MKT 510 Chapter Notes - Chapter 3: Brand Management, Brand Equity, Swot Analysis
Document Summary
Developing a positioning statement: determining a frame of reference, developing a positioning statement. Determining a frame of reference: what are the ideal points-of-parity & points-of-difference brand association"s vis- -vis the competition, marketers need to know: How the brand is similar to these competitors. How the brand is different from them. Identifying the consumer target is important because different consumers may have different brand knowledge structures & thus different perceptions & preferences for the brand. Market: the set of all actual & potential buyers who have sufficient interest in, income for, & access to a product. Market segmentation: divides the market into distinct groups of homogeneous consumers who have similar needs. & consumer behaviour, & who thus require similar marketing mixes: requires making tradeoffs between costs & benefits. B2b segmentation bases: nature of good. Toothpaste examples: four main segments, psychographic, geographic, buying condition, demographic. Deciding to target a certain type of consumer often defines the nature of competition.
