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In marketing, Positioning is a model that creates a framework for the business, and notifies the business about the strategies to be used to market the products or services to its customers. The product or service trademark identification is obtained through positioning, when the product comes into the market. Positioning requires that the business initially differentiates between a product and a service before launching them. Audience plays an important role in positioning, as the marketing teams create promotional activities based on the audience. The marketing strategy can be more effective depending on a powerful positioning plan, as a decent positioning approach stimulates the promoting efforts, and assists the consumers transfer from the facts of a product or service to its buying. This paper describes about positioning, and defines the positioning elements in respect to JP Morgan Chase; a leading global financial services firm.
JP Morgan Chase: The Largest Banking Institution
JP Morgan Chase (JPMC) is a significant leading international financial firm, a prominent security and depositary bank that is distinctively positioned to deliver its customers with an accurately unified equity solution. The company connects the customers with a far-reaching network of buy-and-sell-side market participants, and also provides access to Investor Relations and Capital Markets professionals. These professionals are well trained to guide the customers’ professionally in growing the depositary receipt programs. A depository receipt represents ownership of equity shares in a foreign company issued against ordinary shares held in custody in issuer’s home market . The company is as well positioned, to assist in advisory-based method that benefits to recognize and draw new investors, and strengthen the relationships with the current investors. JP Morgan suffices the global markets and financial institutions with its proven positioning strategies.
Systematic Investigation of Positioning and Segmentation
Positioning strategies are dependent upon when the brand is introduced and how marketing communications are managed . Effective positioning can be achieved through variations such as product differentiation, image differentiation, personnel differentiation, and service differentiation. These elements of positioning are concerned about how the customers perceive the competing companies, products, services or brands in various market places. Positioning can apply to companies, brands, products and services offered. Brand positioning is about establishing a core promise within the marketplace and relevant to a target constituency, which enables a brand to function on rational and emotional level .
Product. The diversity of differentiating a product or service from others, to make it more attractive to a specific audience is known as product differentiation. The Asset Management provided by JPMC is unique from other competitors, and the investment managers have in-depth knowledge, and expertise in every single key asset class and market. The range of investment funds and strategies that are set apart in JP Morgan, assist diverse investors to connect to the prospects of asset market.
Image. JPMC has developed a respected brand that reflects its quality and brilliance in the financial market. JP Morgan merged with Chase and became the second largest bank holding in United States. JPMC has positioned itself through image differentiation in the financial market by understanding the business, knowing its competitors, risks of replacements, and investor entry obstacles. JPMC simplifies its learning curve that positions its image in the market, by providing authority in this domain that allows it to challenge other competitors, and set its position in fundamental markets. The positioning and brand design approaches in JPMC shaped the basis to create a new realistic identity system that was applied to the writing materials, print security, and internet applications. The brand image represents the essence of all the impressions or imprints about the brands that have been made on the customer’s mind
Personnel. Once the company’s positioning strategy is developed, the message content must be created by the company to deliver the positioning strategy to the present and prospective customers. JPMC positions itself as a leading financial asset management institution by its tag line “The right relationship is everything”. This is a good example of using personnel differentiation as a positioning strategy. These messages need to be transferred to the customers using operational media strategies, and the impact varies depending on the users and non-users.
Service. Customers are delighted when high priority is given to customer service, both in organization strategies, and the actions taken in the market. The two conditioning factors targeted in a market space are, the type of customers that need to be serviced, and the unforeseen competition . JPMC’s service history is reflected in their expertise from the past 150 years. Their consulting service, speed and accuracy in delivery, and customer training are unmatched with any other competitor in the banking sector. Engaging consumers in new and challenging experiences places an importance on the service element of organizational offerings. JPMC implements a personal-banker mode of organization where customers can get individualized service from the trained banker at the right occasions.
Discussion. In the process of positioning the brand, it is essential to realize that the target market changes on a regular basis. The company must learn to assess the marketplace, and know more about the potential customers, especially those who would add value to the brand in the future. The positioning strategies do not conclude with the elements mentioned above, and it is a good approach to re-visit these positioning strategies to strengthen the determination.
References
Dahlen, M., Lange, F., & Smith, T. (2010). Marketing Communications: A Brand Narrative Approach (illustrated, reprint ed.). John Wiley & Sons.
Sengupta, S. (2005). Brand Positioning: Strategies for Competitive Advantage (illustrated ed.). Tata McGraw-Hill Education.
Vishwanath, R., & Krishnamurti, C. (2009). Investment Management: A Modern Guide to Security Analysis and Stock Selection. (Illustrated, Ed.) Springer.
