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Chapter 10 Crafting the Brand Positioning.docx

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Department
Marketing
Course
MKT 702
Professor
Rob Wilson
Semester
Fall

Description
MKT702 Marketing Management CHAPTER 10 Crafting the Brand Positioning DEVELOPING AND ESTABLISHING A BRAND POSITIONING  Marketing strategy is built on STP – segmentation, targeting, and positioning  Positioning: act of designing company’s offering and image to occupy distinctive place in the mind of target market o Good brand position helps guide marketing strategy by clarifying brand’s essence, what goals it helps customers achieve, and how it does so in a unique way o Result of positioning is successful creation of customer-focused value proposition Determining a Competitive Frame of Reference  Competitive frame of reference: defines which other brands a brand competes with and therefore which brand should be the focus of competitive analysis  Category membership: products or set of products which brand competes and which functions as close substitute o Range of actual and potential competitors can be much broader due to explicit growth intentions to enter new market  Industry: group of firms offering product of class of products that are close substitutes for one another o Classify industry according to number of sellers; degree of product differentiation; presence or absence of entry, mobility, and exit barriers; cost structure; degree of vertical integration; degree of globalization Identifying Optimal Points-of-Differences and Points-of-Parity  Points-of-difference (PODs): attributes or benefits consumers strongly associate with a brand, positively evaluate, and believe that they could not find the same extent with competitive brand o Three criteria determine whether brand can function as POD 1. Desirability – customers must see brand association as personally relevant to them  Customers must be given compelling reason to believe and an understandable rationale for why brand can deliver desired benefit 2. Deliverability – companies must have internal resources and commitment to feasibly and profitably create and maintain brand association in the mind of customers 3. Differentiability – consumers must see brand association as distinctive and superior to relevant competitors  Points-of-parity (POPs): associations that are not necessarily unique to the brand but may be shared with other brands o Associations come in two basic forms: 1. Category – associations customers view as essential to be legitimate and credible offering within certain product or service category 2. Competitive – associations designed to negate competitors PODs  Two options with multiple frames of reference since competition widens or firm plans to expand into new categories 1. Develop best possible positioning for each type or class of competitors and then see whether there is a way to create one combined positioning robust enough to effectively address them all 2. Develop positioning at categorical level for all relevant categories or with an exemplar from each category  Company can straddle two frames of reference where POD for one category becomes POP for another and vice versa Choosing POPs and PODs  Perceptual maps are visual representations f customer perceptions and preferences o Quantitative portrayals of market situations and the way consumers view different products, services, and brands along various dimensions o Overlays consumer preferences with brand perception to reveal “holes” or “openings” that suggest unmet consumer needs and marketing opportunities Brand Mantras  Brand mantra is an articulation of the heart and soul of the brand and are short, three- to five-word phrases that capture irrefutable essence or spirit of brand positioning o Purpose is to ensure all employees within organization and all external marketing partners understand what brand is most fundamentally to represent to consumers so employees and partners can adjust actions accordingly  Three key criteria for brand mantra: 1. Communicate – defines category (or categories) of business for brand and set brand boundaries; clarifies what is unique about the brand MKT702 Marketing Management 2. Simplify – memorable (short, crisp, and vivid) 3. Inspire – brand mantra should stake ground that is personally meaningful and relevant to as many employees as possible Establishing Brand Positioning  Positioning bull’s-eye for brand ensures that no steps are skipped in its development  Establishing brand positioning in marketplace requires consumers t
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