Product Positioning A product positioning statement has four main components – the target‚ the frame of reference‚ the differentiation‚ and the reason(s) to believe. THE TARGET The target is who the product is for – who is the target user or customer of the product. The key to a good target definition is to balance being specific with being concise‚ you need to describe the target well enough that they can be identified‚ without being so verbose that your positioning statement goes beyond
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Competitive Strategy: Apple’s competitive strategy is differentiation across the industry. Apple prides itself on innovation more than any other company‚ and is known for their unique top of the line products. Using differentiation as their main source of competitive advantage‚ they have succeeded to the top of their industry‚ while retaining higher than industry average profit margins. This innovative attitude is the source of long-term success throughout the history of Apple. For example
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determine three issues stated below: 1. What to be satisfied-customer’s needs: Customer needs are the wants that can be satisfied by the means of attributes of the products. Customers choose a product based on: A. Product differentiation B. Price of the product Product differentiation is the process of designing the products to satisfy the customer needs. If managers take the strategies to differentiate the products in terms of innovation‚ quality on excellence‚ customer responsiveness‚ and then it
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INTRODUCTION Competitive advantage(CA) is an advantage competitors gain by providing or offering customers or consumers greater value for their money through product and service differentiation or through lower prices. Maintaining competitive advantage is crucial to many businesses or organizations’ success in order to survive in the market. Competitive advantage is characterized by superior performance which could be an attribute to outperform the competitors whether current or potential; or gaining
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Extremely popular / High reputation • Already has an established customer base and market share • On growth stage on the Product Life Cycle • Tania’s skills and inner instinct for fashion and trends; she is a talent oriented person • Droning on differentiation‚ segmentation and positioning • If able to compete with other companies‚ it will acquire a greater market share CRITICAL ANALYSIS OF THE CASE Weaknesses • It is a small company; it might struggle to survive • Tania is uninspired and could
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Chapter 4: BUSINESS-LEVEL STRATEGY (chapter 5 in the textbook) 1 “I surf to where hockey balls will be there…. not where it has to roll over.” - Wayne Gretsky 2 Strategic model Company Environment Strategy 4 levels of strategy • Function-level strategy • Business-level strategy • Corporate-level strategy • International strategy 3 Business Strategy - BUSN 162 1 Business-level strategy Business-level strategy: an integrated and coordinated set of Businessstrategy:
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industry by offering cheap but stylish furniture. Ikea is able to keep its prices low by sourcing its products in low-wage countries and by offering a very basic level of service and it allows Ikea to offer lower prices that attract customer. Differentiation strategy Approach under which a firm aims to develop and market unique products for different customer segments. It is usually employed where a firm has clear competitive advantages‚ and can sustain an expensive advertising campaign. For example
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The four major steps in designing a customer-driven marketing strategy are Market Segmentation‚ Market Targeting‚ Differentiation and Positioning. Market Segmentation Market segmentation is the process of dividing up the total market (all the people the organisation can sell its products or services to) into identifiable‚ measurable and discrete groups who share some common characteristics or needs and whose attitudes or reactions towards communications messages about products or services might
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Section 6 Lecture Notes for Chapter 5 369 Chapter Chapter Summary 5 The Five Generic Competitive Strategies Chapter Five describes the five basic competitive strategy options – which of the five to employ is a company’s first and foremost choice in crafting overall strategy and beginning its quest for competitive advantage. Lecture Outline I. Introduction 1. There are several basic approaches to competing successfully and gaining a competitive advantage‚ but they all involve giving buyers what
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legacy of Harold Hotelling’ H1) Can you describe the PMD including its relationship with Hotelling’s model? The principle of minimum differentiation comes down to the fact that retail firms want to make/sell their products as similar as possible in order to get the best return. Hotelling developed a model that is in line with the principle of minimum differentiation. The model can be seen as a location model and explains consumer preference for particular products and their locations‚ taking account
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