Review Questions (with clues for answering)

Chapter 2 Marketing and Competition

1. How does competition ensure that scarce resources are used to maximise satisfaction? (pg17-18)
2. Summarise the nature and scope of marketing. (pg18-20)
3. “Marketing is a synthetic discipline”. Discuss. (pg 20-22)
4. Describe the market structure, conduct and performance model and assess its relevance to strategy formulation. (pg 26-28)
5. What are Porter’s ‘Five Forces’? How do they shape strategy? (pg 29-31)
6. Define competitive advantage. How can it be realised? (pg 36-38)
7. What is the role of marketing in achieving competitive success? (pg 38-41)
8. Discuss the view that knowledge and the creation of learning organisations hold the key to success in the future. (pg 45-47)