The way a product is postioned also helps with the overall advertising strategy.
Creating a differentiator is important in allowing the product to stand out from its competitors. Use your strengths, weakness, opportunities, and threads (SWOT) analysis to review your company's competitors. Aproduct is positioned in the marketplace by using logos, slogans, and other marketing messages. Each product has a positioning statement.
1. The first step in positioning a product is to write a product positioning statement.The statement identifies the following: (a) Your target customers (b) Your value proposition to your customers (c) Your product's key competitors, (d) Key benefits of the product. Why your product is different.
2.Choose the 2 top brands from your selected company. Research the features and benfits of the products. Also, research your company's Web site to find out how the product or brand is perceieved by the customer.
3. Write your product positioning statements to include the following: (a) Who your target customer is (b) What the customers are needs (c) The name of the product (d) The name the product (e) The Key benefit of the product for the customers (f) The main competing product. How is the product different from the competition.
4. Also, incorporate the following information: (a) Aphoto of each product and, if available, the logo or slogan that is associated with the product. (b) Abrief description of each product and have it is currently positioned in the marketplace. Does each product match its target markets? (c) The product's 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?