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Princ. of Marketing

Kotler, Armstrong, Principles of Marketing 11th ed, Ch 17 vocab

QuestionAnswer
Competitive advantage An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices
Competitor analysis The process of 1) identifying key competitors, 2) assessing their objectives, strategies, strengths and weaknesses, and reaction patterns, and 3) selecting which competitors to attack or avoid
Competitive marketing strategies Strategies that strongly position the company against competitors and that give the company the strongest possible strategic advantage
Strategic group A group of firms in an industry following the same or a similar strategy
Benchmarking The process of comparing the company’s products to those of competitors or leading firms in other industries to find ways to improve quality and performance
Customer value analysis Analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors’ offers
Market leader The firm in an industry with the largest market share
Market challenger A runner-up firm that is fighting hard to increase its market share in an industry
Market follower A runner-up firm that wants to hold its share in an industry without rocking the boat
Market nicher A firm that serves small segments that the other firms in an industry overlook or ignore
Competitor-centered company A company whose moves are mainly based on competitors’ actions and reactions
Customer-centered company A company that focuses on customer developments in designing its marketing strategies and on delivering superior value to its target customers
Market-centered company A company that pays balanced attention to both customers and competitors in designing its marketing strategies
Created by: cannons
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