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Individual marketing: mass customizationSelecting the best strategyoDepends on:Company resourcesDegree of product variabilityProduct’s life-cycle stageMarket variabilityCompetitors’ marketing strategiesLO4: Discuss how companies differentiate and position their products for maximum competitive advantageProduct position: the way the product is defined by consumers on important attributes – the place the product occupies in consumers’ minds relative to competing productsPositioning maps: show consumer perceptions of their brands versus competing products on important buying dimensionsChoosing a differentiation and positioning strategy
o3 steps:Identify a set of differentiating competitive advantages upon which to build a positionCompetitive advantage: an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher pricesCan differentiate along the lines of product, services channels, people, or imageChoose the right competitive advantagesHow many differences to promoteWhich differences to promoteoImportantoDistinctiveoSuperioroCommunicableoPre-emptiveoAffordableoProfitableSelect an overall positioning strategyValue proposition: the full mix of benefits upon which the brand is differentiated and positionedDevelop a positioning statementSummarizes company or brand positioningForm: To (target segment and need) our (brand) is (concept) that (point of difference)Communicating and delivering the chosen positionoDesigning the marketing mix involves working out the tactical details of the positioning strategyChapter 8: Developing and Managing Products and ServicesLO1: Define product and describe and classify different types of product offerings
What is a product?
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Marketing, A. Companies, Stags, Gain Customer Insights, o Services