Table of Contents
- Introduction
- Defining Product Positioning
- Importance of Product Positioning
- Steps in Product Positioning
- Examples of Product Positioning
- Conclusion
Introduction
Marketing management is an essential aspect of any business. It involves identifying customer needs and wants, developing products that meet those needs and wants, and promoting those products to the target market. One of the key concepts in marketing management is product positioning. In this blog article, we will discuss what product positioning is, why it is important, the steps involved in product positioning, and some examples of product positioning.
Defining Product Positioning
Product positioning is the process of creating an image or identity of a product in the minds of the target market. It is about identifying the key benefits of the product and communicating those benefits to the target market in a way that differentiates the product from its competitors. Product positioning involves identifying the unique selling proposition (USP) of a product and using that USP to create a distinct image of the product in the minds of the target market.
Importance of Product Positioning
Product positioning is important because it helps businesses to differentiate their products from those of their competitors. By creating a unique image of their products in the minds of the target market, businesses can increase the perceived value of their products and charge higher prices. Product positioning also helps businesses to target specific segments of the market and develop products that meet the specific needs and wants of those segments.
Steps in Product Positioning
The following are the steps involved in product positioning:
- Identify the target market
- Identify the key benefits of the product
- Identify the unique selling proposition (USP) of the product
- Create a positioning statement that communicates the USP of the product to the target market
- Develop a marketing mix that supports the positioning of the product
Examples of Product Positioning
Some examples of product positioning include:
- Apple – “Think Different”
- Coca-Cola – “The Real Thing”
- Nike – “Just Do It”
- BMW – “The Ultimate Driving Machine”
Conclusion
Product positioning is an essential concept in marketing management. It involves creating a unique image or identity of a product in the minds of the target market. By differentiating their products from those of their competitors, businesses can increase the perceived value of their products and target specific segments of the market. The steps involved in product positioning include identifying the target market, key benefits, unique selling proposition, creating a positioning statement, and developing a marketing mix that supports the positioning of the product. Some examples of product positioning include Apple, Coca-Cola, Nike, and BMW.