POSITIONING. Market positioning Analytical tool that ranks different products, services or firms according to the views of the general public. Positioning.

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Presentation transcript:

POSITIONING

Market positioning Analytical tool that ranks different products, services or firms according to the views of the general public. Positioning is the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products

Stages Identify competitive advantages of the product. Decide on which aspects of these strengths should be marketed. Implement the desired positioning by using an appropriate marketing mix.

Corporate Image Vital part in the success of businesses Poor image not only drives customer away, but can also impose irrevocable damage

How to improve image? Corporate social responsibility Marketing their unique selling point (USP) Unique selling point or Unique selling proposition is any aspect of a product/brand that makes it stand out from those offered by competitors. Why costumers buy your product over rival ones. Packaging.

USP Can be a major source of competitive advantage. Firms want to emphasize their product’s UPS to attract customers. Pink Ladies. (females only taxi service)

Positioning: perception maps Position map: Visual tool that shows customer perceptions of a product or brand in relation to others in the market. The two dimensional diagram plots customer perceptions using variables such as price and quality.

Premium brands: high quality and high price. Economy brands: low quality but appropriately priced. Bargain brands: high quality, low prices. This is not sustainable and the approach is only used as a short-term tactic to gain revenue. Cowboy brands: poor quality, highly priced. Positioned to deceived customers and are therefore only used as a short term tactic to gain revenue.

Perception mappings advantages Simplicity in presenting complex market research findings. Maps are quick and easy to interpret. Allows businesses to identify any gaps in its product portfolio. Can be used for targeting strategies. If customers perceive a brand to be of high price and high quality, then appropriate market segments can be targeted.

Repositioning If an undesired perception exists, the firm needs to devise strategies to change (reposition) that perception. Many firms choose to launch a new product (or brand) instead of repositioning because of the effort and cost required to successfully implement the change

Positioning Success (by Michael Porter) Three generic or basic competitive strategies for businesses to achieve positioning success: Cost leadership: low-cost suppliers Differentiation: producing distinct products Focus: paying close attention to a particular market segment.