BUSI 4220U Chapter Notes - Chapter 7: Marketing Mix, Organic Cotton, Kobe Bryant
Document Summary
Differentiation: one key to customer preference and competitive advantage. Consumers or organizational customers choose what they buy for one of two reasons: what they choose is better, in some sense, or cheaper. In either case, the good or service they choose is, in some way, almost always different from others they could have chosen. Differentiation among competing brands: creating both physical and perceptual differences, using all the elements of the marketing mix product, pricing, promotion, and distribution decisions is what effective brand positioning seeks to accomplish. While the physical properties of a product certainly influence the benefits provided, a consumer can typically evaluate a product better on the basis of what it does than what it is. Levers marketers can use to establish brand positioning. Preparing the foundation for marketing strategies: the brand positioning process. Step 1: identify a relevant set of competitive products. Step 3: collect data about customers" perceptions for brands in the competitive set.