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Market Positioning and Product Differentiation

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Market Positioning and Product Differentiation

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Questions and Answers

What is the primary goal of a Market Follower?

To develop new products and technologies to bypass competitors

To keep current customers and attract a fair share of new ones (correct)

To attack the market leader and gain more market share

To specialize in serving market niches that major competitors overlook

What is a key characteristic of a Market Challenger?

It seeks to maintain a stable market share and profits

It aggressively attacks competitors to gain more market share (correct)

It specializes in serving market niches that major competitors overlook

It focuses on developing new products and technologies to bypass competitors

What is the purpose of a competitive marketing strategy?

To choose a market niche and specialize in it

To develop new products and technologies to bypass competitors

To choose a marketing strategy based on industry position and strengths and weaknesses (correct)

To attack the market leader and gain more market share

What is an example of a strategy used by a Market Challenger?

Matching resources against the competitor's weaknesses Signup and view all the answers

What is the main goal of a Market Nicher?

To avoid direct confrontation with the majors by specializing in market niches Signup and view all the answers

Why is it important for a company to continually change its competitive marketing strategy?

To meet changes in the competitive situation Signup and view all the answers

What is a characteristic of a Market Leader?

It is not mentioned in the text Signup and view all the answers

Why does a Market Nicher avoid direct confrontation with the majors?

Because it lacks the resources to compete with the majors Signup and view all the answers

What is a key difference between a Market Challenger and a Market Follower?

A Market Challenger aggressively attacks competitors, while a Market Follower seeks to keep current customers and attract a fair share of new ones Signup and view all the answers

What is an example of a product development strategy used by a Market Challenger?

Bypassing the competitor and developing new products, new markets or new technologies Signup and view all the answers