What are Reference Prices in Marketing?
In this detailed article, internal and external reference prices are discussed and their implications for marketers.
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.
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 …
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 …
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 …
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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 …
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 …
Study Notes for niche marketing
What is niche marketing? Niche marketing is a specialized market offering focused on the needs of one tightly-defined market segment. Usually the niche marketer only offers a very limited product range to this segment. As a result, the niche marketer builds a reputation (brand equity) for being THE expert for providing their products to the …
Quick Study Notes for STP in Marketing
What is STP in Marketing? STP stands Segmentation, Targeting and Positioning STP is a process where a marketer: Segments an overall market,(segmentation) Evaluates each market segment on a set criteria, Selects the most appropriate target market/s for the firm, Then establishes an appropriate positioning in order to compete in that target market, Which would then …
A perceptual map maker
Why create a perceptual map from scratch? Perceptual maps are often quite difficult to format, so take advantage of the free perceptual map template that I have built for Microsoft Excel. It is quick and easy to use – ideal if you need to analyze multiple perceptual maps the same time. Here is the …
