Positioning Statement and Motto

By now you should have begun working on Week 4 Assignment: Positioning Statement and Motto, due next week. You should have already selected your business and completed the first section, Target Market/Users in Week 2.
If you have not done so, review the course guide to understand the assignment expectations and budget your time accordingly. Be sure to carefully review the grading rubric.
Use the following template for this assignment: Week 4 Assignment: Positioning Statement and Motto Template [DOCX] .
Download this template to your computer and Save As using the following identifier: LastName_FirstName_Week4_Assignment.
This week, we will focus on the second section: Competitors. For additional help with this section, review the following:
Chapters 3 and 4 in your textbook.
How to Build a Profitable Marketing Strategy. A solid marketing strategy is essential to succeed.
Competitors
Who are your brand’s competitors? Assess who your business competes with for the same target market’s business. Consider the following:
Examine the direct competitors.
What businesses sell the same type of product? For example, McDonald’s, Burger King, and Wendy’s all sell fast-food hamburgers, so they would be considered direct competitors.
Examine the indirect competitors.
Indirect competitors sell in the same industry and are seen as plausible substitutes. For example, while McDonald’s sells fast food, they also compete with Outback Steak House, Olive Garden, and P. F. Chang’s. While these restaurants do not compete directly, as they offer different types of food and experiences, they do compete to get customers to spend their discretionary food dollars at their establishments.
Identify at least three direct and three indirect competitors for your selected business. Explain why you consider these competitors.
Determining Your Product Category
What product category does your brand fit in? McDonald’s golden arches are familiar worldwide. They offer fast food, ready to eat in minutes.
Explain which category your brand belongs in, and why.
Understanding Customer Frame of Reference and Comparing Brands
What frame of reference will customers use in making a choice to use/purchase this brand/service?
Who will they ask about this product before purchasing? What frame of reference will help them decide if they want to purchase? Is it their social media friends? Co-workers? Family? Online product reviews? Chat rooms? Once you label your references, explain why you think these people are able to influence the consumer’s purchase of this product.
What frame of mind are these customers in? What are they considering when making this purchase? Is it an impulse purchase, such as “I’m hungry, oh look there is a McDonald’s?” Or, is it an informed and investigated purchase such as, “I’m taking my partner out for a special dinner; where’s the nicest place I can go?”
What other brands/companies might customers compare this brand to?
What brands might customers consider before making a final purchase? For example, McDonald’s Quarter Pounder or Burger King’s Whopper? If you were looking for athletic shoes, you might compare Nike to Adidas. What brand would be a possible substitute brand for your business? Why?