Kotler, Armstrong, Principles of Marketing 11th ed, Ch 17 vocab
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| 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
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| 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
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| Competitive marketing strategies | Strategies that strongly position the company against competitors and that give the company the strongest possible strategic advantage
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| Strategic group | A group of firms in an industry following the same or a similar strategy
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| 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
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| Customer value analysis | Analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors’ offers
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| Market leader | The firm in an industry with the largest market share
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| Market challenger | A runner-up firm that is fighting hard to increase its market share in an industry
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| Market follower | A runner-up firm that wants to hold its share in an industry without rocking the boat
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| Market nicher | A firm that serves small segments that the other firms in an industry overlook or ignore
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| Competitor-centered company | A company whose moves are mainly based on competitors’ actions and reactions
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| Customer-centered company | A company that focuses on customer developments in designing its marketing strategies and on delivering superior value to its target customers
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| Market-centered company | A company that pays balanced attention to both customers and competitors in designing its marketing strategies
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