Market Positioning Strategy
Marketing position refers to how a business wants consumers to perceive its service or product in relation to the perception they have about products offered by other competitors. Whether a business is proactive or not, passive or reactive about the process of sustaining and developing a market position, marketing position will take place. The perceptions consumers have about the products or services offered by a business can be changed through the implementation and development of market positioning strategies.
When developing market position, it is important to choose the most meaningful, unique and persuasive points of different that will make it possible for the business to compete with competitors. In simple terms, positioning refers to how a business wants consumers to view it products and it is about conveying messages about the services and products offered by the business to the target market in an effective manner.
In order to develop a market positioning strategy, the first thing any business needs to do is market research. It is important to find out the features consumers in the selected market segment feel the services or products offered should have. This stage is all about researching general features and not those that are offered by specific brands for instance television features, smart phone and washing up powder features.
Once the features are identified, the next step is analyzing how consumers rank the features in order of importance and make the list of products that have the preferred features. Finally, a positioning should be drawn that shows the preferred product features and the products offered by competitors. For purposes of comparison, businesses are advised to place the products they have to offer on the map as well.
This makes it possibly to see how products offered by competitors are positioned in the chosen market segment and where the product offered by the business is placed currently as well as the decisions that need to be made in order to position the product at an advantage.
Development of a market positioning strategy is dependent on how firms have positioned themselves. They can either choose a position that places them in the same segment as competitors which is known as a ‘me too’ strategy or one that positions them away from competitors.
To offer a benefit that is superior that what is offered by competitors, a business should choose a marketing mix strategy that is unique. It is therefore important for businesses to understand what they are up against as well as what their consumers are looking for in order to adequately meet their needs.
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