Suppose we are asked, ‘who makes the best instant coffee?’ Next , we are asked, “who makes the next best?’ there can be a number of brands which are next best, but only one brand that is the best. In a number of product categories like TVs, cars, personal computers, paints, razorblades, soaps and so on, we have our favourite brands or marketer. The top slot achieved by the brand in our mind is called its Positioning. It entered our mind on account of communication through advertising, word of mouth, product performance and other factors. Thus, Positioning is the outcome of our perceptions about the brand relative to the competing brands.
3.1 BRAND POSITIONING Aaker defines brand positioning a “part of brand identity and value proposition that is to be actively communicated to the target audience, and that determines an advantage over competing brands” By definition, brand positioning involves defining the core idea that the brand stands for in the minds of customers.
3.2 POSITIONING STATEMENT
It is essential to have complete brand identity and value proposition. Positioning Statement culled from it for communication. Being a part of brand identity, it is a concise statement. Positioning statement is a declaration of the position our product/service will occupy in the mind of our target consumers.
Before developing positioning statement we have look in to these areas: a.
Market exploration: We have to assess first where our and our competitors’ brand stand today. b.
Market segments: We consider target market segment
Core identity: We then identify what is core identity or the essence of our brand d.
Value proposition: It is better to know what criteria potential buyers use to choose one product/service over another. Identify a few criteria. e.
Position of the existing products: Our product/service always has a relation to our competitive products. We have to see how our brand is perceived. Ultimately, we choose the best position. If that is already occupied, we think of taking the leader head on if we are strong or by-pass the leader and find other position. A concise positioning statement first describes what is important to the customers, and then what problem our product will solve for them, and how. Positioning is amenable to the following definition:
The position of a brand is the perception it brings in the mind of the target consumers. 2.
This perception reflects the essence of the brand in terms of its functional benefits in the judgment of that consumers 3.
It is relative to the perception held by a consumer of competing brands. The competing brands can be denoted as points or positions in perceptual space of the consumers and together make up a product/service class. 4.
Positioning process consists of analysis of brand equity, core competencies, unmet consumer needs, competitive differentiation. Positioning has to maximize customer relevance.
3.3 WHY IS SUCCESSFUL BRANDING SO IMPORTANT TODAY?
Though brand development is by no means a new idea, today consumers have more access to information and more choices than ever before. The result is higher expectations, and the brand’s message must captivate the consumer immediately. Companies seeking to experience long-term success will have to create the most compelling, relevant, and consistent brand experiences for their customers. Remember: “You can’t escape your brand. Either you make the customer experience, or it gets made without you.” Prophet Corp. In order to successfully develop the most effective branding strategy, a firm understanding of what a brand is must first be answered.
3.3.1 THE BRAND IS EVERYTHING
Scott Bedbury is a leading branding consultant that has worked closely with companies like Nike and Starbucks, has written a book titled, “A Brand New World”, published by Viking Press. In it he gives excellent thorough definition of what a brand is. “A brand is the sum of the...
Please join StudyMode to read the full document