Market positioning is important for the success of any company as it would help the company to better sell its products by stressing on certain products’ attributes. As this concept is centered on achieving better market position is a matter of perception. The following essay is focused on how to better position a company’s product or service using powerful strategies.
To begin with a company is first of all required to do complete analysis about target buyers and people who are involved in purchase decisions. This enables it to think through the issues of a product or service and incorporate the ideas of real users into its offering. It is prudent to think through these issues in order to create the perception a company desires.
The formula that leads a company to its ultimate success is:
For (target customer)
Who (statement of need or opportunity)
The (product name) is a (product category)
That (statement of key benefit – that is compelling reason to buy)
Unlike (primary competitive alternative)
Our product (statement of primary differentiation)
This marketing positioning formula guides a company to reflect on the targets and value of its business to a customer. (Geoffrey B.)
In positioning a product in the market, a variety of positioning strategies could be used by the marketing organization that could help them sell better which may include the following:
Product attributes. The organization that uses product attributes strategy uses one or more product attributes or features as the basis for positioning its product. The firm may also use a key benefit that the market is seeking as the basis of positioning their product.
Price and quality. Two of the key dimensions used by consumers in evaluating alternative brands is price and quality. Some firms use a high price such as premium pricing strategy to indicate that their product is high or superior quality. Other may use low price to indicate that their products are better than others at low prices.
Use or application. In use or application strategy products are positioned as the right product to use for a particular occasion or purpose.
User. This strategy is based on certain products being suited for certain users. For example, insurance policies that are specifically designed to senior citizens, such as Australian Pensioner’s Insurance Agency. (Mike F.)
Product class. When close substitutes exist, the firm may focus on the benefits its product class relative to other product classes to stress on the benefits of its own product class.
Competitor. Some firms deliberately compare themselves to competitors as a means of gaining the desired position for their product in the mind of the consumer. Many firms nowadays position themselves away from competitors, known as ‘comparative advertising’. However, comparative advertising seems to be accepted in some countries, this approach can ‘back-fire’ in Australia due to their notions of ‘fair play’. (Henry G.)
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