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ba 370 (marketing) > chapter 4 > Flashcards

chapter 4 Flashcards

1
Q

QUIZ: True or False: A great product comes from having good differentiation

A

True

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2
Q

QUIZ: Which one of these is NOT an example of a common positioning error?

Doubtful positioning

Under-positioning

Irrelevant positioning

Mixed positioning

A

Mixed positioning

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3
Q

QUIZ: What is a positioning statement?

All of these options

A succinct expression of a product’s market position

A detailed description of where the product sits in the market

An explanation of how they chose that position

A

A succinct expression of a product’s market position

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4
Q

QUIZ: True or False: One of the biggest mistakes a brand can make is having a product positioning that is inconsistent with the brand’s positioning.

A

True

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5
Q

QUIZ: One of the mistakes marketers can make is positioning product around features or technical aspects of products, rather than positioning around the _____ products create.

Attention

Revenue

Differentiation

Value

A

Value

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6
Q

QUIZ: What do brands gain when they position their products well?

Competitive advantage

Both sustainable advantage and competitive advantage

Sustainable advantage

Neither sustainable advantage or competitive advantage

A

Both sustainable advantage and competitive advantage

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7
Q

QUIZ: Positioning is _____.

An advertising copy

A space in a market for which a product is ideally suited

When a product claims benefits or differentiation that no group of customers care about

A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs

A

A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs

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8
Q

QUIZ: Which tool is useful when trying to visualize how the product is positioned compared to competitors?

Chart

Diagram

Matrix

Sketch

A

Matrix

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9
Q

QUIZ: What is the most important thing a marketer can do to ensure success of product?

Acquire the biggest marketing budget

Have the coolest product features

Make the most creative advertising material

Position it well

A

Position it well

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10
Q

QUIZ: _____ positioning occurs when the way a product is positioned touts benefits that are simply not believable or too good to be true.

Under

Over

Confused

Doubtful

A

Doubtful

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11
Q

what is positioning/market positioning?

A

a strategy for defining and portraying brands or products in ways that cause the ideal customers to perceive them as the best solution for their needs.

it is also the truth and brand messaging
defines what (differentiation) and who (segmentation)

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12
Q

what is the goal for positioning, why is it a tool and what does successful positioning look like

A

goal: is to show the value of a product to a target market
tool: gets the right ads/products to the right consumers
success: Successful positioning requires a marketer to know who their product or service is ideal for

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13
Q

what is good positioning

A

Good positioning helps a product stand out to consumers

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14
Q

should positioning be used for both brands and their products?

A

YES. if anything they should somewhat match

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15
Q

what is a position

A

also known as market positions – it is the space in the market for which a product is ideally suited, one which you hope to occupy completely. How the positioned product uniquely fills consumer needs

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16
Q

what is a positioning statement?

A

it is a succinct expression of a product’s market position.

serves as the foundation for a wide range of marketing activities. It is developed at the end of the positioning process, once a product’s market position is determined. Positioning statements are not advertising copy or product slogans, but the statement should influence the creation of those things.

17
Q

why should i buy from you?

A

in this chapter, we say “because our product is ideally suited to meet your specific needs.”

18
Q

what is the unique selling proposition (USP)?

A

An adaptation of the product positioning statement for use in sales dialogues and communications

The USP conveys the most compelling benefit of the product in terms a customer should easily understand. For example, Warby Parker is a direct-to-consumer eyeglasses retailer whose current USP is: “Try 5 frames at home for free.”

19
Q

when consumers see that products are different and better they…

A

Pay more to buy them
Develop loyalty toward the brand
Develop resistance to competing product offers
Become advocates for the product

20
Q

in the absence of any other input…

A

consumers judge quality based on price

21
Q

list some positioning strategies

A

Being first:
Products that consumers recognize as the first to provide some functionality or deliver a key benefit enjoy special recognition and status

Positioning as a follower:
meaning other products preceded it to market — is to find a way of being first in something. Usually, there is some unoccupied niche in which a product can claim first status. Finding differentiation is the most important piece of this strategy

Repositioning:
Done when a current position no longer appeals to a consumer base
Done to take advantage of a competitor’s weakness
Brand position has moved according to consumer perception

22
Q

positioning problems and mistakes

A
  • product and brand positioning inconsistency
  • under-positioning
  • over-positioning
  • confused-positioning
  • doubtful-positioning
  • irrelevant-positioning
  • POSITIONING AROUND TECHNICAL FEATURES
23
Q

under-positioning

A

When a product has no clear advantage or differentiation. thus failing to convey to consumers an understanding of what makes the product better. The result is that consumers are not given a compelling reason to buy it.

24
Q

over-positioning

A

occurs when the product has been positioned too narrowly. Buyers will have a very narrow perception of a product’s differentiation, and a result is often that the size of the target customer group that cares about those benefits is too small.

25
Q

confused-positioning

A

occurs when a product is positioned by claiming too many benefits, or worse, benefits that are contradictory. The result of confused positioning is that consumers will have difficulty interpreting the benefits and suitability of products.

26
Q

doubtful-positioning

A

occurs when the way a product is positioned touts benefits that are simply not believable or that are too good to be true.

27
Q

irrelevant positioning

A

occurs when a product claims benefits or differentiation that no group of customers cares about.

28
Q

positioning is about…

A

Showing value for consumers – not technical features

29
Q

the best positionings statement..

A

guide every choice a marketer makes
are developed collaboratively

30
Q

positioning statement template

A

For (target audience), product/service is (concise description). It is ideal for (best use or application) because (primary benefit or differentiation).

31
Q

the best positioning statements and more info on positioning statements:

A

A positioning statement is not advertising copy; in fact, positioning statements will probably never be seen by a customer
Good positioning statements are short and succinct
Products that are positioned well occupy a niche uniquely, and the positioning statement therefore must identify what makes a product different or unique
Positioning statements that are effective are realistic; they are not filled with hyperbole
The best positioning statements are more specific than general; they identify that one, unique attribute that appeals to the identified market

32
Q

target audience

A

This is the ideal customer segment or market niche you selected for the product you are positioning. E.g. “For movie-goers who like to snack during the feature…”)

33
Q

creating a matrix for positioning and the uses

A

When developing positioning for a product, it’s useful to create a positioning matrix to visualize how the product is positioned relative to its competitors

use:
To see where a “hole” or need is
To justify current positioning

34
Q

red ocean vs. blue ocean

A

Red ocean: tons of competition. Demand is fought over.
Blue ocean: not much competition. Demand is created.

35
Q

the 3 Cs model of brand positioning

A

Consumer analysis (R)
Relevant
Resonant
Realistic

Competitive analysis (D)
Distinctive
Defensible
Durable

Company analysis (F)
Feasible
Favorable
Faithful

36
Q

differentiation and segmentation in relation to positioning

A

Segmentation (who): is to group clients/ the market by their characteristics ->
- Socio demographics
- Psychographics/Lifestyles (values)
- Behavioral characteristics

Differentiation (what): how to reach customers
–> Through characteristics, values, brand image, employees and distribution

ba 370 (marketing) (16 decks)

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