MKT 300 1nd Edition Lecture 7Outline 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 LectureXII. Chapter 4 Terms (part 2)• Qualifying dimensionsRelevant to including a customer type in a product market. Get them in thestore. • Determining dimensionsActually affect the customer’s purchase of a specific product or brand in a product market. What makes them pull it off the shelf? • PositioningRefers 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 mapShows 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• USPUnique 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 timeFalse, they change w/ trends. For example, I determine what style (determining) of winter coat I need differently each year, but I always needsomething 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 positingProduct 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
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