MKT 702 Chapter Notes - Chapter 10: Brand Management, Product Differentiation, Mantra
14 May 2015
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Document Summary
As part of the strategic brand management process, each offering must represent the right kinds of things in the minds of the target market. A company can reap the benefits of carving out a unique position in the marketplace. A company discovers different needs and groups in the marketplace, targets those it can satisfy in a superior way, and then positions its offerings so the target market recognizes the company"s distinctive offerings and images. Good positioning has to be somewhat aspirational so the brand has room to grow and improve: the sweet spot of positioning is to strike a balance between what the brand is and what it could be. The result of good positioning is a customer-focused value proposition: a reason why the target market should buy the product. Deciding on positioning requires: determining a frame of reference by identifying the target market and relevant competition.
