more successful that "me too" products. It is impossible to pursue every market opportunity so you must make strategic choices based on customer needs, competitive opportunities, corporate objectives, and your firm's financial, technical, and marketing resources.Product PositioningYou may accomplish an effective position by searching out unique marketing advantages, seeking new market segments that competitors are not, or developing new approaches to old problems. Your position must be based on real (e.g., lower cost, superior quality) or intangible (e.g., company reputation) competitive advantage. Product positioning is an important strategy for achieving differential advantage. Positioning reflects the "place" a product occupies in a market or segment. A successful position has characteristics that are both differentiating and important to consumers.Every product has some sort of position-whether intended or not. Positions are based upon consumer perceptions, which may or may not reflect reality. A position is effectively built by communicating a consistent message to consumers about the product and where it fits into the market-through advertising, brand name, and packaging.Positioning is inextricably linked with market segmentation. You can't define a good position until you have divided the market into unique segments and selected your target segments.Brand Equity and Image AssessmentThe most important assets of any business are intangible-including its base of loyal customers, brands, symbols, and slogans-and the brand's underlying image, personality, identity, attitudes, familiarity, associations, and name awareness. These assets-along with patents, trademarks, and channel relationships-comprise brand equity, and are a primary source of competitive advantage and future earnings.The brand is a distinguishing name and/or symbol (logo, trademark, or package design) intended to identify the origin of the goods or services-an...
