800 -1000 words Research can be conducted to show how a product is perceived in the marketplace by its customers and potential customers. Product positioning is vital to the strategic initiatives of the marketing plan. The way a product is positioned also helps with the overall advertising strategy. You will incorporate your product positioning strategy into your Key Assignment in Week 4. Creating a differentiator is important in allowing the product to stand out from its competitors. Use your stregnths, weaknesses, opportunities, and threats (SWOT) analysis to review your companyâ€™s competitors. A product is positioned in the marketplace by using logos, slogans, and other marketing messages. Each product has a positioning statement. â€¢ The first step in positioning a product is to write a product position statement. Reviewhttp://www.woodsidefund.com/ent/articles/Your_Positioning_Statement.html for more information about product positioning statements. The statement identifies the following: o Your target customers o Your value proposition to your customers o Your productâ€™s key competitors o Key benefits of the product o Why your product is different â€¢ An example of a positioning statement includes the following parts (Growth Connection, n.d.): o What is for your customer o The reason to buy the product o The name of the product o The key benefit of the product o Difference from the main competitorâ€™s product o Its key differentiation from other products â€¢ Choose the 2 top brands from your selected company. Research the features and benefits of the products. Also, research your companyâ€™s Web site to find out how the product or brand is perceived by the customer. â€¢ Write your product positioning statements to include the following: o Who your target customer is o What the customer wants or needs o The name the product o The key benefit of the product for the customer o The main competing product o How the product is different from the competition â€¢ Also, incorporate the following information: o A photo of each product and, if available, the logo or slogan that is associated with the product o A brief description of each product and how it is currently positioned in the marketplace. Does each product match its target markets? o The products’ current cost o Where the products are distributed ï‚§ Add a section about how you can improve the positioning. What new target markets should you reach out to and why?
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