16 - USC Marketing 307 #5 Positioning and Brand 2009 Ira S....

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Unformatted text preview: USC Marketing 307 #5 Positioning and Brand 2009 Ira S. Kalb. All rights reserved. 1 1. De nition . Positioning involves identifying a target audience that has an un lled need and creating an image of your product that lls that need better than competitors. 2. Lock and Key Metaphor . To better understand Positioning it is useful to break it into two components using the metaphor of a lock and key. 2-1. Lock. The target market segment with an un lled need 2-2. Key. The image of the product that lls that need better than competitors. The key can be made to provide three levels of success and success. 2-2-1. Level 1. The image of the product is in terms of a memorable bene t. 2-2-2. Level 2. The image of the product is in terms of a memorable bene t that is dif cult to copy. 2-2-3. Level 3. The image of the product is in terms of a memorable bene t that is impossible to copy ( a do not duplicate key ). 3. Bene ts of Level 3 . If you can get to Level 3, you have the most secure form of positioning that can be used to 3-1. Lock out competitors 3-2. Unlock greater sales and pro ts because your product will have a unique image that cannot be easily copied. You can purchase a major league baseball for a few dollars. However, the baseball Barry Bonds hit into the stands to break a home run record was sold for over $1 million because it was unique (level 3 positioning). Disney is often at level three because there is only one Mickey Mouse and Donald Duck. Its brand is estimated to be worth $100 billion. Coca Cola is worth about the same because it is the original. Positioning related terms. Uniqueness Added value Competitive Advantage Elephants trunk Niche Value proposition USC Marketing 307 #5 Positioning and Brand 2009 Ira S. Kalb. All rights reserved. 2 4. Types of competitors there are three main types competitors two external (1) Direct and (2) Indirect and one internal (3) similar products in your product line 4-1. Direct These are products produced by others that can be used to ll similar needs of a similar target audience. The Toyota Camry and the Honda Accord would be direct competitors. 4-2. Indirect While often forgotten by marketers, indirect competitors are usually the most formidable because they include (1) Substitutes and (2) Status Quo or Nothing the decision of buyers to keep their money and leave things the way they are. 4-3. Your other products This is also an often forgotten competitor that can be very formidable. When one of your products competes with another the term for that is cannibalization. Rather than take business away from outside competitors, you are taking it away from yourself. Some are not concerned about this because they think the company still makes the money, but it " s a big problem since it causes confusion , and confused buyers often don " t by anything from you, but might buy from a competitor that confuses...
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16 - USC Marketing 307 #5 Positioning and Brand 2009 Ira S....

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