Developing a Positioning Statement
A positioning statement helps maintain the focus of a marketing strategy. Organizations can also use the tool to manage clients. Critical decisions supported by a positioning statement include advertising, brand name, and packaging, among others. The statement describes how the business wants the market to perceive its products and services.
Are you interested in obtaining a unique version of this copy. Get in touch with us. Our team of experts is ready to help.
Elements of a Positioning Statement
Target Market
The target market is one of the most vital considerations while preparing a positioning statement. It is essential to consider the attributes of the target market before firing a product into the market. A target market is defined based on the available criteria, such as geography, consumer pains and needs, demographics, and psychographics (McDuffee, 2017). Notably, it is crucial to avoid the everyone/all scenario when drafting a positioning statement.
Category
Categorization is also an essential frame of reference for prospective customers. It involves grouping goods or services into different groups. Examples of common product categories include televisions, PCs, tablets, machine parts, and lawn services, among others (McDuffee, 2017). Categorization helps prospective customers evaluate a product/service against competitive offers.
Point of Difference
A point of difference refers to the unique and compelling benefit a product/service offers. Notably, a point of difference should be stated from a customer’s perspective (University of Virginia, 2018). To that end, differentiators such as ‘having the largest market share’ or ‘being the largest brand globally’ should be avoided. Instead, attributes such as product durability can form the basis for a product’s differentiation.
Reason to Believe/Payoff
The payoff of a product/service is tied to the point of differentiation. A business must convince the target audience that the differentiator will help them achieve their wants (University of Virginia, 2018). The company must understand its target audience intimately to state a worthwhile payoff.
References
McDuffee, B. (2017). What is a Positioning Statement? Www.mmmatters.com. https://www.mmmatters.com/blog/what-is-a-positioning-statement
University of Virginia. (2018). Positioning: The Essence of Marketing Strategy. http://store.darden.virginia.edu/SF-InspectionCopy/positioning-the-essence-of-marketing-strategy/M-0754INS.pdf
ORDER A PLAGIARISM-FREE PAPER HERE
We’ll write everything from scratch
Question 
In preparation of developing a positioning statement, describe FOUR KEY areas of consideration.
Developing a Positioning Statement
Be succinct. Proofread carefully.