COMM 296 Lecture Notes - Lecture 11: Marketing Mix, Monopolistic Competition
Document Summary
Focus on value (relationship of price to quality) value positioning. Versus competition (the strongest, no. 1 used) firms can choose to position their products or services against a specific competitor or an entire product / service classification, but don"t position too closely to their competition positioning using perpetual mapping. A key to positioning is the perceptions held by consumers. A perceptual map displays, in two or more dimensions, the position of products or brands in the consumer"s mind how to develop a perpetual map. 1. determine customers" perceptions and evaluations of the product or service in relation to competition: identify the market"s ideal points and size, identify competitors" positions, determine customer preferences, select the position, monitor the positioning strategy. In determining a brand"s position and the preferences of consumers, companies obtain three types of data from consumers: Evaluations of the important attributes for a product or service. Judgments of the existing brands with the important attributes.
