Final answer:
Positioning is the marketing strategy that creates distinct brand images or personalities to set a company apart from competitors, which is a part of product differentiation. This includes physical, location, intangible aspects like quality reputation and services, and consumer perceptions often shaped by advertising.
Step-by-step explanation:
The process that marketers use to develop unique brand images or personalities to stand out from their competitors is known as positioning. This strategy is a part of product differentiation, which involves actions taken by firms to lead consumers to perceive their products as distinct from the competition's offerings. Differentiation can be achieved through various means, including the physical aspects of the product, the location from which it is sold, intangible aspects such as guarantees of satisfaction, a reputation for high quality, and additional services, and lastly, through the perceptions held by consumers, often influenced by advertising.
Intangible aspects can significantly differentiate a product. These can be things like a guarantee of satisfaction, a reputation for high quality, services like free delivery, or providing a loan for the product purchase. Consumer perceptions shaped by marketing efforts, even when there's no discernible difference in the product, also play a crucial role in differentiating products. An example of this is how some people may have strong preferences for certain brands of ketchup or mayonnaise due to advertising, even though they might not be able to tell the difference when blindfolded.