5.02 Explain product positioning

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Presentation transcript:

5.02 Explain product positioning

positioning Getting consumers to think of a product in a certain way. Ways to segment a market: Demographics Psychographics Geographics Behavioral Hybrid

Explain product positioning The consumers’ perception impacts image. Marketers must understand the consumer’s attitudes and needs affecting their perceptions of the product. Consumer perceptions are based on experiences. Products should be positioned based on image.

Explain Product positioning (continued) Niche Marketing Targeting an underserved market. Usually smaller markets with specific needs.

Explain Product positioning (continued) To increase market share, companies may choose to utilize a multi-positioning strategy.

Product Life Cycle Strategies M G Product Life Cycle Strategies D I Introduction stage: stimulate consumer interest and create awareness. Growth stage: stress benefits of a product over its competitor’s products. Maturity stage: repositioning a product. Decline stage: greatly reduce marketing or drop product due to poor sales.