Explain the Steps That Marketers Can Follow to Derive a Perceptual

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The Answer is To derive a perceptual map,marketers follow six steps. 1.Determine consumers' perceptions and evaluations of the product or service in relation to competitors': Marketers determine their brand's position by asking consumers a series of questions about their and competitors' products. 2.Identify the market's ideal points and size: On a perceptual map,marketers can represent the size of current and potential markets. 3.Identify competitors' positions: When the firm understands how its customers view its brand relative to competitors',it must study how those same competitors position themselves. 4.Determine consumer preferences: The firm knows what the consumer thinks of the products or services in the marketplace and their positions relative to one another.Now it must find out what the consumer really wants-that is,determine the ideal product or service that appeals to each market. 5.Select the position: A company could develop a new product to meet the needs of the market.Alternatively,it could adjust or reposition its marketing approach.Finally,it could hope that consumers will be attracted to the product they currently produce because it is closer to their ideal product than anything else on the market. 6.Monitor the positioning strategy: Markets are not stagnant.Consumers' tastes shift,and competitors react to those shifts.Attempting to maintain the same position year after year can spell disaster for any company.Thus,firms must always view the first three steps of the positioning process as ongoing,with adjustments made in step 4 as necessary.

Explain the Steps That Marketers Can Follow to Derive a Perceptual

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