Final answer:
The positioning and differentiation section of a marketing plan specifically answers 'What do you want to be known for?', focusing on how a company stands out and its unique value proposition. It involves strategic planning around market conditions and goals that are achievable and appropriate.
Step-by-step explanation:
The positioning and differentiation section of a marketing plan addresses the following question: What do you want to be known for? This section is crucial as it articulates how a company intends to stand out in the marketplace, determining its competitive edge and unique value proposition. Identifying the target market and deciding on the appropriate messaging that resonates with that audience helps to answer additional questions such as:
- Who is involved in achieving the marketing goals?
- What does the company want to accomplish through its marketing efforts?
- Where will the company focus its marketing activities?
- When does the company plan to achieve its marketing objectives?
- Why is the company choosing this particular positioning and differentiation strategy?
Moreover, to ensure the marketing goals are achievable and appropriate, strategic planning on how these objectives will be met is necessary. This involves considering the production and cost conditions of the firm, the market structure, and the relative market power the firm holds. The marketing plan should also detail how the firm's products or services meet the needs and wants of the targeted customer base, involving decisions on production processes, output levels, pricing strategies, and employment of labor.