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Research can be conducted to show how a product is perceived in the marketplace by its customers and potential customers.
Product positioning is vital to the strategic initiatives of the marketing plan. The way a product is positioned also helps with the overall advertising strategy. You will incorporate your product positioning strategy into your Key
Assignment in Week 4.
Creating a differentiator is important in allowing the product to stand out from its competitors. Use your strengths, weaknesses, opportunities, and threats (SWOT) analysis to review your company’s competitors. A product is positioned in the marketplace by using logos, slogans, and other marketing messages. Each product has a positioning statement.
The first step in positioning a product is to write a product position statement. Review http://www.woodsidefund.com/ent/articles/Your_Positioning_Statement.html for
more information about product positioning statements. The statement identifies
the following:
Your target customers
Your value proposition to your customers
Your product’s key competitors
Key benefits of the product
Why your product is different
An example of a positioning statement includes the following parts (Growth
Connection, n.d.):
What is for your customer
The reason to buy the product
The name of the product
The key benefit of the product
Difference from the main competitor’s product
Its key differentiation from other products
Choose the 2 top brands from your selected company. Research the features
and benefits of the products. Also, research your company’s Web site to find out
how the product or brand is perceived by the customer.
Write your product positioning statements to include the following:
Who your target customer is
What the customer wants or needs
The name the product
The key benefit of the product for the customer
The main competing product
How the product is different from the competition
Also, incorporate the following information:
A photo of each product and, if available, the logo or slogan that is
associated with the product
A brief description of each product and how it is currently positioned in
the marketplace. Does each product match its target markets?
The products’ current cost
Where the products are distributed
Add a section about how you can improve the positioning. What new target
markets should you reach out to and why?
800 to 1000 words
APA 6.0 REQUIRED
References REQUIRED
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