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Summary Positioning the Firm and its Products
A summary on positioning the firm and its products
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STUDY NOTESWeek 5 – STUDY UNIT 5 – POSITIONING THE FIRM & ITS PRODUCTS
1. Introduction: once a company discovers different needs and groups in the marketplace,
they then target these groups and aim to satisfy their needs and wants and then the
company positions itself and its offering so that target markets recognises the company’s
distinctive offering and image. After segmenting comes targeting and then positioning.
2. Outcomes:
Define positioning
Discuss firm/product differentiation as a basis for differentiation
Outline and explain the process of positioning
, 3. Notes
POSITIONING – is the place the product occupies in the consumers mind relative to competing
products. Positioning refers to the place that a brand occupies in the minds of the customers and
how it is distinguished from the products of the competitors.
DIFFERENTIATION – is identifying something that is different about a firm or its products.
Products need to be different in a way that is important to consumers. The action or process of
differentiating or distinguishing between two or more things or people
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