Consumer Behavior - Market Positioning
Market Positioning means selecting a marketing mix that is most suitable for a target market segment. The following illustration shows a product positioning map.
The position of a product is the sum of those attributes normally recognized by the consumers − its position, quality, quantity, the type of people, strengths, weaknesses, threats, etc. "A product's position is how potential consumers see the product", and it is expressed proportional to the position of the competitors.
Positioning is a podium for the brand. It facilitates the brand to get through the mind of the target consumer groups. The position of a brand has to be diligently guarded, maintained, and managed.
Example − Watches like “Guess” are positioned as luxury brands, thus they are quite expensive and treated as a status symbol. If Guess reduces its prices, it loses its real image and potential customers.