There is a direct relationship between these concepts, as internal reference prices are formed through continual exposure to external reference prices.
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Repositioning is the task of implementing a major change the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products.
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A perceptual map is a powerful visual tool used in marketing to depict how consumers perceive and position various products or brands in relation to each other within a marketplace.
Study Notes for Perceptual Maps Find Out More...
What is meant by Points-of-difference (POD)?The aspects of the product offering that are relatively distinct to the offerings of like competitors.What is meant by Points-of-parity (POP)?The aspects of the product offering that are largely similar to the offerings of like competitors.Should a brand emphasize POD or POP?Emphasize POD when…The firm is the a market leaderThe
Study notes for points-of-difference (POD) and points-of-parity (POP) Find Out More...
Main positioning categoriesBy product attributeBy userBy product classAgainst competitionBy use or applicationBy quality or valueBy using a combination of the above optionsHow to choose the best positioning approach?Market gaps – is there a viable gap?Substance and support – can we deliver a marketing mix to create that positioning?Market need – does the market want this
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What is positioning?Positioning is defined as the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products.The important aspects of this definition are:Positioning is the perception held by consumersThe focus is on the perceptions of the target marketOnly the key features and benefits can be effectively communicated for
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What is niche marketing?Niche marketing is a specialized market offering focused on the needs of one tightly-defined market segment.Usually the niche marketer only offers a very limited product range to this segment. As a result, the niche marketer builds a reputation (brand equity) for being THE expert for providing their products to the market segment.Advantages
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What is STP in Marketing?STP stands Segmentation, Targeting and PositioningSTP is a process where a marketer:Segments an overall market,(segmentation)Evaluates each market segment on a set criteria,Selects the most appropriate target market/s for the firm,Then establishes an appropriate positioning in order to compete in that target market,Which would then be supported by the firm’s marketing mix
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Why create a perceptual map from scratch?Perceptual maps are often quite difficult to format, so take advantage of the free perceptual map template that I have built for Microsoft Excel.It is quick and easy to use – ideal if you need to analyze multiple perceptual maps the same time.Here is the link to the download
A perceptual map maker Find Out More...
A key aspect of a successful marketing strategy is the clear definition and communication of a sought-after value proposition. A good way to think about the firm’s value proposition is consider what is different and beneficial about the firm’s (or brand’s) offering/s in the marketplace.Difference between Positioning and a Value PropositionIn business life, it is
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