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October 4th Notes

by: Callisa Ruschmeyer

October 4th Notes MKTG 3310-001

Callisa Ruschmeyer
GPA 4.0

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About this Document

Completion of Chapter 4- Segmentation
Class Notes
auburn, chapter4, principles of marketing, kincaid, Market Segmentation
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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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