MKTG 471 Lecture Notes - Lecture 7: Station Wagon, Value Proposition, Hundred Days Offensive
Document Summary
Chapter 7: crafting the brand positioning and competing effectively. Understanding positioning: the act of designing a company"s offering and image to occupy a distinctive place in the minds of the target market, value proposition. Competitive frame of reference: defines which other brands a brand competes with, and which should thus be the focus of competitive analysis, category membership and industry, shares of market, mind, and heart. We can examine competition from both an industry and a market point of view: an industry is a group of firms offering a product or class of products that are close substitutes for one another. Marketers should monitor these three variables when analyzing competitors: Share of market the competitor"s share of the target market. Share of mind the percentage of customers who named the competitor in responding to the statement name the first company that comes to mind in this industry.
