1. lecture

Question 1

Marketing implications of CB

Answer 1

making promotion and marketing communication decisions, developing products, making distribution decisions, selecting the target market, positioning, making pricing decisions, developing and implementing customer oriented strategies

Question 2

Segmentation

Answer 2

divide market into distinct groups of customers (segments) using segmentation practices (demographic / psychographic / geographic / behavioral)

Question 3

Targeting

Answer 3

determine which customer group (segment) to focus your marketing efforts on. Your ideal segment is one that is actively growing, has high profitability, and has a low cost of acquisition:

Question 4

Positioning

Answer 4

create product positioning and marketing mix that is most likely to appeal to the selected audience

Question 5

There are three positioning factors that can help you gain a competitive edge:

Answer 5

symbolic positioning: enhance the self-image, belongingness, or even ego of your customers. The luxury car industry is a great example of this - they serve the same purpose as any other car but they also boost their customer’s self-esteem and image
functional positioning: solve your customer’s problem and provide them with genuine benefits
experiential positioning: focus on the emotional connection that your customers have with your product, service, or brand

Question 6

Can brands convey values? Mention one brand and the value that the brand convey

Answer 6

> Nike: quality
Apple: innovation, creativity
Patagonia: sustainability