Steps To Recognize Your Business Market

911 words - 4 pages

How to Determine Your Business's Market Position
By Bill Chiaravalle and Barbara Findlay Schenck from Branding For Dummies
You need to know your business's market position before you can create an effective brand for your business (or product, or service). Determining market position depends on three main tasks:
* Figure out your point of difference. Your unique attributes are what set you apart from your competitors and attract clients to your offering.
But just being different isn’t enough for a successful positioning strategy. To position your brand, you need both attraction and distinction:
* Attraction: Provide values and attributes that customers genuinely want or need.
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By likening your brand to someone else’s, all you do is cast a spotlight on a competitor and point out your own second-string position.

Examples of Positioning Strategy in Marketing
by Sam Ashe-Edmunds, Demand Media

Create a brand to position yourself in the marketplace
Related Articles
* What is the Positioning Strategy for a Used Appliance Store?
* How Positioning Affects Strategy & Marketing Tactics
* Positioning & Differentiation Strategies of Marketing
* How to Open an Online Clothing Boutique
* Product Positioning Strategy
* Examples of Positioning in Marketing

Positioning refers to how you communicate the essential benefits of your small business to potential customers. Where you sell your product, how you make it, where you make it and your price all convey subtle messages to the marketplace, even without your using any overt advertising, public relations or promotions.
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Specific Demographic
If you try to be everything to everyone, you may not appeal to any group. For example, Secret deodorant markets itself as made specifically for women. This loses it sales among men; but it may increase its overall market share by getting more women to buy this deodorant than other brands, since they believe it is unique. Makers of athletic equipment offer different models of the same equipment for beginners and advanced players, making those products more attractive to specific consumers.
Low-Price Strategy
Some companies position themselves as affordable options for consumers by selling low-priced goods. This may require a corresponding decrease in quality, such as a restaurant spending less on interior design or a car manufacturer offering fewer standard options, such...

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