5 Questions
POSITIONING REQUIRES: ▰ (1) determining a frame of reference by identifying the target market and relevant competition ▰ (2) identifying the optimal points of parity and points of difference brand associations given that frame of reference ▰ (3) creating a brand mantra to summarize the positioning and essence of the brand
developing a brand mantra to summarize the positioning and essence of the brand
Determining a Competitive Frame of Reference Competitive Frame Of Reference Defines which other brands a brand competes with and therefore which brands should be the focus of competitive analysis. ▰ Identifying Competitors – Category membership – products/service which a brand competes and functions as close substitutes ▰ Analyzing Competitors – SWOT ANALYSIS
identifying competitors – category membership – products/service which a brand competes and functions as close substitutes
Perceptual maps are visual representations of consumer perceptions and preferences. They provide quantitative pictures of market situations and the way consumers view different products, services, and brands along various dimensions
perceptual maps are visual representations of consumer perceptions and preferences
(2) Identifying Optimal Points-of-Difference
identifying optimal points-of-difference
they provide quantitative pictures of market situations and the way consumers view different products, services, and brands along various dimensions
Study Notes
Brand Positioning
- A company cannot win if its products and services are similar to its competitors.
- Competitive advantage is the ability of a company to perform in one or more ways that its competitors cannot or will not match.
Differentiation
- Differentiation is creating a difference to have product distinction.
Positioning
- Positioning is the act of designing a company's offering and image to occupy a distinctive place in the minds of the target market.
- The result of positioning is the successful creation of a customer-focused value proposition, a strong reason why the target market should buy the product.
STP Model
- STP stands for Segmentation, Targeting, and Positioning.
- Segmentation: Divide the market into distinct groups of customers.
- Targeting: Determine which customer group to focus marketing efforts on.
- Positioning: Create a product positioning and marketing mix that is most likely to appeal to the selected audience.
Test your knowledge of brand positioning with this quiz. Explore concepts such as competitive advantage, differentiation, and the act of designing a company's offering to occupy a distinct place in the consumer's mind.
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