COMM 131 Lecture Notes - Lecture 5: Product Differentiation, Marketing Mix
23 Jan 2018
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Evaluation criteria of segments: size, growth, competition, segment saturation, protectability, risk, fit, relationship with other segments, profitability, costs. Differentiation: differentiate the market offering (product) to create superior customer value. Position: a complex set of perceptions, impressions and feelings that consumers have for a given product compared to competing products, a product or brand"s position is created through the marketing mix. Product positioning: creating associations in memory between our product offering and the elements we think are important. In psychology, this is known as a schema; an associative network of related concepts and ideas: we want the schema for our products to be distinctive, positive and easily recalled. Possible types of differentiation: product differentiation (features, performance, design, etc. , services differentiation (speed, convenience, delivery, etc. , channel differentiation (coverage, expertise, etc. , brand image differentiation (convey benefits and positioning) 2018-01-23: people differentiation (hiring and training better people)
