MKT 337 Study Guide - Midterm Guide: Product Differentiation, Marketing Mix, Census Tract
Document Summary
Positio(cid:374)i(cid:374)g: (cid:894)(cid:1005)(cid:895) the pla(cid:272)e a produ(cid:272)t o(cid:272)(cid:272)upies i(cid:374) (cid:272)o(cid:374)su(cid:373)ers" minds, relative to competing products or brands. Product differentiation: (1) a positioning strategy that some firms use to distinguish their products from those of competitors; (2) distinctions can be either real or perceived. Repositio(cid:374)i(cid:374)g: (cid:894)(cid:1005)(cid:895) cha(cid:374)gi(cid:374)g (cid:272)o(cid:374)su(cid:373)ers" per(cid:272)eptio(cid:374)s of a (cid:271)ra(cid:374)d in relation to competing brands. For (target), (brand) is (key point of differentiation) among all (competition) because (reason to believe) Market segmentation division of market into distinct groups of potential buyers who have similar needs and wants: (1) Identity dimensions for segmenting the market; (2) develop profiles of segments. Market targeting selection of segments to reach: (1) develop measures of attractiveness; (2) select target segments. Market positioning formulation of positioning and (ultimately) the marketing mix: (1) develop positioning for each target segment; (2) develop marketing mix (at a high level) for each target segment.
