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Product Positioning Statements

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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 company’s competitors. A product is positioned in the marketplace by using logos, slogans, and other marketing messages. Each product has a positioning statement. • 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 product’s key competitors o Key benefits of the product o Why your product is different • 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 competitor’s product o Its key differentiation from other products • Choose the 2 top brands from your selected company. Research the features and benefits of the products. Also, research your company’s Web site to find out how the product or brand is perceived by the customer. • 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 • 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  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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