Market Positioning Class 11
Meaning of Market Positioning
As done in Positioning the Product – Class 10
Steps in the Positioning Process
Following steps are to be taken in the process of positioning a product in the market:
- Identification of Competitive Products
Company should find a set of competitive products serving their target market. Understanding the competition helps in differentiating their product.
2. Determination of Product Attributes
It is important to identify the key attributes that define the product space. This helps in positioning the product effectively.
3. Collection of Customer Perceptions
Firm needs to gather data from customers and potential customers on how they perceive each product based on key attributes. This provides valuable market insights.
4. Assessment of Current Positioning
Company should determine their product’s current position in the market and how strongly it is positioned based on the identified attributes. This aids in understanding their market stance.
5. Identification of Customer Preferences
Finding out the most preferred combination of attributes that customers desire helps in aligning the product with market needs.
6. Evaluation of Market Fit
Comparing the preferences of different market segments with the product’s current position helps identify gaps and opportunities for new product placements.
7. Creation of Positioning Statement
Writing a clear positioning or value proposition statement guides the marketing strategy. This statement communicates the product’s unique value to the target audience.
Market Positioning Class 11
Bases of Market Positioning
Main bases of positioning are the same as discussed in Class 10
For more guidance in this regard following examples from real life may be studied. It can be seen how some of the well-known companies have positioned their products. It is equally applicable to industrial goods and for services like products.
Product Attributes
Amul is positioned as a trusted, high quality dairy brand in India. Their focus on purity and freshness differentiates them from competitors.
Price
Parle-G biscuits are positioned as an affordable, everyday snack. Their competitive pricing makes them accessible to a wide audience.
Place (Distribution)
Reliance Jio extended their distribution networks to position itself as a widely available and affordable telecom service provider.
Promotion
Nykaa uses targeted promotions to position itself as a go-to beauty and wellness destination for modern Indian women.
Quality
Sabyasachi is positioned as a luxury fashion brand, emphasizing high-quality craftsmanship and traditional Indian designs.
Customer Service
Zomato positions itself as a reliable food delivery service with excellent customer support, ensuring a seamless ordering experience.
Innovation
BharatPe positions itself as an innovative fintech solution for small businesses, offering easy-to-use digital payment services.
Brand Image
Cafe Coffee Day (CCD) positions itself as a premium coffeehouse chain, creating a cozy and upscale ambiance for customers.
Unique Selling Proposition (USP)
Licious uses the Nakhre campaign to position itself as a premium meat and seafood brand, highlighting freshness and quality.
Some more examples of bases used for Positioning a product:
Competitors – Walmart -- Save money. Live better.
Application – Health insurance companies -- Experience, Wellness. Everywhere.
Product User – Crane’s stationery -- for the writer somewhere in each of us.
Product class – BMW, the -- ultimate driving machine.
Dreams – Honda Motorcycle & Scooter India (HMSI) – Sach kar denge sapne.
Completeness – Raymond -- complete man.
First-mover – Compaq was the first brand to introduce a portable PC.
Distribution – Dell focused on selling computers directly to businesses only.
Exclusivity -- Toshiba focused only on laptop computer.
Health -- Dhara Oil’s
Personalisation -- Ford India
Thus, every company can follow their own but different basis for their Market positioning.