Developing and Establishing Effective Market Positioning
Positioning a product in the target market is a challenging task, especially in the realm of the global economy, where a range of similar goods have already been introduced and coming up with an original idea to take a particular niche is very complicated. Therefore, there is a need to develop and establish a solid presence in the designated market. The given goal can be achieved by creating a very strong frame of reference in the designated area. Seeing that the phenomenon in question is defined as the “process that normally requires several generations” (Simon 56), the objective under analysis can be attained by a cohesive and well-developed strategy.
The design of a brand positioning strategy can be viewed as the next step on the way to achieving success in the global market. It should be borne in mind, though, that the design of a brand positioning approach will require the development of an efficient branding strategy. First and most obvious, the creation of a unique brand image (Gross 38) will be necessary. Afterward, an organization will have to choose a theoretical basis to build the rest of the strategy on.
Particularly, the Multidimensional Theory of Branding (Brown and Ponsonby-McCabe 76) should be recommended, as it helps embrace every single domain that may possibly affect the company’s success. As far as the branding strategy is concerned, the so-called corporate branding strategy, i.e., the “holistic brand management approach adopted by firms to provide a unique corporate identity” (Samanta 170) needs to be viewed as the best option. The premises for developing phenomena such as corporate social responsibility (CSR) (Gazzola and Colombo 86) and sustainability, thus, promoting further evolution of the firm, are the key reasons for choosing the specified approach.
Identifying and Analyzing Competition
Locating the existing rivals and analyzing their marketing strategy is the first step towards defining the approach that a company may consider as viable in the environment of the global economy (Hubschmidt 71). Therefore, carrying out an analysis of the strategies that have been chosen by the corporate giants in the designated industry is essential for an organization. The identification and the further analysis of the competitors, however, will require the adoption of specific tools, such as Foster’s Five Forces analysis. The latter typically involves the study of the current substitutes and the threat that they pose to the successful integration into the target market by the company. As soon as the existing substitutes are identified, the organizations that come the closest in the task of meeting the target customers’ demands need to be taken into account. The information regarding the companies in question needs to be gathered and structured accordingly so that the firm’s leader could be able to identify their strengths and weaknesses, therefore, building a proper marketing and branding approaches.
Differentiating Brands Successfully
Helping the target customers recognize the products created by an organization is an essential step towards success. Indeed, taking a unique niche in the realm of global economy and being sure about the complete uniqueness of the goods produced is barely possible; therefore, the only step to be taken by a company to deliver an efficient performance is to carry out the process of brand differentiation. Typically defined as setting the company products aside from similar goods produced by competitors, the phenomenon in question allows an organization to cement its image in the minds of the target customers, therefore, making its products instantly relatable and easily recognizable.
To differentiate brands successfully in the environment of the global economy, one must create the gimmick that will turn the product into a unique offering that the target audience cannot possibly refuse from. To be more exact, the brand must make the brand meaningful by creating a legend that the firm can sell successfully. The legend, in its turn, has to be built based on the needs, requirements and specifics of the target population. For instance, when creating toys, an organization should consider the existing possibilities for appealing to girls and to boys by developing two lines of products differentiated by their color (pink, yellow and orange being defined as “girly” and blue, red and green identified as “boyish”).
Small Businesses: Difference Between Positioning and Branding
On a global scale, the difference between positioning and branding is rather basic and quite obvious, according to the principles of operating in the global economy. Unlike huge corporations, small businesses are hardly able to develop a strong brand that will become a household name for the target population; therefore, the line between product positioning and its further branding may be somewhat blurred in the specified scenario.
Nevertheless, when it comes to defining the phenomenon of branding for small firms, the concept of the subject matter boils down to attracting the target audience with the help of a unique gimmick that sets the company’s product aside from similar ones produced by other organizations. Positioning, in its turn, is identified as the location of the market niche and the target population, which the firm in question is going to cater to. Herein the key difference between the notions under analysis lies; unlike branding, which presupposes that the approaches for promoting a specific product should be identified, positioning involves the location of the niche that the organization may take to feel secure.
Works Cited
Brown, Simon and Suzan Ponsonby-McCabe. Brand mascots and other marketing animals. New York City, New York: Routledge, 2014. Print.
Gazzola, Patricia and Gianluca Colombo. “Ethics and CSR: the strategy debate.” Confluências | Revista Interdisciplinar de Sociologia e Direito 16.1 (2014): 84–98. Print.
Gross, Philip. Growing Brands Through Sponsorship: An Empirical Investigation of Brand Image Transfer in a Sponsorship Alliance. New York City, New York: Springer, 2014. Print.
Hubschmidt, Elena. Shaping Efficient Employer Branding Strategies to Target Generation Y. A Cross-National Perspective on Recruitment Marketing. Peterlang: New York City, New York, 2014. Print.
Samanta, Ireme. Strategic Marketing in Fragile Economic Conditions. Hershey, Pennsylvania: IGI Global, 2014. Print.
Simon, Hermann. Hidden Champions of the Twenty-First Century: The Success Strategies of Unknown World Market Leaders. Berlin: Springer, 2009. Print.
Appendix A
