In our video on Marketing Mix, I identified Positioning as, perhaps, the most important of Jerome McCarthy’s omissions from his original 4 Ps of Product, place, Price, and Promotion.
Watching this video is worth 2 Management Courses CPD Points*.
🔎 See below for details
Marketing for Managers
This video is part of course module number 8.3.3
Program 8: Managing Customers & Clients
Course 3: Marketing for Managers
Section 2: Marketing Mix
Other videos in this section include:
🎬 What is the Marketing Mix - The 4Ps? • What is the Marketing ...
🎬 Marketing Mix: Product - What is the Product Marketing? • Marketing Mix: Product...
🎬 Marketing Mix: Price and Pricing Strategy • Marketing Mix: Price a...
🎬 Marketing Mix: Place • Marketing Mix: Place a...
🎬 Marketing Mix: What is Promotion? • Marketing Mix: Craftin...
🎬 What is the Marketing Channel Mix? • What is the Marketing ...
🎬 What is Public Relations (PR)? • What is Public Relatio...
🎬 Guy Kawasaki: What is Enchantment? • Guy Kawasaki: What is ...
🎬 Seth Godin: What are Tribes? • Seth Godin: What are T...
LESSON NOTES
Market positioning is a strategic process that creates an identity and image of a brand or product within the minds of your target customers. It’s about what you want your customers to think about your product.
So, positioning is how we frame our offer within our customers’ range of needs and potential solutions. Which precise part of your market does your product serve, and how does it compare with competing products?
Nobody expects a product or service to do everything and serve everybody’s needs. What we expect is that there will be a product that meets our own particular needs and that it can do so particularly well.
Often, positioning is represented by a coordinate on a two-dimensional map of price versus quality. Most products will lie on the principal diagonal.
Once you have established your positioning, every product, price, place, and promotion decision needs to support and strengthen that positioning.
The 3 Steps of creating a Positioning Strategy for your Product
1. Assess competitive market and the character of your product
2. What position would both match your wider business strategy and optimize your profits from the product?
3. Develop messaging, branding, pricing, placing, and design strategies to move the positioning to where you have chosen. Build a plan for how you will roll this out and monitor progress.
RECOMMENDED EXERCISE
Think about a product or service your organization produces and markets. What are the elements of its marketing in terms of the four Ps of product, price, place, and promotion? If your organization doesn't produce a product or service, then pick one you are familiar with either through your work or domestic life.
1. How would you characterize its positioning? (2 MC CPD Points)
2. Where would you place it on a chart of price vs quality (2 MC CPD Points)
3. Where would you place its competitors on the same chart? (4 MC CPD Points)
4. How do other aspects of branding and marketing mix reflect this product's positioning? (4 MC CPD Points)
DOWNLOADS
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RECOMMENDED READING
📖 Very quick overview
Marketing: A Very Short Introduction geni.us/ozSJF
📖 Good general overviews
Kotler on Marketing geni.us/JNeVHy
Positioning: The Battle for Your Mind geni.us/kGj4KCA
The 22 Immutable Laws of Marketing geni.us/RVU1
Marketing For Dummies geni.us/sZXAw
📖 Small business marketing
The 1-Page Marketing Plan geni.us/Xb4wBk
📖 For a textbook, you can’t go wrong with Kotler’s name on it!
Marketing: An Introduction geni.us/q4gzVOw
Principles of Marketing geni.us/gsFeMT5
Marketing Management geni.us/i3FO
⭕️ Links to our book recommendations are affiliated through Amazon
Managers Need a Basic set of kit to do your job well. Here are my top recommendations: kit.co/MikeClayton/manager-s-... (the links are affiliated)
MANAGEMENT COURSES CONTINUING PROFESSIONAL DEVELOPMENT (CPD) POINTS
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#Positioning #ManagementCourses #MarketingMix