Objectives of the study are:
1. To examine the marketing strategies available to companies in the early stages of market diversification.
2. Identification of the target market
3. To explore product positioning recommendations.
4. To consider how positioning is reflected in and built through the marketing strategy.
Target of the study
To introduce the concept of product positioning, branding and International market entry in emerging markets.
Introduction to the subject areas dealt with in the study 1.market positioning
2. market penetration
Although there are different definitions of Positioning, probably the most common is: "A product's position is how potential buyers see the product", and is expressed relative to the position of competitors. Positioning is a concept in marketing which was first popularized by Al Ries and Jack Trout in their bestseller book " Positioning - a battle for your mind". They iterate that any brand is valued by the perception it carries in the prospect or customer's mind. Each brand has thus to be 'Positioned' in a particular class or segment. For example, Mercedes is positioned as a luxury brand, and Volvo is positioned for safety. The position of the brand has to be carefully maintained. When Marlboro reduced its prices, sales dropped immediately because its customers began associating it with the generic segment. Rolex watches are even more dramatically positioned as a luxury items, and have become a symbol for accomplishment in life. If Rolex reduces its prices, it will reduce brand cachet and sales. This differs slightly from the context in which the term was first published in 1969 by Jack Trout in the paper "Positioning" is a game people play in today’s me-too market place" in the publication Industrial Marketing, in which the case is made that the typical consumer is overwhelmed with unwanted advertising, and has a natural tendency to discard all information that does not immediately find a comfortable (and empty) slot in the consumers mind. It was then expanded into their ground-breaking first book, "Positioning: The Battle for Your Mind", in which they define Positioning as "an organized system for finding a window in the mind. It is based on the concept that communication can only take place at the right time and under the right circumstances. " What most will agree on is that Positioning is something (perception) that happens in the minds of the target market. It is the aggregate perception the market has of a particular company, product or service in relation to their perceptions of the competitors in the same category. It will happen whether or not a company's management is proactive, reactive or passive about the on-going process of evolving a position. But a company can positively influence the perceptions through enlightened strategic actions. Product positioning process:
Defining the market in which the product or brand will compete (who the relevant buyers are) 2.
Identifying the attributes (also called dimensions) that define the product 'space' 3.
Collecting information from a sample of customers about their perceptions of each product on the relevant attributes 4.
Determine each product's share of mind
Determine each product's current location in the product space 6.
Determine the target market's preferred combination of attributes....
Please join StudyMode to read the full document