Benefits being delivery, speed, and good quality. 2. Mind share- Mind share or the development of consumer awareness or popularity, is one of the main objectives of advertising and promotion. When people think of examples of a product type or category, they usually think of a limited number of brand names. A) The term goggling describing the act of online searching. B) Very few people realize that “Band-Aid” is a specific brand of first-aid adhesive bandage, and they refer to all such items by that name even if it is a different brand. C) Xerox Is often used In case of copying. 3.
Perceptual mapping- Perceptual mapping is a graphics technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers. Typically the position of a product, product line, brand, or company is displayed relative to their competition. Perceptual maps can have any number of dimensions but the most common Is two dimensions. Any more is a challenge to draw and confusing to interpret. Example- The perceptual map below shows consumer perceptions of various automobiles on the two dimensions of spottiness/conservative and classy/affordable.
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This sample of eight corner). They felt Plymouth most practical and conservative (bottom left corner). Perceptual Map of Competing Products Cars that are positioned close to each other are seen as similar on the relevant dimensions by the consumer. 4. Multidimensional scaling (MEDS)- is a set of related statistical techniques often used in information visualization for exploring similarities or dissimilarities in data. MEDS is a special case of ordination. An MEDS algorithm starts with a matrix of item-item similarities, then assigns a location to each item in N-dimensional space, where N is specified a prior’.
For sufficiently small N, the resulting locations may be displayed in a graph or AD visualization. 5. Conjoint analysis- is a statistical technique used in market research to determine how people value different features that make up an individual product or service. The objective of conjoint analysis is to determine what combination of a limited number of attributes is most influential on respondent choice or decision making. A product or service area is described in terms of a number of attributes. For example, a television may have attributes of screen size, screen format, brand, price and so on.
Each attribute can then be broken down into a number of levels. For instance, levels for screen format may be LED, LCD, or Plasma. 6. Factor analysis – is a statistical method used to describe variability among observed variables in terms of a potentially lower number of unobserved variables called factors. In other words, it is possible, for example, that variations in three or four observed variables mainly reflect the variations in a single unobserved variable, or in a reduced number of unobserved variables.
Factor analysis searches for such joint variations in response to unobserved latent variables. 7. A target market or target audience is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise. A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place(distribution), promotion and price are the two elements of a marketing mix strategy that determine the success of a product in the marketplace. ) Scoots Pep targets women. C) Naira Washing powder was launched targeted at the middle-income segment of the market. 8. Experiential Positioning – The strategic process of understanding consumer series , creating(designing) and delivering a particular form of experience, and communicating the firm’s proposed experience to consumers in way that differentiates the brand from competitors in the consumer’s mind. A) Drying net by surf excel detergent cake. B) Apollo Trees with Hand bag to carry the tare easily. ) Hairpin nozzle pack for easy cleaning of closet of toilet. 9. Points-of-difference(PODs) are the attributes or benefits consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand . Associations that make up points of difference may be based on virtually any type of attribute or benefit. A) Apple(Design) b) Nikkei(Performance) c) Lexus (Quality) 10. Points-of-parity-(POPs) are the associations that are not necessarily unique to the brand but may in fact be shared with other brands.
These types of associations come in two basic forms : category and competitive. Situation of Savanna when it entered the antiseptic lotion market in India dominated by delete. Positioning- Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the minds of the target market. The goal is to locate the brand in the minds of consumers to maximize the potential benefit to the firm. Mind share- Mind share or the development of consumer awareness or popularity, is one of the main objectives of advertising and promotion.
When people think of examples Perceptual mapping- Perceptual mapping is a graphics technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers. Typically the position off product, product line, brand, or company is displayed relative to their competition. Multidimensional scaling (MEDS)- is set of related statistical techniques often used in information visualization for exploring similarities or dissimilarities in data.
MEDS is a special case of ordination. An MEDS algorithm starts with a matrix of item-item similarities, then assigns a location to each item in N-dimensional space, where N is specified a prior’. For sufficiently small N, the resulting locations may be displayed in a graph or AD visualization. Conjoint analysis- is a statistical technique used in market research to determine how people value different features that make up an individual product or revive.
The objective of conjoint analysis is to determine what combination of a limited number of attributes is most influential on respondent choice or decision making. Factor analysis – is a statistical method used to describe variability among joint variations in response to unobserved latent variables. A target market or target audience is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise. A well-defined target market is the first element to a marketing strategy.
The target market and the marketing mix rabbles of product, place(distribution)), promotion and price are the two elements of a marketing mix strategy that determine the success of a product in the marketplace Experiential Positioning – The strategic process of understanding consumer desires , creating(designing) and delivering a particular form of experience, and communicating the firm’s proposed experience to consumers in way that differentiates the brand from competitors in the consumer’s mind. Self image enhancement/Prestige Positioning : Prestige positioning is achieved by creating a personal identification with a product.
A product may be positioned as a status symbol (Role watch) or as something that will bring personal fulfillment and happiness (fen shih products). Symbolic positioning happens when consumers view products as extensions of themselves and something that will help bring meaning, excitement, or esteem to their lives. Ego identification: The positioning can be done to identify your self or as an ego identification. The people associate with the products as an accessory of self and representation of themselves. When Mazda focuses on people who can identify themselves as a rich but arrogant and hums up can identify to self indulgent youths.
Social meaningfulness: The product sometime makes you feel associated with a particular class. Identification. For example use of swatch will make you elegantly rich and owning a car adds to your brand value among your peers. Sensory stimulation: In its simplest terms, sensory stimulation refers to the impact the environment has on our minds and bodies as we receive information through our five senses. Any product position itself or trying to maintain its position or reposition or deposition the competitor should impact peoples eyes, ear,their language and they way the feel.
