thorough marketing midterm

Position choosing the right competitive advantages

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position, choosing the right competitive advantages, and selecting an overall positioning strategy o Competitive advantage : what makes a company stand out o Companies should find their unique selling proposition per brand and keep it (important, distinctive, superior, communicable, preemptive, affordable, profitable) o Value proposition : full mix of benefits on which the brand is differentiated and positioned o More for more: luxury, upscale products are expensive to give it prestige o More for the same: same high quality but regular price o Same for less : ex. Discount stores like Walmart o Less for much less : ex. Hotel chains Holiday Inn Express, Motel 6 o More for less : ex. Home Depot o Positioning statement : a statement that summarizes company or brand positioning. “To (target segment and need) our (brand) is (concept) that (point of difference)” o Communicating and delivering the chosen position: marketing mix CHAPTER 8 o Product : anything that can be offered to a market for attention, use or consumption that might satisfy a want or need - both tangible and intangible o Service : a form of product that consists of activities, benefits, or satisfactions offered for sale that are intangible and have no ownership o Experiences : represent what buying the product or service will do for the customer - All aspects are important, not only the product or service itself but the experience/process o Marketing mix (4 P’s) o Consumer products : g/s bought for personal consumption
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o Convenience products: immediately and frequently (water, candy, detergent) o Shopping products: less frequently, quality, price, style (furniture, clothes, used cars) o Specialty products: unique characteristics (high-end, Lamborghini) o Unsought products: consumer doesn’t know about or doesn’t normally consider buying (life insurance) o Industrial products : bought by individuals and organizations for further processing or use in conducting a business o Materials and parts (ink), capital items (web press), supplies and services (repair) o Organizational marketing: create, maintain, or change attitudes of target consumer o Corporate image advertising: polish their images o Person marketing: create, maintain, or change behavior of specific people o Place marketing: activities undertaken to create, maintain, or change behavior toward particular places (state ads – making a place a destination: “I love NY”); distinct features; fear of weather/natural disasters o Social marketing : use of commercial marketing concepts and tools in programs designed to bring about social change (good for our age cohort) o Product attributes (quality, features, style, design) branding (name, term, symbol, sign) packaging (designing and producing container or wrapper – aesthetic, innovative) labeling (identification, description, promotion – nutrition facts) product support services (to augment actual products – survey customers to assess value of service / steps to fixing problems) o Line stretching (coke, diet coke, coke zero) o
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