MKT 510 Chapter Notes - Chapter 3: Target Market, Comprehensive Examination, Brand Equity
Document Summary
Basic concepts: brand positioning: act of designing the company"s offer and image so that it occupies a distinct and valued place in the target customer"s mind, marketers need to know: How the brand is similar to these competitors. How the brand is different from them. Target market: market: set of all actual and potential buyers who have sufficient interest in, income for, and access to a product, market segmentation: divides the market into distinct groups of homogenous consumers, segmentation bases: Other segmentation approaches are based on customer loyalty. Also have the funnel approach, where marketers want to understand: The percentage of target market that is present at each stage. Factors facilitating or inhibiting the transition to the next stage: criteria: Nature of competition: based on target, channel of distribution, resources, capabilities, intentions, etc. Points of parity and points of difference: pods: attributes or benefits you cannot find with another brand.
