Marketing positioning refers to a process through which marketers try to establish an image or identity in the minds of their target market in regard to their product, brand or company. Marketing positioning is a firm’s use of its own marketing strategy to establish and maintain a specific image in the minds of its target market consumers. In this regard, marketers carry out research to understand that how its consumers develop positions and what are the positions of their offerings among consumers. To develop a positioning, marketer of a product normally makes use of a three-step process. Subsequent to the selection of a positioning statement, marketers design the dimension or attributes that can significantly express the position to the target market consumers. A product position can be expressed with the help of different product elements like its appearance, brand name, slogan and the place where it is sold and as well as in several other ways.
All these attributes and elements need to be adjusted or changed for developing a positioning strategy in accordance to changing consumer needs and competition. In addition to above discussed elements, a marketer can also position its product in regard to several alternatives (Kotler & Armstrong, 2008). One key alternative used in present is to position a product directly against the competition. Cant, M.C., Strydom, J.W. Jooste, C.J. (2009). Marketing Management (5th ed.). Juta and Company Ltd. Darling, J.R. (2001). Successful competitive positioning: the key for entry into the European consumer market. European Business Review, 13 (4), p. Hassan, S.S. & Craft, S.H. Linking global market segmentation decisions with strategic positioning options. Journal of Consumer Marketing, 22 (2), p. Kotler, P. & Armstrong, G. (2008). Principles of Marketing (12th ed). Kurtz, D.L., MacKenzie, H.F. Snow, K. (2009). Contemporary Marketing (2nd ed.). Peter, J. P. & Donnelly, J. H. (2002). A Preface to Marketing Management (9th ed.).
Via studying this branch of economics student come across market sensitivity and supply elasticities. It also throws light on government intervention, the concept behind utilitarian approach, market welfare, market failure and conflicting/complementary roles of market and government. It is somewhat different from microeconomics and discusses the circular flow explication, flow statistics, stock statistics, consumption and capital stock. It also discusses determinants of consumption, history of economics, economic growth, public policies, foreign investment, issues related with unemployment and momentary institutions. By studying this portion of economics, the student can define and measure inflation rate, CPI and GNP deflator and can correct economic variables from inflationary effects. However, the subject economics though seems interesting but the theory is complicated. It requires brainstorming calculation, graphical representation, pi charts, and bar diagrams. Many student though memorize the theory but when comes in implementing these theories via mathematical calculations, they become scared. The reason behind this is, they are not well accustomed with the concept and do not known how to do the calculation. In such cases economic assignments are bound to challenge the students.
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