What is positioning? Explain briefly three commonly used positioning and give an example for each approach.
Brand positioning - how consumers define the product or brand relative to its competitors. Art of fitting the product or service into the lifestyle of your target segment(s) to set it meaningfully apart from the competition. Position the product in the mind of the prospects. The truth is irrelevant.
Attributes/ Benefits: identity features- determine where the brand has an advantage over its competitors, looking at both tangible and intangible attributes.
Perceptual map - illustrates the positions occupied buy competitors relative to important decision factors. These positions are determined by research into the perceptions of the target market. Price/ Quality (Luxury car vs Practical car,) Use/ Application (how, when and where,) Product class (where it stands in relation to other products,) Product user (how, when and where,) Positioning by competitor (how products go head to head with other competitors,) by cultural symbol and repositioning- when the market changes or new targeting opportunities arise.
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