While preparing a positioning map, one needs to prepare a map that shows consumer's perception of the company's brand against the competitive product in the market.
What is a positioning map?
Positioning map is a tool commonly used by people who are marketing or working with the product they are trying to market. The idea is that everyone perceives a particular product differently. Positioning map helps the organization in knowing the actual position of the brand in the competitive marketplace.
What do you mean by consumer's perception?
Customers' awareness, impressions, and views about your business, products, and brand are referred to as "customer perception." Multiple factors influence customer perception, including direct and indirect experiences with your services.
What is a brand?
A brand refers to an intangible concept of marketing or business world that allows people to recognize a firm, a product, or a person. A product, business, or person's brand is how those who interact with it are perceived.
What is competitive product?
Any good or service created, acquired, sold, or distributed by the company is regarded as a competitive product if it directly or indirectly competes with, is strikingly similar to, or reasonably replaces any good or service in the company's analysis, evolution, or style.
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