Session 6 Flashcards
What is/why positioning? (2)
- Orienting your marketing actions to meet the needs of the target segment
- All marketer’s efforts to have a product occupy a unique and favorable “territory of the mind” in the target customer
What does positioning statement do? (2)
- Outlines the essence of their strategy
- Defines the value proposition of a product to a target segment
What questions does positioning statement answer? (3) + name what do these questions do
- Who is our customer, what are their needs? (target segment)
- What other options are out there? (frame of reference)
- What is unique about our offer? (point of difference)
How is positioning statement implemented?
Through all elements of marketing mix (4Ps)
How should positioning statement be? (2)
- Simple/should focus on key benefits
- Defensible
+ it requires making choices
What are “points of parity”?
Associations that are not unique to the brand, but shared amongst all of the brands in the frame of reference
What are “2 type” points of parity?
- Those necessary for consumer to consider brand as part of the frame or reference (e.g., grocery stores must have fresh produce)
- Point of difference can become a point of parity trough competitor imitation (e.g., introduction of fluoride in toothpaste)
What are point of difference?
Strong, favorable, unique brand associations
What can point of difference be?
concrete performance/benefits or can be more intangible associations in the mind of the consumer
How should point of difference be? (2)
- Relevant and desirable to consumer
- Something you can communicate and deliver on
What is a positioning/perceptual map?
A tool for creating a visual representation of how people perceive different products in terms of key attributes
Positioning/perceptual map steps? (3)
- Identify important attributes for a product class
- Discover how potential customers rate competing products on these attributes
- Plot these data on an X-Y graph
