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Lecture 5 Creating a Positioning Statement Part 2 Overview_ The Brand Concept.Fall2018.pdf

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10/15/2018Creating a Positioning Statement Part 2 Overview: The Brand Concept.Fall20181/8Creaƫng a Posiƫoning Statement Part 2Overview
10/15/2018Creating a Positioning Statement Part 2 Overview: The Brand Concept.Fall20182/8ReadBrand Targets, Benefits, and GoalsIn Part II of the lecture, we will continue to refine our working knowledge of positioning statements as wego on to discuss brand frame of reference, benefits, and goals.First, let's review the Target information from the last lecture.Target
10/15/2018Creating a Positioning Statement Part 2 Overview: The Brand Concept.Fall20183/8The first element of the positioning is the target.A target audience is a unique group of customerswith similar needs and behavior who require a similar marketing mix.Choosing a customer target iscritical. It impacts all areas of the brand's decision and guides all decisions for the brand and marketingmix.Too often, brands use demographics to define their target audience. For example, they will say they aretargeting females from urban markets with incomes of more than $100K. However, demographics alonedo not describe who a person is or what they need. Demographic based segemention is unfocused andcauses brands to waste money targeting groups who do not need what they are offering.The most successful brands go beyond demographics to identify groups of individuals with similar needsand behaviors. This approach is also called needs­based segmentation. They then determine how theirbrand solves this target’s needs in a unique way that is relevant and resonates strongly enough to createfans within that audience.Frame of ReferenceA brand’s frame of reference refers to who the brand would like to be compared to. The larger you makeyour frame of reference (for example, food options), the broader your competition will be and the lessdifferentiation your benefit may have. On the other spectrum, a narrow frame of reference, (like ultra­luxury vegetarian grocery stores in Lancaster, PA) leads to a focus on a smaller overall market.Think of these brands:Subway: What would be some of the considerations with defining your brand as a healthy, fast­casual restaurant versus a nationally, recognized sub­shop?1­800­Flowers: Are they an online flower delivery service for important dates in your life or is at aconvenient, last­minute gift service?AMC Theaters

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Term
Spring
Professor
BrianC.Wuttke
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