class 6 Flashcards
what makes a good target segment
Want to market to people who are in the market, actual size of the market segment is very important cant be too big can’t be too small
Growth of market segment (potential for growth)
Location is also important
Compatibility
Competitive advantage→ picking a target market that is more of an under the radar opportunity
what is a positioning statement
Marketers often craft a positioning statement that outlines the essence of their strtaget
Who is our customer and what are their needs? Target segment
What other options are out there? Frame of reference
What is unique about our offer? Point of difference
what is a point of parity
associations that are not unique to the brand, but shared amongst all of the brands in the frame of reference.elements that a brand needs in order to be considered in the eyes of the consumer. This is where a brand may have similarities to others—leading consumers to believe that brand is “good enough” to be included in the conversation.
what is a point of difference
Strong, favorable, unique brand associations
Can be concrete performance/ benefits or can be more tangible association in the mind of the consumer
Should be relevant and desirable to consumer
Should be something you can communicate and deliver on
what is repositioning
One set of positioning but in response to market pressure you have to change. Companies should reposition their brands to keep up with changes or put a fresh spin on their brand
what us a positioning/ perceptual map
Tool for creating a visual representation of how people perceive different products in terms of key attributes
Identify important attributes for a product class
Discover how potential customers rate competing products on these attributes
Plot these data on an X-Y graph
A perceptual map displays, in 2 or more dimensions, the position of products or brands in the consumer’s mind
The larger the numbered circle, the larger the market size
The position of each brand is denoted by a small circle, and the numbered circles denote a consumer’s ideal point, where a particular market segment’s ideal product would lie on the map
SHOWS WHAT THE CONSUMERSS FEEL ABOUT THE PRODUCT
elements of a positioning statement
Target market
Offering name or brand
product/service category or concept
Unique point of difference/benefits
