Positioning Strategy: Nine Steps to Decide and Broad Rules, Exercises of Advertising and Sales Promotion

Download Positioning Strategy: Nine Steps to Decide and Broad Rules and more Exercises Advertising and Sales Promotion in PDF only on Docsity! Advertising and Promotion (MKT621) VU © Copyright Virtual University of Pakistan 19 Lesson 9 POSITIONING LECTURE OVERVIEW In this lecture continuing with Positioning, we will explain various steps to decide about positioning strategy and inform about broad rules about positioning. Furthermore, its components will be discussed followed by creative strategies, various related steps and a few universally accepted advertising standards. DECIDING ABOUT POSITIONING STRATEGY Nine Steps 1. Identify competitor. 2. How are competitors perceived & evaluated by consumers? 3. Determine positioning strategy used by each competitor for specific product category. 4. Understand customer thoroughly. 5. Identify Various alternative positioning strategies available 6. Find which position is still unused. 7. Evaluate own strengths & weaknesses. 8. Select the position. 9. Monitor & Evaluate the position. • Economic analysis should guide decision. • Usually is segmentation commitment. • Stick to advertising theme if working. • Don’t try to be something which you are not. • Use symbols. Broad Positioning Rules 1. Keep it focused 2. Keep it consistent. 3. Keep it long term. Components of Positioning Three Main Components: 1. Benefit: Emotional reason to purchase from your company. 2. Target: Your best potential customer. 3. Competition: Anyone else in the market who is vying for the same or similar customers. BRANDING • It is a process of creating a unique identity for a product. • It creates memorability. • It establishes preferences, habits & loyalties. • It is equated as recalling brand name. CREATIVE STRATEGIES Creative strategy should describe the message appeal & execution style. Based on following factors • Identification of TARGET AUDIENCE. • The basic PROBLEM ISSUE. • OPPORTUNITY to be addressed by advertising. docsity.com