midterm review

Individual marketing customizes and tailors to

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Individual marketing customizes and tailors to individual customers. 7. It is essential that a firm does not exclude certain segments that appeal to a certain product, which can create controversies, and to focus on how and what to target rather than who. 8. A company must decide on its value proposition, which is how it will create differentiated value for segments. This gives them a competitive advantage. With its unique selling proposition, the company is easily able to detect the marketing strategy. 9. Perceptual positioning maps allow firms to see how consumers perceive their brands and in comparison to other competitors. It usually focuses on orientation and price. 10. Picking a differentiation and positioning strategy requires three steps. Detecting a set of unique competitive advantages to build upon, picking the right advantage, and choosing an inclusive positioning strategy are all factors that a company must take into consideration when stabilizing a value proposition.
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Ch. 8 1. Companies provide either a product or service. A product is anything offered for consumption in a tangible form, whereas a service is activities, benefits, or satisfactions provided in an intangible form. However, it is essential that a firm focuses on the experience that a customer gets before, during, and after a considered purchase in order to keep him or her coming back. 2. There are three levels of products and services. Core customer value is what buyers are actually buying and looking for. Actual product consists of the features and designs, and augmented product focuses on more broad features such as warranty and product support. 3. There are two types of products and services: consumer and industrial. Consumer products are for personal consumption, consisting of convenience products, shopping products, specialty products, and unsought products. Industrial products, which are used 4. Product attributes emphasize on branding (term, name, symbol), packaging (designing and production of container), labeling (identification of brand), and product support services (value assessment) 5. There are numerous operations that provide services today with different purposes or incentives. The four service characteristics are intangibility (can’t see end results beforehand), inseparability (employee part of service), variability (quality of services when and where) and perishability (expirations). 6. Three types of service marketing are internal, personnel working as a team, interactive, interface during service encounter, and external, companies to customers. However, they face three marketing tasks, wanting to increase service differentiation, service quality, and service productivity 7. Brands are powerful assets that must be carefully developed and managed. 8.
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Individual marketing customizes and tailors to individual...

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