Individual marketing mass customization Selecting the best strategy o Depends

Individual marketing mass customization selecting the

This preview shows page 26 - 29 out of 57 pages.

Individual marketing: mass customization Selecting the best strategy o Depends on: Company resources Degree of product variability Product’s life-cycle stage Market variability Competitors’ marketing strategies LO4: Discuss how companies differentiate and position their products for maximum competitive advantage Product position: the way the product is defined by consumers on important attributes – the place the product occupies in consumers’ minds relative to competing products Positioning maps: show consumer perceptions of their brands versus competing products on important buying dimensions Choosing a differentiation and positioning strategy
Image of page 26
o 3 steps: Identify a set of differentiating competitive advantages upon which to build a position Competitive advantage: an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices Can differentiate along the lines of product, services channels, people, or image Choose the right competitive advantages How many differences to promote Which differences to promote o Important o Distinctive o Superior o Communicable o Pre-emptive o Affordable o Profitable Select an overall positioning strategy Value proposition: the full mix of benefits upon which the brand is differentiated and positioned Develop a positioning statement Summarizes company or brand positioning Form: To (target segment and need) our (brand) is (concept) that (point of difference) Communicating and delivering the chosen position o Designing the marketing mix involves working out the tactical details of the positioning strategy Chapter 8: Developing and Managing Products and Services LO1: Define product and describe and classify different types of product offerings
Image of page 27
What is a product?
Image of page 28
Image of page 29

You've reached the end of your free preview.

Want to read all 57 pages?

  • Spring '15
  • Marketing, A. Companies, Stags, Gain Customer Insights, o Services

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture