry perspective

4. A competitive perspective

Answer: A market perspective

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24⟩ Determining what drives competitor behavior is based upon establishing which of the following-

1. Determining the competitor profit levels

2. Satisfying profit goals versus maximizing profit goals

3. Defining the competitor's objectives

4. Short-term profits versus long-term profits

Answer: Defining the competitor's objectives

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25⟩ The process of identifying key competitors, assessing their objectives, strategies, strengths and weaknesses, reaction patterns and selection of which competitors to attack is part of what process?

1. Application of the GE Model

2. Competitor strength analysis

3. Application of the Ansoff Model

4. Competitor analysis

5. Porter's Analysis

Answer: Competitor analysis

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26⟩ Which of the following strategies could a market leader implement to maintain its commanding leadership position?

1. Merger and acquisition of other organizations, especially if they are the opposition

2. The organization expands its activities to enlarge the market.

3. Reduce costs within the organization.

4. Expand total demand for the product.

5. All of the above

Answer: All of the above

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27⟩ Volvo views Mercedes as prominent competitor, but does not view Rolls Royce as a competitor as these companies operate in different target markets. What type of competition does this represent?

1. Product competition

2. Product and service competition

3. Product phase competition

4. Product category competition

Answer: Product category competition

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28⟩ 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, is referred to as

1. Comparative analysis

2. Empirical testing

3. Benchmarking

4. Customer value analysis

Answer: Benchmarking

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29⟩ The analysis conducted to determine what features and benefits that BMW drivers prefer over the features and benefits of a Mercedes Benz and how customers rate the relative importance or value of these features, is a mechanism to conduct what type of analysis?

1. Customer value analysis

2. Customer audit

3. Performance rating

4. Customer review

5. Performance audit

Answer: Customer value analysis

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30⟩ Define a penetration pricing strategy.

1. Strategy used to gain as much sales volume as possible as quickly as possible through undercutting competitors' prices.

2. Strategy used to maximize profit.

3. Strategy used to gain as many consumers as possible in the launch phase.

4. All of the above

5. None of the above

Answer: Strategy used to gain as much sales volume as possible as quickly as possible through undercutting competitors' prices.

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31⟩ Like Amazon.com and egg, the Internet bank, most e-commerce operations offer prices well below those in the high street or mall and are making huge losses. What are the Internet businesses hoping to achieve with their aggressive pricing and is their price advantage likely to be maintained? Which of the following statements are correct and relevant to this pricing strategy?

1. Start-up costs, which involve heavy promotion in conventional media, are likely to depress profits for the first ten years.

2. Internet companies are hoping to achieve economies of scale, since the marginal cost of an increase in business is small.

3. All of the above

4. None of the above

Answer: All of the above

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32⟩ What are sources of information when gathering market intelligence about competitors?

1. Personal experience

2. Customers

3. Suppliers and wholesalers

4. Secondary data

5. All of the above

Answer: All of the above

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33⟩ Market follower often gains many advantages without excessive expense, by following the market leader. Which type of market follower strategy is one whereby the market follower copies some things from the market leader but maintains some differentiation with its packaging, advertising, pricing and other factors?

1. Nicher

2. Adapter

3. Cloner

4. Imitator

Answer: Imitator

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34⟩ A marketing managers pricing decisions are often influenced by the competitions pricing and their marketing strategies. Which of the following need to be considered when determining price?

1. The extent to which competitors are trying to focus the consumer's attention on price

2. The perceived similarity between the products in terms of non-price based features, benefits and additional services.

3. The desired market positioning

4. The price sensitivity of the target segment

5. The number of competitors

6. All of the above

Answer: All of the above

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Competitive Strategy

Home Business and Economy Competitive Strategy

34 Competitive Strategy Questions And Answers

21⟩ The launch of store own brands such as Tescos Butter me up has had what effect on the competitive environment-

22⟩ An industry is defined as which of the following-

23⟩ Competition can be viewed from different aspects. When an industry is defined as the set of all sellers of a product or service, this is referred to as what-

24⟩ Determining what drives competitor behavior is based upon establishing which of the following-

25⟩ The process of identifying key competitors, assessing their objectives, strategies, strengths and weaknesses, reaction patterns and selection of which competitors to attack is part of what process?

26⟩ Which of the following strategies could a market leader implement to maintain its commanding leadership position?

27⟩ Volvo views Mercedes as prominent competitor, but does not view Rolls Royce as a competitor as these companies operate in different target markets. What type of competition does this represent?

28⟩ 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, is referred to as

29⟩ The analysis conducted to determine what features and benefits that BMW drivers prefer over the features and benefits of a Mercedes Benz and how customers rate the relative importance or value of these features, is a mechanism to conduct what type of analysis?

30⟩ Define a penetration pricing strategy.

32⟩ What are sources of information when gathering market intelligence about competitors?

34⟩ A marketing managers pricing decisions are often influenced by the competitions pricing and their marketing strategies. Which of the following need to be considered when determining price?

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Competitive Strategy

Home Business and Economy Competitive Strategy

34 Competitive Strategy Questions And Answers

21⟩ The launch of store own brands such as Tescos Butter me up has had what effect on the competitive environment-

22⟩ An industry is defined as which of the following-

23⟩ Competition can be viewed from different aspects. When an industry is defined as the set of all sellers of a product or service, this is referred to as what-

24⟩ Determining what drives competitor behavior is based upon establishing which of the following-

25⟩ The process of identifying key competitors, assessing their objectives, strategies, strengths and weaknesses, reaction patterns and selection of which competitors to attack is part of what process?

26⟩ Which of the following strategies could a market leader implement to maintain its commanding leadership position?

27⟩ Volvo views Mercedes as prominent competitor, but does not view Rolls Royce as a competitor as these companies operate in different target markets. What type of competition does this represent?

28⟩ 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, is referred to as

29⟩ The analysis conducted to determine what features and benefits that BMW drivers prefer over the features and benefits of a Mercedes Benz and how customers rate the relative importance or value of these features, is a mechanism to conduct what type of analysis?

30⟩ Define a penetration pricing strategy.

32⟩ What are sources of information when gathering market intelligence about competitors?

34⟩ A marketing managers pricing decisions are often influenced by the competitions pricing and their marketing strategies. Which of the following need to be considered when determining price?

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