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.
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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
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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
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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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In the classification of new products, product repositioning is considered to be a new product task. There are a numerous challenges and benefits associated with product repositioning as discussed in the following article. Please refer to a separate article for the benefits of repositioning, as well as an example of repositioning.What is product repositioning?Product repositioning
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NAB’s Repositioning in the Australian Banking MarketThis video highlights a major campaign undertaken by the National Australia Bank (NAB). As you will see, this is probably one of the best executed campaigns that you will see, given that it uses so many different communication tools and its core message was effectively communicated in a very
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