Market AnalysisMarket SelectionMarketing Mix
Q&A: What are the three steps in Strategic Planning?
1) Market Segmentation2)3) ProductPositioSegmentTargetingning
Dividing prospective buyers into groups that have common needs and/or desires, and will respond similarly to a marketing action.Relatively ___________collection of prospective buyers.
Review: Market Segmentation
Demographic:This is just a fancy word for ________.Psychographic:These are segmentation characteristics that youcannot __________but are nevertheless important.
Q&A:Demographic vs. Psychographic
- Product positioning is what comes to mind when your target market thinks about your product compared to your competitor’s products.
What comes to your mind when you hear Ferrari?What comes to your mind when you hear Hyundai?
Example: Ferrari vs. Hyundai
A concise description of your target market and how you want that market to perceive your brand.It is not marketing or promotional statement; positioning statement is an internal tool.Every product and marketing decision you make regarding your brand has to align with your positioning statement.
SimpleMemorableClearCredibleTailored to the target market.Shows how your brand/product differentiates from your competitors.
Guidelines for Good Positioning Statement
For [Target Market], the [Brand] is the [Point of Differentiation] among all [Frame of Reference] because [Reason to Believe].
Thepoint of differentiation(POD) describes how your brand or product benefits customers in ways that set you apart from your competitors.Theframe of reference(FOR) is the segment or category in which your competes.Thereason to believeis a statement providing compelling evidence and reasons why customers in your target market can have confidence in your differentiation claims.
For World Wide Web users who enjoy books, Amazon.com is a retail bookseller that provides instant access to over 1.1 million books. Unlike traditional book retailers, Amazon.com provides a combination of extraordinary convenience, low prices, and comprehensive selection.
For today’s appearance-conscious business, the Underfoot IndustriesEverAwesomeline is the carpet that stays new-looking longest among all commercial-grade carpets. Our patented technology produces durable, low-wear carpet whose lifetime cost is 40-80% lower than other brands. The brand name “EverAwesome” tells customers: “This carpet looks great, AND it will last a long time.”
Get into groups of three or four.Come up with a positioning statement for RedCorntos.Come up with a slogan for RedCorntos. The slogan must align with positioning statement.