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41 Cards in this Set
- Front
- Back
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Market Targeting Depends on... |
. Company Resources . Product Variabilitiy . Product Life-Cycle Stage . Market Variability . Competitor's Marketing Strategies |
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Market Targeting Benefits.. |
Customers with specific needs
But causes concern for vulnerable segments - Children - Alcohol - "Sugar" Cereals - Cigarettes - Internet Abuses
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Product Position (The 5th P) |
The way the product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products - Perceptions - Impressions - Feelings
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Positioning |
Maps show consumer perceptions of their brands vs. competing products on important buying dimensions. |
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Differentiation and Positioning |
. Identifying a set of possible competitive advantages to build a position . Choosing the right competitive advantages - From whose viewpoint? . Selecting an overall positioning strategy . Communicating and delivering the chosen position to the market (4 P's!) |
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Competitive Advantage |
An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices. |
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Differentiation |
. Product ... . Service ... . Channel ... . People ... . Image ... |
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Difference to Promote Should Be... |
Important Distinctive Superior Communicable Preemptive Affordable Profitable |
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Value Proposition |
The full mix of benefits upon which a brand is positioned. (Diagram?) |
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Developing a Positioning Statement |
To (target segment and need) our (brand) is (concept) that (point of difference)
Choosing the positioning is often easier than implementing the position |
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Product |
Anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want |
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Service |
A product that consists of activities, benefits, or satisfaction that is essentially intangible and does not result in the ownership of anything. |
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Experiences |
Represent what buying the product or service will do for the customers. |
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Levels of Product and Services (Onion Diagram) |
Core Customer Value....BENEFIT (center) Actual Product (inside ring) Brand Name Quality level Packaging Design Features Augmented Product (Outside Ring) Delivery and Credit After-Sale Service Warranty Product Support |
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Products... |
Either consumer or industrial products based on the intent of the product |
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Product and Service Classification |
-Convenience Products -Shopping Products -Specialty Products -Unsought Products |
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Convenience Products |
Consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort
-ex: newspapers, food, candy |
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Shopping Products |
Consumer products and services that the customer compares carefully on suitability, quality, price, and style
-ex: furniture, cars, appliances |
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Specialty Products |
Consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
-ex: medical services, lambourgeni |
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Unsought Products |
Consumer products that the consumer does not know about or knows about but does not normally think of buying
-ex: life insurance, funeral service, blood donations |
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Industrial Products |
Products purchased for business |
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Capital Items |
Industrial products that aid in the buyer's production or operations |
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Materials and Parts |
Include raw materials and manufactured materials and parts usually sold directly to industrial users. |
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Supplies and Services |
Include operating supplies, repair and maintenance items, and business services |
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Organization Marketing |
Consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward and organization |
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Person Marketing |
Consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward particular people. |
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Place Marketing |
Consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward particular places |
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Social Marketing |
The use of commercial marketing concepts and tools in programs designed to influence individual's behavior to improve their well-being and that of society. |
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Individual Product and Service Decisions (Diagram) |
Product Attributes --> Branding --> Packaging --> Labeling --> Product Support Services |
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Product Attributes |
Features, communicates and delivers benefits -quality, features, style and design |
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Product Quality Level |
Level of quality that supports the product's positioning |
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Product Conformance Quality |
The product's freedom from defects and consistency in delivering a targeted level of performance. |
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Product Features |
A competitive tool for differentiating a product from competitors' products
Are assessed based on the value to the customer vs. the cost to the company |
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Style |
Describes appearance of the product |
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Design |
Can contribute to a product's usefulness as well as to its looks |
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Brand |
Name, term, sign, or design- or a combination of these that identifies that maker or seller of a product or service. |
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Packaging |
Involves designing and producing the container or wrapper for a product |
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Labels |
Identify the product or brand, describe attributes, and provide promotion |
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Product Support Services... |
...Augment Actual Products |
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Product Line |
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, and marketed through the same types of outlets, or fall within given price ranges. |
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Product Line Length |
Number of items in the product line
Line Stretching Line Filling |
