October 4th Notes
October 4th Notes MKTG 3310-001
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This 1 page Class Notes was uploaded by Callisa Ruschmeyer on Tuesday October 4, 2016. The Class Notes belongs to MKTG 3310-001 at Auburn University taught by MICHAEL KINCAID in Fall 2016. Since its upload, it has received 5 views. For similar materials see PRINCIPLES OF MARKETING in Marketing at Auburn University.
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Date Created: 10/04/16
October 4 Notes Differentiation and Positioning The company must decide on a value proposition o How it will create differentiated value for targeted segments o What positions it wants to occupy in those segments? Product position- the way a product is defined by consumers on important attributes o Basically, when you think of a specific product, what are all of the other products that also come to mind Choosing a Differentiation and Positioning Strategy 1. Identifying a set of differentiating competitive advantages o Value- one of the 36 blocks on the Buyer's Utility Matrix o Lower prices or provide more benefits o A firm can create differentiation on: product, services, channels, people, image 2. Choosing the right competitive advantages o Important, distinctive, superior, communicable, affordable, profitable, pre-emptive Pre-emptive benefit or characteristic- you own it and no one else can (almost like a patent) Example- "born-on-date" - Budwiser 3. Selecting an overall positioning strategy Competitive Advantage An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices As we provide value by giving consumers the size they want, we upcharge Possible Value Propositions Less for much less- The same for less- bargain hunters More for less- bargain More for the same More for more- status seekers/interested o Price goes up, demand goes up Developing a Positioning Statement A statement that summarizes company or brand positioning using this form Brand performance- does it perform how we say it will perform; or does it do as it is expected Brand imagery- type of people who are selected as the ideal target market for our product o What consumers do we want to buy our product? o Social factor is the most impactful factor- who uses the product Unique brand insights to consumer's behavior *** add value by differentiating (four P's) and the 36 square Buyer Utility Matrix Conceptual Fluency- brand imager, performance, and insights all match o Example with the highest degree of conceptual fluency- Chick-fil-a Probably most expensive fast food- but contains the most value
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