Brand is the most valued possession of
a firm. Brands play a significant role in signaling certain
product characteristics to consumers. According to Philip
Kotler, a product is anything that can be offered to a
market for attention, acquisition, use or consumption that
might satisfy a need or want. American Marketing Association
defines brand as a name, term, sign, symbol or a combination
of them, intended to identify the goods or services of
one seller or group of sellers and to differentiate them
from those of competitors.
Brand positioning is a major decision
in marketing. Positioning attempts to create a brand identity
to guard against the competitive pressure. A brand's position
is the complex set of perceptions, impressions and feelings
that the consumer associates with the brand as compared
with competing brands. Brand positioning is a fusion of
product class, target consumer, brand proposition and distance
from competing brands. Positioning, in the advertising
or marketing sense, is something to do with the prospects
mind or perceptual space. A brand's position is about building
an image in the prospect's mind.
Brand positioning is the way the brand is perceived within a given competitive set in the consumer's mind. Ideally, it is a function of the brand's promise and how the brand compares with other choices with regard to quality, innovation, perceived leadership, value, prestige, trust, safety, reliability, performance and convenience, concern for customers, social responsibility, and technological superiority. |
