MKT 320F Exam 2 PERFECT ANSWERS
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positioning - Answer involves identifying and articulating the space we are trying to
occupy in a customer's mind, based on their understanding of the problem they are
trying to solve and based on how they view the marketplace
comparative basis - Answer Many purchase decisions are made on a __ and positioning
frames the comparison for the consumer such that our product is the best choice
differentiate
marketing mix (4Ps) - Answer As part of the positioning activity, we are keen to ___
ourselves in the customer's mind relative to competitors, which means that we stand
alone as the best options by addressing the most important and unique needs of the
targeted customer.
We convey our positioning and differentiation to our customers by varying the ___to
tailor a product offering in ways that strengthen the promise of the positioning and the
uniqueness and value of the differentiation to best appeal to the target segment(s).
brand positioning - Answer the art of staking out a particular piece of mental real estate
for a brand in the consumer's mind by crafting and communicating a differential costing
statement
the value proposition - Answer Brands should define themselves through the value they
produce in consumers lives
positioning statement - Answer Company should begin brand positioning process by
creating a ___: a strategic document that communicates the unique value the brand
would offer to a particular target market segment
They distill the brands value proposition into a compelling answer to the all important
question: "why should I buy?"
Must stand out as the best solution for the consumer
They are strategic in nature, developed for in internal managerial audience rather than
an external consumer audience
,MKT 320F Exam 2 PERFECT ANSWERS
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1. For whom, for when, for where?
2. What Value?
- economic value
- functional value
- experimental value
- social value
3. why and how
4. relative to whom? - Answer 4 essential components of a brand's positioning
statement?
economic value
functional value
experimental value
social value ex: weight watchers, peloton - Answer provide tangible monetary savings
different types of features
intangible psychological and emotional value associated with the brand
facebook value comes from sharing information, pics and videos with friends
For [target market], brand X is the only brand among all [competitive set] that [unique
value claim] because [reasons to believe]
For [upscale consumers looking to make a design statement with their choice of water],
Voss is the only brand among all [bottled waters] that offers the purest and most
distinctive drinking experience] because [it derives from an artesian source in southern
Norway and is packaged in a stylish, iconic glass bottle] - Answer Example format of a
positioning statement
unique selling proposition (USP)
Ex:
Fedex: when it absolutely, positively has to be there overnight
Dominos: you get fresh, hot pizza delivered to you door in 30 min or less or its free"
Bounty paper towel: "quicker picker upper"
Positioning Absolut vodka:
, MKT 320F Exam 2 PERFECT ANSWERS
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Decided to package drink in a unique, elegant, old fashioned medicine bottle - Answer
Brands highlight their most important value claim through use of a __
Brand managers should craft positioning statements to focus on a single, most
important claim that distinguishes the product from the competition, rather than a
laundry list
Simple messages increase brand recall and receptivity
the 3 Cs model - Answer Encourages managers to analyze three key dimensions of
their market situation before deciding on a single most important claim regarding their
product or service
consumers
competition
company - Answer what are the 3 Cs in the 3 Cs model?
feature positioning
ex: dove soap contains moisturizing cream
benefit positioning
ex: papers diapers- our softest diaper ever wraps your baby in comfort and protection
value positioning
ex: loreal cosmetics- because you're worth it - Answer consumer analysis in the 3 Cs
model laddering up consists of
feature based claims
benefit based claims
value based claims - Answer whats in it
whats in it for me; no design feature but what customers get with its special features
importance
competitive analysis in 3 Cs model - Answer Managers can zero in on particular value
claims of the product that are:
Vis-a-vis the competition
Distinctive
Defensible
Durable
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