Brand Positioning Statement for Millennial Consumers

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What is the primary purpose of identifying the target market in the brand positioning process?

To understand the customer's needs and preferences (correct)
To determine the product's price
To analyze the competitors' strategies
To develop the brand's logo and tagline

What is the concept that reveals a broader set of actual and potential competitors in the market approach?

Satisfying the same customer need (correct)
Customer Segmentation
Points of Differentiation
Points of Parity

What is an example of a company that can be considered a competitor to Coca-Cola?

Apple
A coffee shop
Pepsi
A water bottling company (correct)

What is the purpose of points of parity in brand positioning?

To establish a common ground with competitors (C) Signup and view all the answers

What is customer segmentation based on?

All of the above (D) Signup and view all the answers

What is the outcome of the brand positioning process?

A brand value proposition (B) Signup and view all the answers

What is the primary purpose of a Brand Positioning Statement?

To highlight the unique value claim of a brand (A) Signup and view all the answers

What is a Perceptual Map?

A graphical representation of how consumers perceive brands in a product category (D) Signup and view all the answers

What is the Brand Value Proposition (BVP)?

The emotional and rational benefit that customers derive from purchasing a product (A) Signup and view all the answers

What is a Brand Story?

A narrative that communicates a brand's history, values, mission, and identity (C) Signup and view all the answers

What is the relationship between a Brand Value Proposition and Brand Positioning?

A Brand Value Proposition is a component of a brand's positioning strategy (D) Signup and view all the answers

What is the purpose of a Brand Positioning Statement in relation to the competitive set?

To differentiate a brand from its competitors (D) Signup and view all the answers

What type of brand associations are closely related to Points of Differentiation (POD)?

Both functional/performance related and imagery related (B) Signup and view all the answers

What strategy did IKEA use to differentiate itself from other brands?

Reasonably priced alternative for the mass market (D) Signup and view all the answers

What is the main purpose of Points of Parity (POP)?

To identify the shared associations with other brands (C) Signup and view all the answers

What is an example of a POP association at the generic/basic product level?

Banks having saving accounts and credit cards (C) Signup and view all the answers

What is the relationship between Points of Differentiation (POD) and Unique Selling Proposition (USP)?

POD is closely related to USP (C) Signup and view all the answers

Why is IKEA able to offer low prices to its customers?

Because of its DIY products (D) Signup and view all the answers