{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}


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

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 10

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon bookmark
Ask a homework question - tutors are online