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The example below describes Coca-Cola’s repositioning of Mother Energy Drinks: Many companies, instead of repositioning, choose to launch a new product or brand because of the high cost and effort required to successfully reposition a brand or product. Repositioning is usually done due to declining performance or major shifts in the environment.
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Market repositioning is when a company changes its existing brand or product status in the marketplace. Through the preceding steps, you should achieve an understanding of what your company is, how your company is different from competitors, the conditions of the marketplace, opportunities in the marketplace, and how your company can position itself. Identify the conditions of the marketplace and the amount of influence each competitor can have on each other. Identify your existing market position and how the new positioning will be beneficial in setting you apart from competitors. Focus on your strengths and how they can exploit these opportunities. Determine company uniqueness by comparing to competitorsĬompare and contrast differences between your company and competitors to identify opportunities.
#POSITION DEFINITION HOW TO#
How to Create an Effective Market Positioning Strategy?Ĭreate a positioning statement that will serve to identify your business and how you want the brand to be perceived by consumers.įor example, the positioning statement of Volvo: “For upscale American families, Volvo is the family automobile that offers maximum safety.” 1.
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This map is for illustrative educational purposes only. The map allows you to identify how competitors are positioned relative to you and to identify opportunities in the marketplace.Īn example of consumers perception of price and quality of brands in the automobile industry are mapped below: Competitors: Making consumers think that your brand/product is better than that of your competitorsĪ perceptual map is used to show consumer perception of certain brands.Product use and application: Associating your brand/product with a specific use.Product quality: Associating your brand/product with high quality.Product price: Associating your brand/product with competitive pricing.Product attributes and benefits: Associating your brand/product with certain characteristics or with certain beneficial value.There are several types of positioning strategies. A fast-food restaurant chain may position itself as the provider of cheap meals.
#POSITION DEFINITION TV#
A TV maker may position its TV as the most innovative and cutting-edge.A handbag maker may position itself as a luxury status symbol.The objective of market positioning is to establish the image or identity of a brand or product so that consumers perceive it in a certain way. Market Positioning refers to the ability to influence consumer perception regarding a brand or product relative to competitors.