29 Questions
What is a key characteristic of a Sustainable Competitive Advantage?
Valued by customers and supported by inimitable assets and competencies
What is a type of intangible asset that a firm may possess?
Intellectual Property
What is the primary difference between a Competitive Advantage and a Sustainable Competitive Advantage?
The duration of the advantage
What is an example of a tangible asset that a firm may possess?
Value Chain Position
What is necessary for a firm to achieve a Sustainable Competitive Advantage?
A strategy valued by customers and supported by inimitable assets and competencies
What is the primary goal of achieving a Competitive Advantage or a Sustainable Competitive Advantage?
To achieve above normal profits or superior financial performance
What is the primary purpose of analyzing the external environment in strategic marketing?
To understand the factors that might affect a company's business
What is a limitation of Porter's Five Forces model?
It fails to consider strategic alliances
What is competitive advantage in the context of strategic marketing?
An advantage over competitors gained by offering consumers greater value
What is a key consideration when assessing a company's sustainable competitive advantage?
The company's ability to adapt to external dynamics
What is the primary purpose of creating superior value in strategic marketing?
To offer consumers greater value than competitors
What is a key aspect of analyzing a company's external environment?
Understanding the factors that might impact the company's business
What is the primary purpose of a portal?
To control a gateway through which others must pass to access information, products, or services
What is the primary benefit of having a market window?
To have superior visibility into marketplace activity
What is the formula for customer value?
Customer Value = (1-Perceived Risks)*(Perceived Benefits – Perceived Lifecycle Costs)
What is an example of a firm lowering costs?
Amazon.com lowers the price of books online
What is a competitive advantage?
An advantage over competitors gained by offering consumers greater value than competitors
What is the result of having a sustainable competitive advantage?
Superior performance
What is the primary goal of car dealers using lease deals?
To reduce acquisition costs
What is the benefit of modular product design, as demonstrated by Siemens?
Reducing maintenance costs
What is the primary benefit of online banking?
Reducing usage costs
What is the term for a unique and relevant feature or benefit that sets a product apart from its competitors?
Point of difference
What is the goal of value leadership?
To increase value by changing the competitive profile
What is the primary benefit of Darty's take-back program for old white goods?
Reducing disposal costs
What is gained by offering consumers greater value than competitors?
Competitive Advantage
What is the outcome of eliminating the physical renting of movies and old supply chains?
Creating binge viewing and new offerings
What is the result of Netflix's new consumption setting?
Raising brand profile and cash flow predictability
What is a key aspect of ZARA's Sustainable Competitive Advantage?
Unique resources and capabilities
What is the outcome of reducing complexity of fees and consumption costs?
Raising cash flow predictability
Test your understanding of analyzing the external environment and sustainable competitive advantage in strategic marketing. This quiz covers key concepts and factors that affect a company's business and competitiveness. Assess your knowledge of the environment, competitive risks, and creating superior value.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
