A Key to Positioning a Product or Brand Effectively Is

question 43

Multiple Choice

A key to positioning a product or brand effectively is discovering the perceptions of its potential customers.In determining its positioning in the minds of customers,companies take four steps: (1) identify the important attributes for the product or brand class; (2) discover how target customers rate competing products or brands with respect to these attributes; (3) ___________;and (4) reposition the company's product or brand in the minds of potential customers.

• A)discover where the company's product or brand is on these attributes in the minds of potential customers
• B)decide whether to keep or delete the market segment that your product offering targets
• C)identify the competitors' brands that make up the consideration set
• D)create a marketing plan based on customers' perceptions
• E)identify market niches that were not previously selected during the market segmentation process

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Definitions:

Joint Cost Curve

Refers to a graph showing the costs shared by products in the process of being produced together up to a split-off point.

Economies of Scope

Cost advantages that enterprises obtain due to efficient resource utilization in producing a variety of products rather than specializing in a single product.

Learning by Doing

The process of gaining skill or knowledge from direct experience or practice.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, which often leads to a reduced cost per unit of output.