Brand strategies :-Brand knowledge comprises of brand awareness and brand image contribute to establishing of customer based brand equity. The process is gradual and requires in-depth understanding of consumer mind. Connection between brand and consumer leads to long term partnership and loyalty. And, continued support to marketing efforts of the company. So when a company is trying to build up brand knowledge, Brand Positioning becomes very much relevant. For example, Apple and Windows both are well known brand. Consumers are aware that they both are computer brands dealing in entertainment, but Apple stands for style, cool quotient, iPod etc where as Windows stands for world class operating system, quality etc. Consumer can easily identify point of similarities and points of difference between the two brands. This process of creating point of similarities and points of difference in consumer’s mind is called Brand Positioning.Brand positioning strategy is about finding a right place for a brand in market place as well consumer mind. A consumer should easily identify that for a given need or want this is the brand. If brand fails to do this, it simply becomes
| just another product or commodity on supermarket or mall shelf. So for successful brand positioning, following points are of utmost importance for companies; target consumer, main competitors, point of similarity with competitors and point of difference with competitors.
| So, to identify target consumer we must narrow down target market. A market comprises of cluster of individual with similar behavior, referred to as segments. These segments can be defined on basis of personal consumption profile, which includes marital status, consumption of product, usage rate of product and expectation from product. Another is demographic which includes age, sex, income level, race and family. Further segmentation can be done on location, if consumer, that is whether they are local or global. Other segmentation can...
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