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MRKT355 > Positioning Services + TB Chapter 3 > Flashcards

Positioning Services + TB Chapter 3 Flashcards

1
Q

Customer analysis

A

Overall examination of market characteristics
Customer needs and related characteristics and behaviours

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2
Q

Competitor analysis

A

Current positioning
Strengths and weaknesses

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3
Q

Company analysis

A

Current brand positioning and image
Resources
Limitations

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4
Q

Segmentation

A

Dividing population of possible customers into groups with common service-related characteristics

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5
Q

Targeting

A

Choose one/more segments to focus on

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6
Q

Positioning

A

Unique place in the minds of customers
Differentiation forms first step to creating unique positioning

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7
Q

Segmenting service markets

A

Market segmentation such as demographic, psychographic, behavioural, need-based, etc

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8
Q

Important service attribute

A

May not always be the decider for a service
eg: safety on long distance flights

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9
Q

Determinant attribute

A

Less important service characteristics that are however still important to determine a buyers choice
eg: large leg room on long distance flights

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10
Q

Segmenting based on service levels

A

Easily quantifiable attributes are easier to understand and more generalized
Qualitative attributes are ambiguous and subject to individual interpretation

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11
Q

Four focus strategies to narrow down target segments

A

Fully focused
Market focused
Unfocused
Service focused

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12
Q

Fully focused strategy

A

Provides a limited range of services to a narrow and specific market segment
eg: PJ charter services focus on high-net-worth individuals or corporations

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13
Q

Market focused strategy

A

Offers a wide range of services to a narrowly defined target segment
eg: boxing, personal training, etc targeted to gym-goers

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14
Q

Service focused strategy

A

Offer a narrow range of services to a fairly broad market
eg: starbucks

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15
Q

Unfocused strategy

A

Serve broad markets and provide a wide range of services
Generally not a good idea for firms unless government ran

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16
Q

Opportunities and risks in fully focused strategy

A

Opps:
Expertise in niche
Premium pricing

Risks:
Market size
Demand
Susceptibility to economic downturn

17
Q

The four principles of positioning services

A

A company must establish a position in the minds of targeted customers
The position should be singular, providing one simple and consistent message
The position must set the company apart from its competitors
A company cannot be all things to all people - it must focus its efforts

18
Q

Six questions for effective positioning

A

What does the firm stand for?
What customers do we serve and would like to target?
What is the value proposition of our current service product?
How do our offerings differ?
How well do target customers perceive our offerings to meet their needs?
What changes do we make to strengthen position?

19
Q

Positioning maps

A

Display relative performance of competing firms on key attributes

20
Q

Four elements to a good positioning

A

Target audience
Frame of reference
Point of difference
Reason to believe

21
Q

Target audience (good positioning element)

A

The specific group(s) of people that the brand wants to sell to and serve

22
Q

Frame of reference

A

The category that the brand is competing in

23
Q

Point of difference

A

The most compelling benefit offered by the brand that stands out from its competition

24
Q

Reason to believe

A

Proof that the brand can deliver the benefits that are promised

25
Q

How can positioning be used as a diagnostic tool

A

Compare to competition on attributes
Evaluate product’s ability to meet needs/expectations
Predict demand at specific prices/performance levels

26
Q

Market opportunities that can be identified using positioning as a diagnostic tool

A

Introduce new products
Redesign existing products
Eliminate non-performing products

27
Q

Repositioning

A

Positions evolve in response to changing market structures, technology, competitive dynamics, and nature of firm itself

28
Q

Role of repositioning

A

Revising characteristics, redefining target markets, abandoning certain products, withdrawing from markets, or improving negative brand perceptions

29
Q

Red ocean strategy

A

Compete in existing market space
Beat the competition
Exploit existing demand
Make the value-cost trade-off
Align firm’s activities with its strategic choice of differentiation or low cost

30
Q

Blue ocean strategy

A

Create uncontested market space
Make the competition irrelevant
Create and capture new demand
Break the value-cost trade-off
Align the whole system of a firm’s activities in pursuit of differentiation and low cost

MRKT355 (13 decks)

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