MGMA01H3 Lecture Notes - Lecture 5: Toothpaste, Nordstrom, 7 Up
8 Mar 2016
School
Department
Course
Professor
Document Summary
Meet (or exceed) customer needs and do it better than competitive offerings. The place the product occupies in the mind of the consumer relative to the place occupied by competing brands. Where you intend to be in the target consumers" minds vis- -vis the competition, i. e. , you occupy a position in a frame of reference. It"s how you differentiate your brand in the minds of your customers and prospects . There is no such thing as a commodity . The key to positioning is determining the needs of consumers along important benefit dimensions consumers" perceptions of all existing products / firms in the market along each of these dimensions opportunities / threats. Establish identity in the mind of the consumer. For customers who are (target summary), our product is the (statement of frame of reference) that (point of difference) because (reason to believe or support)".
