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Marketing Test

1. Define positioning.
“Positioning refers to both the place a product or brand occupies in customers’ minds relative to their needs and competing products or brands and to the marketer’s decision making intended to create such a position.”
In other words, positioning is about differentiation. How to position a product or brand to be different from the competition.

2. Outline the “ideal brand” (positioning) process.
The process that is in search for the ideal brand is called the perceptual process. The perceptual process considers:
-Population: are there distinct segments
-Competitors: look at what segments they appeal too and what product features/attributes they have.
-Product Attributes: what is most important to the customers.

3. What does Drucker say are the two functions of a business?
Marketing and innovation.

4. In Drucker’s definition of innovation, what is it that truly makes a product or service innovative?
-The product needs to be simple and clearly focused on a specific needed. Without this the product will not be innovative.

5. Explain the concept of needs versus wants?   Which is more powerful from a marketing perspective and why?
-Needs are the basic forces that drive customers to take action and engage in exchanges. Wants reflect a person’s desires or preference for specific ways of satisfying a basic need.
What’s are more powerful than needs. This is because basic needs are relatively few, but people’s wants are shaped by social influences, past history, and consumption experiences. Also people many have different wants to fulfill the same basic need.

6. How do you define your competition?
-You define your competition by looking at the positioning of your product.

7. Outline Porter’s 5 competitive forces.
-Rivalry among existing competitors
-Threat of new entrants
-Bargaining Power of Suppliers
-Bargaining Power of Buyers
-Threat of Substitute Products

8. Outline the consumer decision making process.
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