What are Reference Prices in Marketing?
In this detailed article, internal and external reference prices are discussed and their implications for marketers.
Segmentation, Targeting and Positioning
Relationship Between Internal and External Reference Prices
There is a direct relationship between these concepts, as internal reference prices are formed through continual exposure to external reference prices.
What is a subculture?
One of the key external factors and influences in the study consumer behavior and marketing is culture and subcultures. As indicated by the word, a subculture is a subset of the overall culture. Let’s firstly check out the definitions of culture and subculture and how they are interrelated. What is culture in marketing? Here are … Read more…
Markets, exchange and target markets
When studying marketing it is important to understand the concept of a market and the exchange process. When we use the term “market” in a marketing sense, there are actually three possible views that we are considering – the overall market, any sub-markets and the brand’s target market/s. Overall market The overall market consists of … Read more…
Age Cohorts and Gen Edge
When studying consumer behavior and/or the marketing environment, the concept of age cohorts is often discussed within the marketing textbook. Age cohorts of very large groups of populations that were born in the same time – usually within the same 10 or 20 year period. The broad thinking is that they are somewhat influenced in … Read more…
Study Notes for Repositioning
What is repositioning? Repositioning is the task of implementing a major change the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products. Why repositioning is used? Changes in consumer needs and lifestyles may reduce the relevancy of the product New or stronger competition in their product’s positioning … Read more…
Study Notes for Perceptual Maps
What is a perceptual map? A perceptual map is of the visual technique designed to show how the average target market consumer understands the positioning of the competing products in the marketplace. The following chart is an example of a perceptual map. What are the Main Types of Perceptual Maps? 1. Using two determinant … Read more…
Study notes for points-of-difference (POD) and points-of-parity (POP)
What is meant by Points-of-difference (POD)? The aspects of the product offering that are relatively distinct to the offerings of like competitors. What is meant by Points-of-parity (POP)? The aspects of the product offering that are largely similar to the offerings of like competitors. Should a brand emphasize POD or POP? Emphasize POD when… The … Read more…
Study Notes for Positioning Examples
Main positioning categories By product attribute By user By product class Against competition By use or application By quality or value By using a combination of the above options How to choose the best positioning approach? Market gaps – is there a viable gap? Substance and support – can we deliver a marketing mix to … Read more…
Study Notes for Positioning
What is positioning? Positioning is defined as the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products. The important aspects of this definition are: Positioning is the perception held by consumers The focus is on the perceptions of the target market Only the key features and benefits … Read more…
