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Friday, 13 July 2012

Product Positioning Strategy Example

Start by defining each component of your product positioning provided in this example:
Pricing Example
Is your product a luxury item (Macy’s is an example of product positioning in the luxury market), direct cheap (example here would be a goodwill or value store, such as Ross or Marshall’s), or in the middle (Target’s product positioning is in the middle of the market).
Quality Example
What’s the overall quality of your product? How is your product positioning against the other products quality in your market? Total quality is a much used and abused phrase. But is your product well produced? Do you back your quality claim with money back guarantees?  Warranties?  Do you charge for those warranties?
Service Example
How does your strategy position your product in terms of service?  Do you offer the added value of customer service and support? Is your product customized and personalized?  Does the customer’s name appear when they log into your site?  How you deliver service to the customer is an important part of customer segments and customer relationships.
A good example of product service is support forums. Many companies are converting to these as means of service, and allow customers to help solve one anothers problems.
Distribution Example
What’s your strategy to help customers obtain your product? The channel or distribution is a very important part of product positioning.  You need to make it easy for customers to find your product, and it needs to be easy to deliver your product.
Product distribution channels can include partners, teams, and affiliates.  As well as internet marketing strategies.
Packaging Example
Packaging makes a strong statement. Make sure it’s delivering the message you intend.  Also, your product packaging is very important in appealing to customers.  Does it visually appeal to them?  How well is your product positioning against other’s in terms of your packaging?
Product Positioning is really just a competitive strategy for your product or service. What’s the one thing you do best? What’s unique about your product or service? Identify your strongest strength and use it to position your product.
A large part of your success as an Entrepreneur involves defining your product positioning, and developing a strategy around this. Developing a product positioning strategy can be challenge for any business. Especially a new business or start up; but this can apply to businesses repositioning themselves in the market as well.

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