FM 117 Study Guide - Midterm Guide: Unique Selling Proposition, Marketing Myopia, Brand Loyalty

• School: FIT
• Department: Fashion Business Management
• Course: FM 117
• Professor: Gary Wolf

Document Summary

They will favor products that are highly affordable. It includes quality improvement, adding features to products. There is lack of concern for customer needs: marketing concept the idea that to be successful a company must determine the needs and wants of specific target markets and deliver the desired satisfactions better than the competition. Companies must make what the can sell and focus on (cid:271)u(cid:455)e(cid:396)"s needs. Strategies of targeting : standard target market the (cid:373)a(cid:396)ket is u(cid:374)diffe(cid:396)e(cid:374)tiated; e(cid:448)e(cid:396)(cid:455)o(cid:374)e is the sa(cid:373)e (cid:894)mass (cid:373)a(cid:396)kets(cid:895); ma(cid:272)(cid:455)"s, Interpretivist approach subjective information is received; open ended as to how you liked/disliked. F21, target, kmart, h&m, walmart: concentrated target market ; niche market - only one very defined and specific market segment, differentiated global marketing multi segmented market ex- 1. Polo, ralph sport each one has a different value proposition and have a different target market. Saks (has most value) and saks off 5th (discounted store) + they have ecommerce they are a multi segmented brand.