Unique Selling Proposition– when a company chooses one attribute to excel at and promotes it to create a competitive advantage. Current Profit Maximization – setting prices as low as possibleStraight Extension – only strategy for marketing a product in a foreign market without any product changes.Selective Processes when one is exposed to stimuli:•Selective Exposure– minds/eyes seek out and notice info that interests us (products begin to interest you, example)•Selective Retention– remember only what we want to remember•Selective Perception– screen out or modify ideas, messages & information that conflict w/ previously learned attitudes/beliefs.Preemptive Differeentiation– choosing a product attribute or difference that competitors would not be able to duplicate (i.e, firm is taking preemptive action against its competitors).Pioneer Advertising– done early in the product’s life cycle and informs potential customers of the product and its benefits.Institutional Advertising– promotes a specific organization, not a product.Competitive Advertising – aims to develop customers’ preference for a specific brand.Product Advertising– aims to sell a product.Reminder Advertising– aims to keep the product name before the public later in the product’s life cycle.Vendor Analysis– process used to evaluate suppliers and how they are working out for the company.Evaluation– less formal and not as detailed as vendor analysis.Checklist– may be part of a vendor analysis but more information is needed to make an assessment of the vendor than is provided ina checklist. Subjective interpretation– may be used in analyzing the vendor, but objective measurement is also needed.Market Research Process•Problem definition - takes most time•Situational Analysis•Data Collection•Problem Solving•Alternative DevelopmentMarketing Research – needed to keep isolated marketing managers in touch with their markets.
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