MKTG 649 MIDTERM STUDY GUIDE

MKTG 649 MIDTERM STUDY GUIDE - What is the difference...

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What is the difference between Primary Data and Secondary Data? Give an example of Secondary Data: The Researcher can gather secondary data, primary data, or both. Secondary Data are data that were collected for another purpose and already exist somewhere. Primary Data are freshly gathered for a specific purpose or for a specific research project. Market Positioning Definition: All marketing strategy is built on segmentation, targeting, and positioning . A company discovers different needs and groups in the marketplace, targets those it can satisfy in a superior way, and the positions its offerings so the target market recognizes the company’s distinctive offerings and images. Positioning is the act of designing a company’s offering and image to occupy a distinctive place in the minds of the target market. The goal is to locate the brand in the mind of consumers to maximize the potential benefit to the firm. A good brand positioning helps guide marketing strategy by clarifying the brand’s essence, identifying the goals it helps the consumer achieve, and showing how it does so in a unique way. The real trick is striking the right balance between what the brand is what it could be. The result of positioning is the successful creation of a customer-focused value proposition ( Perdue Chicken: More tender golden chicken at a moderate premium price; Domino’s : A good hot pizza, delivered within 30 minutes of ordering at a moderate price), a cogent reason why the target market should buy the product. Deciding on a positioning requires: (1) determining a frame of reference, a. The competitive frame of reference defines which other brands a brand competes with and therefor which brands should be the focus of competitive analysis. a.i. A good starting point is to determine category membership the products or sets of products with which a brand competes and which function as close substitutes. a.ii. The range of a company’s actual and potential competitors can be much broader than the obvious. For a brand to grow by entering new markets, a broader or maybe more aspirational competitive frame may be necessary to reflect possible future competitors. (2) identifying the optimal points-of-parity and points-of-difference brand associations a. Points-of-Parity
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a.i. Associations that are not necessarily unique to the brand but may be shared with other brands. a.ii. These types of associations come in two forms: Category and Competitive. a.ii.1. Category Points-of-Parity : are associations that consumers view as essential to a credible offering within a certain category, although not necessarily sufficient conditions for brand choice. Category points- of-parity may change over time due to technological advances, legal developments, or consumer trends.
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This note was uploaded on 01/31/2012 for the course MKGT 649 taught by Professor Staff during the Fall '11 term at S.F. State.

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MKTG 649 MIDTERM STUDY GUIDE - What is the difference...

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