Concepts in Marketing, Sales, and Customer Contact:-Module 6

What are the specific questions that companies answer when they position their brands?

Place: What place does the offering occupy in its market? Rank: How does the product or service fare against its competitors in the areas evaluated by customers deciding what to buy? Attitude: How does the company want customers to think about this offering and the benefits it offers them? Outcomes: What must it do to ensure the product or service delivers on the positioning selected?

What should positioning statement include?

The target market, The brand name, The key points of differentiation,The product and service category or frame of reference in which you are establishing this market position,The reasons why customers should believe the positioning claims

Business-to-consumer (B2C)

Sales directly to the individuals who consume a finished product for personal use

Business-to-business (B2B)

Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers

Consumer

The user of a purchased product or service

Customer

The purchaser of a product or service

Market segmentation

Process of dividing the market into subgroups of consumers (segments)

Targeting

Selection of a segment or segments of the market on which marketers will focus

Purpose of market segmentation

to help marketers focus their efforts on specific customer groups

Demographic segmentation

groups customers based on categories such as age, education, gender, income, and household size

Geographic segmentation

groups customers by location as well as regional and climate characteristics.

Psychographic segmentation

groups customers based on personality, lifestyle, affinities, activities, and opinions

Product-related segmentation

groups markets based on the benefits provided by the product

Target market

Specific group of customers toward which a firm directs its marketing efforts

Differentiated marketing

targets specific market segments differently according to the benefits that the company offers each one

Undifferentiated marketing

involves marketing to the entire market and to all segments the same way

Concentrated marketing

focuses on appeal to a very narrowly defined target segment

Micromarketing

focuses on individual consumer preferences (individual marketing) and on marketing to companies and individuals within a small localized area (local marketing).

Positioning

Strategic activity where marketers identify the distinctive place they want a product or service to hold in the minds of a target market segment

Positioning statement

Single sentence that concisely identifies the target market for a product and what marketers want customers to think about it

Positioning maps

Graphical depiction of how potential customers view a brand or product and the competition against key criteria

Product attributes

Positioning based on a characteristic that defines a product and will influence the customer's decision to purchase

Price

Positioning the product as the lowest cost or best value

Quality

Positioning the product as the highest quality

Competition

Positioning the product against a competitor

Product application

Positioning a product based off of how it is used as the best option for that specific task and use

Product user

Positioning a product for a specific user group

Product category

Positioning a product within a product category where there is strong recognition for the category and brand

What are the specific questions that companies answer when they position their brands?

"Place: What place does the offering occupy in its market?

Rank: How does the product or service fare against its competitors in the areas evaluated by customers deciding what to buy?

Attitude: How does the company want customers to think about this offering and the benefits it offers them?

Outcomes: What must it do to ensure the product or service delivers on the positioning selected?"

What should positioning statement include?

The target market, The brand name, The key points of differentiation,The product and service category or frame of reference in which you are establishing this market position,The reasons why customers should believe the positioning claims

"Business-to-consumer (B2C)

"

Sales directly to the individuals who consume a finished product for personal use

Business-to-business (B2B)

Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers

Consumer

The user of a purchased product or service

Customer

The purchaser of a product or service

Market segmentation

Process of dividing the market into subgroups of consumers (segments)

Targeting

Selection of a segment or segments of the market on which marketers will focus

Purpose of market segmentation

to help marketers focus their efforts on specific customer groups

Demographic segmentation

groups customers based on categories such as age, education, gender, income, and household size

Geographic segmentation

groups customers by location as well as regional and climate characteristics.

Psychographic segmentation

groups customers based on personality, lifestyle, affinities, activities, and opinions

Product-related segmentation

groups markets based on the benefits provided by the product

Target market

Specific group of customers toward which a firm directs its marketing efforts

Differentiated marketing

targets specific market segments differently according to the benefits that the company offers each one

Undifferentiated marketing

involves marketing to the entire market and to all segments the same way

Concentrated marketing

focuses on appeal to a very narrowly defined target segment

Micromarketing

focuses on individual consumer preferences (individual marketing) and on marketing to companies and individuals within a small localized area (local marketing).

Positioning

Strategic activity where marketers identify the distinctive place they want a product or service to hold in the minds of a target market segment

Positioning statement

Single sentence that concisely identifies the target market for a product and what marketers want customers to think about it

Positioning maps

Graphical depiction of how potential customers view a brand or product and the competition against key criteria

Product attributes

Positioning based on a characteristic that defines a product and will influence the customer's decision to purchase

Price

Positioning the product as the lowest cost or best value

Quality

Positioning the product as the highest quality

Competition

Positioning the product against a competitor

Product application

Positioning a product based off of how it is used as the best option for that specific task and use

Product user

Positioning a product for a specific user group

Product category

Positioning a product within a product category where there is strong recognition for the category and brand