The market position of a brand, product, or service refers to its place in a crowded market. It is the reason why customers choose to buy a particular product, and it is determined by factors such as customer needs, customer perceptions, and the competitive advantages of a company. In other words, a market position is the space that an established brand, product, or service occupies in the market, and it is defined by the unique value it offers to customers and the ways in which it differentiates itself from its competitors. The following are common types of market position.
The mission, vision, concepts, visual symbols, ethics, culture, reputation and legacy of a brand. People buy what inspires them.
How well your brand is known. People will often buy what they recognize.
Relationships with customers. For example, a restaurant that has impressed thousands of customers over the years that enjoys repeat business and high ratings online.
Your prices. Price is one of the strongest types of competition. In many industries, customers typically purchase the lowest price item that meets a minimum level of quality.
The capabilities and performance of your products and services.
The value of your products and services including intangible elements such as experience and reliability.
Reaching your customers. Customers often buy from the most convenient location or from the salesperson who reaches out to them first.