Answer from the pre-class reading only.Negative marks will be applicable for wrong answers.

Answer in one or two sentences.

Presidency Business School, QUIZ no. 4

Name : Date:

Sem: 1(MKU) Marketing Management

Two marks each 1.Which are the two factors the firm must look

into while evaluating different market segments ?

2.What is the use of concentrating on a single segment ?

3. Which pattern of target market selection has the advantage of diversifying firm’s risk ?

4.When is the product specialisation come under risk?

5. In which type of marketing the firm focuses on a basic buyer need rather than on differences among buyers ?

Product Differentiation Companies constantly need to think up

new value-adding features and benefits to win the attention and interest of choice-rich, price prone consumers.

Most competitive advantages last only a short time as they get copied as soon as possible.

Company must differentiate its offering.

Differentiatiation is the act of designing a set of meaningfuldidfferences to distinguish the company’s offering from competitors’ offerings

Product Differentiation Services Differentiation

Product Differentiation: Physical products vary in their potential for differentiation.

Form Features Performance Quality Conformance Quality Durability Reliability Repairability Style Design: Integrating Force

Services Differentiation: When product cannot be differentiated easily adding value services and improving quality becomes the key to differentiation

Ordering Ease Delivery Installation Customer training Maintenance & Repair Miscellaneous Services

Personnel Differentiation:

In an age when competitors can knock off productsa or services in an instant, sosme savy companies are marketing their employees’ unique know how.

Competence Courtesy Credibility Reliability Responsiveness Communication

Channel Differentiation: Companies can achieve

competitive advantage thro’ the way they design their distribution channels’ coverage, expertise and performance.

Image Differentiation Buyers respond differently to

company and brand images. Products’ character and value

proposition Convey's this character in a distinct

way sop as not to confuse with competitors

It delivers emotional power beyond a mental image.

Symbols: strong signals Media:must be worked out into ads

and media Atmosphere:physical space

occupied. Events: events it sponsors

Positioning Positioning is the act of designing the

company’s offering and image to occupy a distinctive place in the target market’s mind.

It is not what you do to the product, but what you do to the mind of the prospect.

Positioning requires that every tangible aspect of product, price, place and promotion must support the chosen positioning strategy.

How many differences to promote? Each company must decide how many

differences to promote to its target customers.

Many marketers advocate promoting only one central benefit (Unique selling proposition)

Double benefit positioning may be necessary if two or more firms claim to be the best on the attribute.

The companies must avoid four major positioning errors

1. Underpositioning2. Overpositioning3. Confused positioning4. Doubtful positioning