Studies and analyses regarding variations between companies performing higher or lower regarding their marketing practices has helped out to assure that a central textbook marketing strategy principle; which is to achieve success regarding that in the long term the products and services of a firm have to be well ‘positioned’ in the market. This paper aims to highlight the common formulations or ‘anatomies’ for strategies and the isolation of some of the most important inclusions that were thought to be really important in achieving success. Just to bring some “flesh on the bones”, this article examines the method through which theory is translated into practice.
A Definition of Positioning Strategy
According to Doyle, (1983) positioning strategy refers to the selection of a marked market segment that shows all the customers a type of business that could seek out to serve and the option of choosing the differential advantage that explains the way it is going to compare against all its competitors in the same segment. It could be said from this definition that a positioning strategy applies mainly at a certain product’s level or/and service, working in the limits of a particular market and the fact that it should not really be mistaken with a wider concept of “corporate” strategy, or with any other concepts that are more specifically related to strategy such due to the fact that it could be related to every individual matter in the marketing mix, such as a “pricing” or “promotional” strategy.
The definition mentioned above shows that every positioning strategy could be fragmented down mainly into three sub-components interrelated to each other:
1) Customer targets;
2) Competitor targets; and
3) Competitive advantage.
As an addition...
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...analysis of a comprehensive situation of your competitors, yourselves or your market?
2) Is it possibly built near the significant strengths of your company?
3) Does it have the ability to define your customer targets precisely? With a precise knowledge of all the requirements that come along?
4) Does it appropriately inform you of your competitor targets, showing a coherent kind of competitive strategy?
5) Can it define precisely a competitive advantage that is sustainable?
6) Is it possibly actionable? Is it able to translate itself into a marketing mix of distinctive type?
As noticed earlier, the formulation of a marketing positioning strategy needs dedication and work from the respective strategist, like patience, creativity, ability, imagination and sheer instinct. It also requires awareness that some times, the best strategy might be not to enter the market.
Kerin, Roger A., and Robert A. Peterson. Strategic marketing problems: cases and comments. 12th ed. Upper Saddle River, N.J.: Prentice Hall, 2010. Print.
...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.
It is the market strategy which involves designing product features and image which are different from the other available products in the market so that your product is appealing over other products in the market. It is the strategy to plan where it has to be decided that how organisation wants a product to be perceived by the market. Positioning is related to Product features, Brand value and market demographics in the market. Target market for Mount Franklin water is specifically young females aged between 14-35 years. It positions the product as healthy alternate to other carbonated beverages.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Entering a new market is always a big challenge. And a company should pay attention to how its market strategy can be perceived by the customers and influence their awareness and loyalty to the products.
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.
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
Numerous definitions of strategy exist, in most circumstances strategy can loosely be explained as an overall plan of deployment of resources to ascertain a favourable position within a market (Zablah, Bellenger and Johnston 2004; Grant 1994, p 14). Further, imbedded in many successful organisations are strategies, the importance of which is to remain relevant in the market, and successful in the various attributes of business; profiteering, employee motivation, maintaining sustainable core competencies, effectiveness in operation, or efficiency in the conduction of operations. Therefore challenges involved in the formulation and implementation of a strategy can revolve around the overall external market, as well as internal
Arcading to Sue Pulendran marketing planning technology provides for decision-making that is more comprehensive. Marketing planning is a performance paradoxical that measures strategies for the market segmentation. The most important thing about strategic marketing positioning covers the business strategic positioning choice also each business has a different marketing strategy imposed to so that they can gain a competitive advantage over other business in the same market. Skype
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
There are a variety of challenges that firms may face when attempting to be the best in their specified industry. Economic and political challenges can make it difficult for companies to maintain a competitive advantage. In addition to maintaining a competitive advantage, some firms also find difficulty in keeping its branding alive and by attracting customers as their strategies, products, and management change over the course of time. Industries such as the automotive industry, healthcare industry, retail industry, and many more experience a variety of challenges based on their competition. Firms must create successful strategies in order to maintain competitive with their competition and in order to gain advantages in their industry (Hitt, 2013).
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
Eric H. Shaw, 2012, ‘Marketing strategy: From the origin of the concept to the development of a conceptual framework’, Journal of Historical Research in Marketing, Vol. 4, No. 1, pp. 30-55
There are various schools of strategy that have been vigorously debated on and after a consolidated effort; three schools of strategy were produced. They are the planning school, the positional school, and the resource based school of strategy (Ritson, 2013). All these strategies will be described with examples to buttress each.
As a result of an existing dynamic environment, the repositioning of a brand rep-resents a given advanced development of its positioning, according to Homburg and Krohmer (2006). As identified by Roosdorp (1998) repositioning is considered as the second phase of the positioning strategy itself (cf. Homburg/Krohmer 2006,