POSITIONING

MARKETING MIX

POSITIONING

The place occupied by the product in the minds of the consumers.

STEPS IN POSITIONING PROCESS

STEP 1: Confirm Your Understanding of Market Dynamics

STEP 2: Identify Your Competitive Advantages

STEP 3: Choose Competitive Advantages that Define Your Niche

STEP 4: Define Your Positioning Strategy

STEP 5: Communicate and Deliver on the Positioning Strategy

Detailed Steps

Step 1: Segmentizing target market

Step 2: Price, Features and benefits

Step 3: Positioning map

Step 4: Owning an important benefit, ideal fit for customer's personality, lowest cost best value for the money, high quality

Step 5: Implement

HOW TO CREATE AN EFFECTIVE MARKET POSITIONING STRATEGY

1. Determine the company uniqueness by comparing to competitors

2. Identify current market position

3. Competitor positioning analysis

4. Develop a positioning strategy

BRANDING

BRAND

The use or combination of a name, term, symbol, or design to identify a product.

A brand combines dimensions that differentiate the offering in some way from other offering designs to meet similar needs. Brand name has a narrower meaning.

BRANDING

Branding is providing products and services with the power of brand.

Branding is all about making differences. To brand a product, it is essential to teach consumers "who" the product is - by giving it a name and using other brand elements to help identify it - as well as "what" the product does and "why" consumers should care.

BRAND STRATEGY

It is a long-term design for the development of a popular brand in order to achieve the goals and objectives.

A well-defined brand strategy shakes all parts of a business and is directly linked to customer needs, wants, emotions, and competitive surroundings.

GOOD BRAND NAME CHARACTERISTICS

1. Short and simple

2. Easy to spell and read

3. Easy to recognize and remember

4. Easy to pronounce

5. Can be pronounced in only one way

6. Can be pronounced in all languages (for international markets)

7. Suggestive of product benefits

8. Adaptable to packaging/labeling needs

9. No undesirable imagery

10. Always timely (does not go out of date)

11. Adaptable to any advertising medium

12. Legally available for use (not in use by another firm)