Explain the concept of positioning and the steps marketers take to develop and implement a positioning strategy

What will be an ideal response?

A product's position is the way the product is perceived by a particular market segment. Positioning involves conveying the brand's unique benefits and differentiation to customers. To carry out effective positioning, a company should first analyze its competitors' positions. Then a company should identify the competitive advantages that can be built upon differentiation. The company must then effectively communicate and deliver the chosen position to the market through the marketing mix. Ultimately, a brand's position should deliver a valued benefit to the target, offer a superior benefit that can be communicated to consumers, and be affordable to the target.