MARK 460 EXAM 2 QUESTIONS WITH VERIFIED
ANSWERS
___________________ is the strongest barrier to competitive attacks:
1. Interpersonal relationships between producers and consumes
2. Matching consumer preferences
3. Mass marketing - Answers - 1. Interpersonal relationships between producers and
consumes
Strong Brands:
1. Create images that reside in consumers' minds
2. Are hard to duplicate
3. Do not compete on price
4. Facilitate habitual buying through awareness
5. All of the above - Answers - 5. All of the above
Using brands as an SCA effective in ____________, _____________ markets
1. Large, B@B
2. Small, B2B
3. Small, B2C
4. Large, B2C - Answers - 4. Large, B2C
Focusing only on competitors often __________________________:
1. Helps firms better understand their customers' needs and desires
2. Leaves firms blind to changes in their customers' needs and desires
3. helps firms increase their customer base - Answers - 2. Leaves firms blind to
changes in their customers' needs and desires
The three key I-P-O inputs to creating SCA are ________________, AER strategies,
and ______________.
1. BOR strategies, lost customer analysis
2. Positioning statements, future trends
3. BOR strategies, future trends - Answers - 2. Positioning statements, future trends
Marketing Principles #3: - Answers - All competitors react-------> managing SCA
MARKETING PRINCIPLE #3: ALL COMPETITORS ______________ AND
MANAGERS NEED TO _____________ & _______________ BARRIERS TO
COMPETITIVE ATTACKS (SUSTAINABLE COMPETITIVE ADVANTAGES) - Answers
- REACT; BUILD & MAINTAIN
The art of war teaches us to rely not on the likelihood of the enemy's not coming but on
our own readiness to receive him, not on the chance of his not attacking,
, ________________________________________________. - Answers - but rather on
the fact that we have made our position unassailable
Sustainable competitive advantages (SCA): - Answers - Anticipating competitors'
reactions, now and in the future, and being able to build barriers that hold up against
sustained competitive assaults
A firm must establish the ______________________________________ before they
can build an SCA around that position - Answers - sustainable position with a targeted
customer group
Of the four First Principles of marketing, managing SCA may be the most to
______________ execute - Answers - difficult
_________________________________ blind to changes in their customers' needs
often leaves firms and desires - Answers - Focusing only on competitors
A firm has an SCA when it is able to
_________________________________________________________ for the same
set of products and service categories and when these
____________________________ its effective strategy. - Answers - 1. generate more
customer value than competitive firms in its industry
2. other firms are unable to duplicate
To make an SCA hard to copy, firms often turn to
_______________________________________. - Answers - key market-based
sources of SCAs.
A good SCA meets three criteria: - Answers - 1. Customers care about what this SCA
offers
2. The firm does it better than competitors, which generates a relative advantage
3. The SCA must be hard to duplicate or substitute, even with significant resources
The three sources of sustainable competitive advantage: - Answers - brands, offerings,
and relationships (BOR)
— are additive and often work synergistically to give a firm a strong relative position in
the market place
"Business has only two basic functions: __________________ &
______________________" - Answers - marketing & innovation
SCA/ BOR
Micro-Macro Duality: - Answers - This is critical to a successful marketing strategy
because true customer understanding occurs at micro levels (which avoids aggregation
ANSWERS
___________________ is the strongest barrier to competitive attacks:
1. Interpersonal relationships between producers and consumes
2. Matching consumer preferences
3. Mass marketing - Answers - 1. Interpersonal relationships between producers and
consumes
Strong Brands:
1. Create images that reside in consumers' minds
2. Are hard to duplicate
3. Do not compete on price
4. Facilitate habitual buying through awareness
5. All of the above - Answers - 5. All of the above
Using brands as an SCA effective in ____________, _____________ markets
1. Large, B@B
2. Small, B2B
3. Small, B2C
4. Large, B2C - Answers - 4. Large, B2C
Focusing only on competitors often __________________________:
1. Helps firms better understand their customers' needs and desires
2. Leaves firms blind to changes in their customers' needs and desires
3. helps firms increase their customer base - Answers - 2. Leaves firms blind to
changes in their customers' needs and desires
The three key I-P-O inputs to creating SCA are ________________, AER strategies,
and ______________.
1. BOR strategies, lost customer analysis
2. Positioning statements, future trends
3. BOR strategies, future trends - Answers - 2. Positioning statements, future trends
Marketing Principles #3: - Answers - All competitors react-------> managing SCA
MARKETING PRINCIPLE #3: ALL COMPETITORS ______________ AND
MANAGERS NEED TO _____________ & _______________ BARRIERS TO
COMPETITIVE ATTACKS (SUSTAINABLE COMPETITIVE ADVANTAGES) - Answers
- REACT; BUILD & MAINTAIN
The art of war teaches us to rely not on the likelihood of the enemy's not coming but on
our own readiness to receive him, not on the chance of his not attacking,
, ________________________________________________. - Answers - but rather on
the fact that we have made our position unassailable
Sustainable competitive advantages (SCA): - Answers - Anticipating competitors'
reactions, now and in the future, and being able to build barriers that hold up against
sustained competitive assaults
A firm must establish the ______________________________________ before they
can build an SCA around that position - Answers - sustainable position with a targeted
customer group
Of the four First Principles of marketing, managing SCA may be the most to
______________ execute - Answers - difficult
_________________________________ blind to changes in their customers' needs
often leaves firms and desires - Answers - Focusing only on competitors
A firm has an SCA when it is able to
_________________________________________________________ for the same
set of products and service categories and when these
____________________________ its effective strategy. - Answers - 1. generate more
customer value than competitive firms in its industry
2. other firms are unable to duplicate
To make an SCA hard to copy, firms often turn to
_______________________________________. - Answers - key market-based
sources of SCAs.
A good SCA meets three criteria: - Answers - 1. Customers care about what this SCA
offers
2. The firm does it better than competitors, which generates a relative advantage
3. The SCA must be hard to duplicate or substitute, even with significant resources
The three sources of sustainable competitive advantage: - Answers - brands, offerings,
and relationships (BOR)
— are additive and often work synergistically to give a firm a strong relative position in
the market place
"Business has only two basic functions: __________________ &
______________________" - Answers - marketing & innovation
SCA/ BOR
Micro-Macro Duality: - Answers - This is critical to a successful marketing strategy
because true customer understanding occurs at micro levels (which avoids aggregation
