Podcast
Questions and Answers
What is the primary goal of a Market Follower?
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?
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?
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?
What is an example of a strategy used by a Market Challenger?
What is the main goal of a Market Nicher?
What is the main goal of a Market Nicher?
Why is it important for a company to continually change its competitive marketing strategy?
Why is it important for a company to continually change its competitive marketing strategy?
What is a characteristic of a Market Leader?
What is a characteristic of a Market Leader?
Why does a Market Nicher avoid direct confrontation with the majors?
Why does a Market Nicher avoid direct confrontation with the majors?
What is a key difference between a Market Challenger and a Market Follower?
What is a key difference between a Market Challenger and a Market Follower?
What is an example of a product development strategy used by a Market Challenger?
What is an example of a product development strategy used by a Market Challenger?