To Effectively Position a Product or Brand, Companies Take Four

question 215

Multiple Choice

To effectively position a product or brand, companies take four steps: (1) identify the important attributes for the product or brand class; (2) __________; (3) discover where the company's product or brand is on these attributes in the minds of potential customers; and (4) reposition the company's product or brand in the minds of potential customers.

• A)decide whether to keep or delete the market segment that your product offering targets
• B)identify the competitors' brands that make up the consideration set
• C)identify market niches that were not selected during the market segmentation process
• D)discover how target customers rate competing products or brands with respect to these attributes
• E)create a marketing plan based on customers' perceptions

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Definitions:

Private Benefits

The direct advantages or gains accruing to an individual or organization from their economic actions, excluding wider societal impacts.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive in the market.

Externality

A cost or benefit from production or consumption that accrues to someone other than the immediate buyers and sellers of the product being produced or consumed (see negative externality and positive externality).

Third Party

An individual or group besides the two primarily involved in a transaction or legal matter, sometimes involved as an intermediary or independent party.