MKT 300 1nd Edition Lecture 7 Outline of Last Lecture X Chapter 4 Terms part 1 XI Chapter 4 Concepts to Apply part 1 Outline of Current Lecture XII Chapter 4 Terms part 2 XIII Chapter 4 Concepts to Apply part 2 Current Lecture XII Chapter 4 Terms part 2 Qualifying dimensions Relevant to including a customer type in a product market Get them in the store Determining dimensions Actually affect the customer s purchase of a specific product or brand in a product market What makes them pull it off the shelf Positioning Refers to how customers think about proposed or present brand in a market Important with similar competitors shown on product space position map What people think about each soap brand Product space position map Shows on visual map what customers think about proposed or present brands in a market I e soap placed on spectrum of moisturizing or fragrant by customers Differentiation Better serve customers by differentiating marketing mix build competitive advantage uniquely fitting customers needs Benefit A determining dimension Something better than just satisfying the need i e added protein USP Unique selling proposition Drives brand choice These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute What do you do better than competitor Positioning statement Provides direction for marketing strategy concisely identifies the firm s desired target market product type primary benefit or point of differentiation and the main reason a buyer should believe the firm s claims Chapter 4 Concepts to Apply part 2 T F Determining dimensions usually stay constant over time False they change w trends For example I determine what style determining of winter coat I need differently each year but I always need something warm qualifying How is a need different from a benefit Does addressing a need differentiate the brand Why or why not A need is a qualifying dimension and a benefit is a determining dimension A need does not differentiate a brand all brands should have the need covered to be in business a unique benefit differentiates the brand What is the function of a product space map T F the marketer controls differentiation and positing Product Space Map Consumers perception for different brands of bar soap Could be shocking for marketing manager to learn that consumers ideas are different from their own How does a production mentality hinder meaningful differentiation If it easy for you to produce it it is probably easy for others to produce it and you will not be different from them When is the largest segment not always the best chose to pursue The segment should line up with your own USP If your USP does nothing for the largest segment it is not the right one to choose and the largest segment will have the most competition so you can differentiate your brand by focusing on a less popular targetmarket
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