The 'marketing mix' is a foundation model in marketing. The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target"
Marketing
In its broadest sense, marketing is about creating and accumulatingcustomers. Marketing Plans are designed to capture market share and defeatcompetitors. The marketing function and the marketing mix serve the overall businessstrategy.
The 7 Ps of the marketing mix
Positioning
Product
Packaging
Place
People
Promotion
Price
Positioning
It refers to the place that a brandoccupies in the mind of the customer and how it is distinguished from products from competitors. It refers to an overall strategy that "aims to make a brand occupy a distinctposition, relative to competing brands, in the mind of the customer".
Three overlapping objectives of positioning
Enterprise perspective
Competitive perspective
Customer's perspective
Enterprise perspective
The enterprise scans the market environment and decides to position itself with products that specifically address the needs of a chosen target market.
Competitive perspective
The enterprise has to differentiate and distinguish itself from its competitors.
Customer's perspective
The way the customers perceive the enterprise and its products or services in their minds.
The stronger the overlap is in these 3 perspectives, the more defined the positioning of an enterprise is in the marketplace.
A Positioning Map can represent products and services together. This permits one to compare these two items in relation to one another.
Positioning Map
A great tool to set yourself apart from your competition and to determinewherecompetitors are lagging when looking at what is important to your idealcustomer. The main strength of this tool is to help in deciding on a competitive position that enables you to distinguish your products from the offerings of your competition.
