MKT 702 Study Guide - Mantra, Marketing Strategy, Product Differentiation
Document Summary
Marketing strategy is built on stp segmentation, targeting, and positioning. Competitive frame of reference: defines which other brands a brand competes with and therefore which brand should be the focus of competitive analysis. Category membership: products or set of products which brand competes and which functions as close substitute: range of actual and potential competitors can be much broader due to explicit growth intentions to enter new market. Company can straddle two frames of reference where pod for one category becomes pop for another and vice versa. Three key criteria for brand mantra: communicate defines category (or categories) of business for brand and set brand boundaries; clarifies what is unique about the brand, simplify memorable (short, crisp, and vivid) Inspire brand mantra should stake ground that is personally meaningful and relevant to as many employees as possible. Positioning bull"s-eye for brand ensures that no steps are skipped in its development.
