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Product Positioning Part B

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15 views23 pages

Product Positioning Part B

Uploaded by

s2022005053
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Product Positioning, is a strategic activity explaining

where and how your product or service fits in the


current market place and why it’s better than other
alternatives.

The end goal is to determine your target audience,their needs and


how your product consult customer problems.The effective
product positioning helps the company to create a unique and
compelling identity for it’s offerings.Which can lead to increase
sales,Market Share and Customer loyalty.
Important Elements

Target Market : A Company must first udentify it’s target Market and ideal customer
segment,understanding the needs,preferences and behaviors of the customers.

Competitive Analysis : It is the Competitive landscape is essential and assess the


strength and weakness of the competitor’s product and their positioning strategies.

Unique Selling Proposition ( USP ) : The essence of what makes your


product or service better than competitors.
Messaging and Communication : The Marketing messaging and
communication channels use to promote the product should align with its positioning
strategy.The effective messaging should highlight the product with it’s unique benefits and
appeal to the emotions and aspirations of the target audience.

Price and Value : Price is another aspect of positioning a product price should be
consistent with it’s positioning

Distribution and Placement : The way a company ensures its target market or
markets have access to its products or services. The goal is to ensure that the customer has
access to the products or services a company sells in the location.

Consistency : It is the key in maintaining a product positioning over time.Any changes


in product features,pricing or messaging should be carefully evaluated to ensure that they don’t
undermined the establish position.
Problem and solution Positioning : Instead of focusing on the
product's performance and features, problem and solution positioning addresses a
customer's issue and provides a solution. To successfully implement this strategy, a
brand should understand why consumers seek a product or service and explain how an
offering can help them with their problems.
For example, prepackaged chopped vegetables solve the consumer's problem of time-
consuming food preparation in a snap.

Financial institutions, such as banks and mortgage brokers, often use this strategy. For
example, Cash App is a smartphone app that offers free money transfers between users.
It does this by giving each user a unique identifier called $Cashtag.
Product Differentiation Positioning :
Product differentiation is a positioning strategy that allows marketers to
create distinction of their product offerings in the minds of their target
market. Positioning of a product is the process that influences consumers'
perception of the product and will lead to consideration for purchase in the
competitive set

An example of product differentiation is when a company emphasizes a characteristic


of a new product to market that sets it apart from others already on the market. For
example, Tesla differentiates itself from other auto brands because their cars are
innovative, high-end, and battery-operated.
Niche Positioning
When you specialize in a specific niche, you position yourself as an expert in that area.
Customers who are passionate about that niche are more likely to choose your business
over a more general competitor, and they are also more likely to become repeat customers
and advocates for your brand.

Whole Foods. You likely don't think of Whole Foods as a niche business, but it
targets affluent, conscious consumers who place a premium on health and wellness.

The company has established itself as the leader in the organic and natural food segment
and has invested heavily in store quality and customer service. These factors differentiate
it from other grocers and they have fostered a relatively loyal customer base.
lifestyle positioning
To demonstrate specific culture or way of life. This type of positioning targets
customers with the same lifestyle and can relate to the kinds of personalities brands
show in their advertisements. This positioning presents a product or service as
having ideas, aspirations, and aesthetics that the target market may relate to.
Lifestyle positioning is based on the idea that specific foods, products, and
clothing can support people in becoming more aligned with their ideal selves. To
employ this strategy, you need to analyze the identities of your customer base and
target your efforts to attract these consumers.
Emotional positioning
Emotional positioning relies on building long-lasting relationships with the audience. To
leverage this strategy, a brand should focus on three core values: a friendly and open approach,
honesty, and competence. In addition, to develop a successful positioning strategy, marketers
should thoroughly understand the consumer emotions they are trying to appeal to.
Both positive and negative emotional triggers may impact how consumers feel about a brand
and influence their purchasing decisions. While creating their product positioning strategy,
marketers typically keep in mind the most common emotions, which include fear, guilt, a sense
of competition, love, and belonging. If you are launching a product or starting a business and
do not know what emotions trigger your audience, conduct market research, analyze your
competitors, and monitor comments on social media.
Dove creates advertising campaigns that appeal to
women’s natural beauty. The focus on the emotional
aspect allows the company’s audience to relate to the
message. Dove emphasizes that beauty should be a
source of confidence instead of fear, so the company
strives to educate young women on self-esteem and
healthy body image.
Celebrity-driven positioning
Celebrity-driven positioning implies leveraging the popularity of celebrities to
promote a brand. This type of positioning increases brand recognition and
awareness and attracts customers who are celebrities’ fans.
Geographic Positioning
In some cases products are positioned specifically
to certain Geographic market or region taking into
account needs or preferences.

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