Podcast
Questions and Answers
Which product positioning approach focuses on the features of a product?
Which product positioning approach focuses on the features of a product?
What is a critical component of image and brand management?
What is a critical component of image and brand management?
Which of the following is NOT an objective of marketing communication?
Which of the following is NOT an objective of marketing communication?
What is the simplest method of determining marketing communication budgets?
What is the simplest method of determining marketing communication budgets?
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Which budgeting method determines budgets based on objectives?
Which budgeting method determines budgets based on objectives?
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What is a disadvantage of the 'what we can afford' budgeting method?
What is a disadvantage of the 'what we can afford' budgeting method?
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Which of the following is NOT a type of budget?
Which of the following is NOT a type of budget?
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What percentage of firms use the objective and task budgeting method?
What percentage of firms use the objective and task budgeting method?
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What is a characteristic of a viable market segment?
What is a characteristic of a viable market segment?
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What is the purpose of creating clusters in usage segmentation?
What is the purpose of creating clusters in usage segmentation?
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What is product positioning?
What is product positioning?
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What is one of the methods of segmenting B-to-B markets?
What is one of the methods of segmenting B-to-B markets?
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What is a factor that creates product positioning?
What is a factor that creates product positioning?
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What is the final step in the usage segmentation process?
What is the final step in the usage segmentation process?
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What makes a market segment financially viable?
What makes a market segment financially viable?
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What is the purpose of creating clusters in usage segmentation?
What is the purpose of creating clusters in usage segmentation?
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What is product positioning?
What is product positioning?
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What is one of the methods of segmenting B-to-B markets?
What is one of the methods of segmenting B-to-B markets?
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What factor creates product positioning?
What factor creates product positioning?
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What is the final step in the usage segmentation process?
What is the final step in the usage segmentation process?
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What is the main goal of product positioning?
What is the main goal of product positioning?
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What is the primary focus of the 'product user' approach to product positioning?
What is the primary focus of the 'product user' approach to product positioning?
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What is the main objective of the 'payout planning' method of determining marketing communication budgets?
What is the main objective of the 'payout planning' method of determining marketing communication budgets?
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What is a characteristic of the 'percentage of sales' method of determining marketing communication budgets?
What is a characteristic of the 'percentage of sales' method of determining marketing communication budgets?
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What is the primary advantage of the 'objective and task' method of determining marketing communication budgets?
What is the primary advantage of the 'objective and task' method of determining marketing communication budgets?
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What is the main disadvantage of the 'meet-the-competition' method of determining marketing communication budgets?
What is the main disadvantage of the 'meet-the-competition' method of determining marketing communication budgets?
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What is the main goal of the 'change customer beliefs and attitudes' communication objective?
What is the main goal of the 'change customer beliefs and attitudes' communication objective?
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What is the primary focus of the 'quantitative models' method of determining marketing communication budgets?
What is the primary focus of the 'quantitative models' method of determining marketing communication budgets?
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Study Notes
Product Positioning Approaches
- Product positioning approaches include product attributes, competitors, use or application, price/quality, product user, product class, and cultural symbol.
Elements of Positioning
- Positioning is never completely fixed and applies to business-to-business markets as well.
- International positioning is important, and it is a critical component of image and brand management.
Communication Objectives
- Develop brand awareness
- Increase category demand
- Change customer beliefs and attitudes
- Enhance purchase actions
- Encourage repeat purchases
- Build customer traffic
- Enhance firm image
- Increase market share
- Increase sales
- Reinforce purchase decisions
Methods of Determining Marketing Communication Budgets
- Percentage of sales
- Meet-the-competition
- "What we can afford"
- Objective and task
- Payout planning
- Quantitative models
Types of Budgets
- Percentage of sales: based on sales of the current year or next year, simple but tends to work in the opposite direction and does not meet special needs.
- Meet the competition: seeks to prevent market share loss, suitable for highly competitive markets, but may not spend dollars efficiently.
- What we can afford: set after all other items are budgeted, does not view marketing as important.
- Objective and task: budgets determined by objectives, considered the best method, used by 50% of firms.
Tests to Determine if a Particular Market Segment Is Viable
- The segment is homogeneous.
- The segment is distinct from the population as a whole and other market segments.
- The segment is large enough to be financially viable to target with a separate marketing campaign.
- The segment must be reachable through some type of media or marketing communications method.
Usage Segmentation
- Based on usage or purchase history.
- Create clusters of customers based on usage.
- Target specific clusters with marketing programs.
- Measure growth and migration between clusters.
Methods of Segmenting B-to-B Markets
- Industry (NAICS/SIC codes)
- Size of business
- Geographic location
- Product usage
- Customer value
Product Positioning
- The perception created in the consumer's mind regarding the nature of the company and its products relative to the competition.
- Created by factors such as product quality, price, distribution, image, and marketing communications.
Product Positioning Approaches
- Product positioning approaches include product attributes, competitors, use or application, price/quality, product user, product class, and cultural symbol.
Elements of Positioning
- Positioning is never completely fixed and applies to business-to-business markets as well.
- International positioning is important, and it is a critical component of image and brand management.
Communication Objectives
- Develop brand awareness
- Increase category demand
- Change customer beliefs and attitudes
- Enhance purchase actions
- Encourage repeat purchases
- Build customer traffic
- Enhance firm image
- Increase market share
- Increase sales
- Reinforce purchase decisions
Methods of Determining Marketing Communication Budgets
- Percentage of sales
- Meet-the-competition
- "What we can afford"
- Objective and task
- Payout planning
- Quantitative models
Types of Budgets
- Percentage of sales: based on sales of the current year or next year, simple but tends to work in the opposite direction and does not meet special needs.
- Meet the competition: seeks to prevent market share loss, suitable for highly competitive markets, but may not spend dollars efficiently.
- What we can afford: set after all other items are budgeted, does not view marketing as important.
- Objective and task: budgets determined by objectives, considered the best method, used by 50% of firms.
Tests to Determine if a Particular Market Segment Is Viable
- The segment is homogeneous.
- The segment is distinct from the population as a whole and other market segments.
- The segment is large enough to be financially viable to target with a separate marketing campaign.
- The segment must be reachable through some type of media or marketing communications method.
Usage Segmentation
- Based on usage or purchase history.
- Create clusters of customers based on usage.
- Target specific clusters with marketing programs.
- Measure growth and migration between clusters.
Methods of Segmenting B-to-B Markets
- Industry (NAICS/SIC codes)
- Size of business
- Geographic location
- Product usage
- Customer value
Product Positioning
- The perception created in the consumer's mind regarding the nature of the company and its products relative to the competition.
- Created by factors such as product quality, price, distribution, image, and marketing communications.
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Description
This quiz covers various approaches to product positioning, including product attributes, competitors, use or application, and more. It also discusses elements of positioning, such as its dynamic nature and importance in international business and brand management.
