My reflection paper consists of information about:
• Perceptual Map to Reposition
• Products and Services
• Product Life Cycle
• Branding and Brand Management “Product positioning refers to the place a product occupies in consumers’ minds based in important attributes relative to competitive products (Kerin, Hartley, 256).” “Product repositioning can be identified by changing the place a product occupies in a consumer’s mind relative to competitive products (Kerin, Hartley, 256).” When referring to product positioning and product repositioning, we have something called a perceptual map. A perceptual map is a display in two dimensions the location of products or brands in the minds of consumer (Kerin, Hartley, 257). A perceptual map allows a manager to evaluate how consumers compete with different products or brands. A perceptual map can be considered a design that shows the average target market. With the perceptual map there are four steps to key position a product or brand fluently. The four steps consist of: identifying the important attributes for a product or brand class, next, discover how target customers rate competing products or brands with respect to these attributes, then discover where the company’s product or brand is on these attributes in the minds of
…show more content…
“The product life cycle describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline (Kerin, Hartley, 292).” Introduction is when the product is introduced, sales grow slower and profit is minimal. The second stage is called the growth stage. The growth stage is when sales increase because of new people using or trying the product. The third stage is called maturity, is the opposite of the growth stage because sales are increasing slowly at rates. The last stage is called the decline stage. The decline stage is when sales have drop due to the consumers or there is no use in the product
Hooley, G., Piercy, N. F., & Nicoulau, B. (2008). Marketing strategy and competitive positioning (4th ed.). Upper Saddle River, NJ: Pearson.
...ormance trend over time relative to the units sold net profit cost of goods sold gross profit, account balance, market share and advertising spending. The positioning map provided us information on the competitive positioning on price and product attributes. Those metrics were useful in the way that they allowed us to figure out how to position our product according to the image we needed to portray in the market.
According to Alvin J. Silk, a positioning statement is designed to define who are a company’s customers, what set of needs does the product fulfill, and why is the product the best one to fill those needs (2006, p. 90). I found this question challenging because a positioning statement should define “the place the firm wishes to occupy in its’ targe...
The positioning strategy that I think would be advantageous is using the marketing mix tools effectively. I think having an integrated and coordinated strategy for product, price, place, and promotion. Marketers can use this to maximize customers’ experiences and complete their process of positioning by outshining customer’s expectations in each area that is prominent to them. Fashion consumers want to change and seek what is new and exciting. A certain fashion doesn’t remain popular forever, so marketers need to anticipate and prepare for changes in consumer tastes.
The next step is the growth stage. In this stage product growth is monitored and big investments are made. Maturity stage the growth of the outputs is significant. For the company to ensure product survival in the market and gain a competitive advantage over competitors it has to incorporate product differentiation. The final stage involves product decline stage. In this juncture product sale goes down and the product identification
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
Product positioning - Refers to consumers' perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands. Our R&D department is doing tremendous job meeting all our customers’ expectations.
When creating a marketing mix for a product, the company needs to look at the 4Ps: product, place, price and promotion (Eugene McCarthy, 1960). “When considering the 4 P’s of the GoPro, it is clear that the company’s success has been due in large to such great marketing.” (Suki Chan, 2013)[1].
Competitive Positioning is defined as how you will differentiate your products or services thereby creating a value for in the market. A good positioning is influenced by market profile, customer segments, competitive analysis and methods of delivering value. (Marketingmo, 2014)
How to Position the Product in Relation to Other Products – Where to sell/to whom do you sell? The Right Marketing Mix – Is the product right? , Is it sold in the right market? right places? , At the right price?, Is the product promoted in the right places?
The activities consisted in the process of identifying a problem that has to be addressed in marketing or an opportunity to increase the brand image of a business or to increase sales volume by having an increased reach in advertising and formulating a strategy based on extensive market research, segmentation and supporting data is known as positioning in terms of marketing. Positioning is formulating a strategy using tactical development phases to carry out a goal to attain an organizational objective.
Brand positioning is nothing but position the brand in the market and how it is viewed by the customers in the market and it is created on the assumption that the customers will have the ability to decide which product to be bought and the message to be given to the in a particular way .And we have produce positive brands to gain more profit and we are capable of positioning the brand and how customers will adjust with brand that we have placed in the market.
Walmart’s throughout the United States continue to succeed. Two things that they continue to succeed at is telling the Walmart story in commercials, where we see they continue to lie and “staying the course.” Throughout the documentary they look into struggling families and how Walmart is a big factor in that. The Hunter family ran a hardware store by the name of H&H Hardware and after serving there town for 48 years had to close down due to the arrival of Walmart. Numerous other Mom and Pop businesses will continue to close down due to Walmart and the ability they have to drop sales and also knock the value down on numerous items. Due to most Walmart employees conscious, employees often have to stay late with no overtime pay due to the amount
Product positioning is to use certain features of the product to position against the product of competitor. With the help of this marketing activity, marketers can attract more customers by focusing of special features of their product.
Brand positioning refers to “target consumer’s” reason to buy your brand in preference to others. It involves identifying and determining points of similarity and difference to ascertain the right brand identity and to create a proper brand image. A significant differential advantage can lead customers to focus on product benefits other than price. Brand Positioning is the key of marketing strategy. A strong brand positioning directs marketing strategy by explaining the brand details, the uniqueness of brand and it’s similarity with the competitive brands, as well as the reasons for buying and using that specific brand. Positioning is the base for developing and increasing the required knowledge and perceptions of the customers. It is the single feature that sets your service apart from your competitors.