The examples is when wise deposition printers in chip market by focusing on the some harsh sounding ingredient in Principles it made people to believe that the chips tasted like cardboard. The Colgate,surf advertised so much that it almost became an alternate name of toothpaste and detergent powder respectively. Cognitive stimulation- it is the promotion of awareness and comprehension of surroundings by utilization of planned stimuli. The well planned positioning enables people to wonder that it the need existed and slowly it becomes a part a parcel.
For example Google made all data available online by spreadsheet and library eating he market share of Microsoft word and may soon the most viable alternative. Revival is promoting the vitamin tablet and trying to making it a part of our daily diet like milk. Web Positioning: Using web search engine results to direct customers to company websites in order for them to stay in the loop of company’s new products, evens etc. Google Ad words New Media Positioning – Using Media to position a product to a certain market in order to benefit maximum gain from that market.
Nikkei on Faceable Old Spice Talc on Youth Cultural symbols – positioning strategy where in the cultural symbols are used to preferential the brands. Retailer does so via its ads. Data tea and Data salt do. Nelson Canadian Beer Fosters in Australia Pre-emotive – Preemptive positioning means that you preempt the position, even when others “appear” to be ensconced in that position already. Under Positioning – Under positioning can be simply defined as Not positioning Under-positioning occurs when customers cannot readily identify the brand or the brand’s features.
The product must stand out in the mind of the consumer. Papa Jones Pizza Wrangler Jeans Over positioning – Over positioning is when your marketing makes the product too facial, so the potential customer group becomes too small. Shampoo for red hair females in India White hair color for men in India. Confused positioning – Buyers might have a confused image of the brand resulting from the company’s making too many claims or changing the brand’s positioning too frequently.
Honda Unicorn Doubtful positioning – Buyers may find it hard to believe the brand claims in view of the product’s features, price, or manufacturer. A bike giving 120 SMS per liter Marti launching a 30 lake car Attribute positioning – In this kind of positioning The message highlights one or two f the attributes of the product. Automobile Industry where technical details serve as attributes like Volvo is all about safety and comfort. Kingfisher Airlines: Comfort and Luxury Benefit positioning – In this kind of positioning The message highlights one or two of the benefits to the customer.
Tide Naturals: Cleanliness + Natural Scent Titan Fastback: watch + style Use/application positioning: This kind of product positioning Claims the product as best for some application. Cisco: Best in teleconferences Intel Microchips User positioning – This kind of product positioning Claims the product as best for a roof of users. – Children, women, working women etc. Weekender Kids Bibb clothing brand for women Competitor positioning – This kind of product positioning Claims that the product is better than a competitor. Avis: we try harder, Tide natural against Rein.
Product category positioning – Claim as the best in a product category Ex: Mutual fund ranks – Lippie. Quality/Price positioning – This kind of product positioning Claims best value for price. Egg- Naira has always positioned itself as the brand that “Hoi safe, hoi jag, Joy cam Adams mien Millie too who skunk lee? Yeah Ana Len”. Big Bazaar: Sissy Shasta aura cache awaken nah. Economy brands: An economy brand is a brand targeted to a high price elasticity market segment. These are the least possible priced product so the market get a perfectly competitive outlook.
Target segment is lower class and middle class and most of the good in this category is of low involvement and low differentiation amongst various products. Example: Soap,detergents,biscuit Brand leveraging : When a company uses the brand equity associated with an existing brand name to introduce a new product or product line, this is referred to as brand leveraging. For example data indigo launched indigo e-CSS as a new product line. Or Britannic launched tiger. Corporate brands:when the company name is known as product brand then it is corporate brand.
This corporate brands makes the product successful and sometime it uses a variant name associated with it to sell and promote the product. For example indigo is a car brand and DATA is a corporate brand that has led to its positioning in people mind. Apparel biscuits Apparel-g is an example where G has been used as Variant to more treatable corporate brand Apparel. Fighting brand: It is a brand created specifically to counter a competitive threat. It may be a directly or indirectly aiming at the competitor but main aim is to eat up the market share of the competitor and reduce the brand equity of competitor.
When Coca cola was finding it difficult to tackle Pepsi it created sprite to counter Pepsi. Competitive analysis: Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service. This is a rather important analysis to be done to position, reposition your product or deposition competitors products. Example : wise repositioned Principles hips in peoples mind by pointing out non natural ingredients sounding like harsh chemicals and then keeping its ingredient to simple potato and salts.
Value proposition: A value proposition is an offer that describes the quantifiable benefits that individuals or organizations making an offer promise to deliver. Its development is based on a review and analysis of the benefits, costs and value that an organization can deliver to its customers, prospective customers, and other constituent groups within and outside the organization. It is also a positioning of value, where Value = Benefits / Cost (cost includes risk) while consisting one has to take care of value proposition and what customer will perceive of it and accordingly pricing is done.
Product leadership: A product leader continually develops new and unique products and services that have an emotional and rational surplus value for clients. A good example of a product leader is the ‘Heightened’: no worries on the road, thanks to unique assistance when in trouble with the car – inventive repair on the leadership gives better and larger positioning in people minds. Operational excellence: it is a philosophy of leadership, teamwork and problem solving resulting n continuous improvement throughout the organization by focusing on the needs of the customer, empowering employees, and optimizing existing activities in the process.
Operational Excellence stresses the need to continually improve by promoting a stronger teamwork atmosphere. Safety and quality improvements for employees and customers lead towards becoming a better enterprise. Customer intimacy: Customer intimacy is a concept from marketing, which describes the ability of a supplier to become accepted and known as the regular partner with its customer. Customer intimacy creates a virtuous circle: the better the supplier knows he customer company with its objectives and difficulties, the better able he is to provide an optimal solution.