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Marketing Mngt 8

Vocabulary tERMS Chpt 18

QuestionAnswer
Advantage over competitors gained by offering consumers greater value than competitors do. Competitive Advantage
Identifying key competitors; assessing their objectives, strategies, strengths and weaknesses and selecting which competitors to attack or avoid. Competitor Analysis
Strategies that position the company against competitors and that give the company the strongest strategic advantage. Competitive Marketing Strategies
A group of firms in an industry following the same or a similar strategy. Strategic group
Comparing the company's products and process to those of another company in order to improve quality and performance. Benchmarking
Determines what benefits target customers value and how they rate the relative value of various competitors' offers. Customer value analysis
Firm in and industry with the largest market share. Market leader
Runner-up firm that is fighting hard to increase its market share in an industry. Market challenger
Runner-up firm that wants to hold its share in an industry without rocking the boat. Market follower
Firm that serves a small segment that other firms overlook or ignore. Market nicher
A company whose moves are mainly based on competitors' actions and reactions. Competitor-centered company
Company that focuses on customer developments, and delivers superior value to its target consumer. Customer-centered company
Company that balances attention to both customers and competitors in designing its marketing strategies. Market-Centered Company
Created by: trgresham
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