11 Jul 2020 | 0
In today's world, markets play a very important role in a common man's life. Its main duty is to provide us the essential commodities required in our day-to-day life. It can be defined as a mixture of various systems, social relations, and institutions where different groups get involved in the process of exchange. They work in different places with various rules and contribute to the economy of a country.
The system of buying and selling of products goes through some major procedures and the one most important step among these is evaluating product positioning. But at first, it is important to know what is product positioning. It can be defined as a marketing system that shows the uses of a product to a large group of customers. It is done to get a positive response to the product. It is an important procedure as it makes people aware of the benefits of a particular product which is different from the same kind of products available in the market.
To evaluate the positioning of a product, the first necessary requirement is to have a proper evaluation of market research. This is affected by the competition at a marketplace, corporate goals, and strength of an organization. Here is the step-by-step process of evaluating product positioning -
1. SEGMENTING : The process of product positioning starts with the identification of subgroups at the base of the consumer and the market. It goes through collecting consumers who have the same preferences. A permanent way has not been fixed yet for this process as this depends on various analyses about the preferences of a customer.
2. TARGETING : It is the system of calculating the amount of attraction towards a product and the capability of the segments that have been identified. The segments can be identified on the basis of norms like size, response, benefits, and access. Once the verification of the attraction level of a product is complete, we can proceed towards the system of marketing of those products.
3. POSITIONING OF PRODUCTS : The positioning of products is an important step in this process and this is where we need to find out the marketing strategy of the segments. It describes the uses of a product. We learn how to reach the groups and elaborate on the benefits after properly knowing and analyzing the quality of that product.
4. CUSTOMER SEGMENT : Marketing personas can prove to be helpful to properly understand the segments. This is also useful in understanding the group at levels like their interest in other kinds of products and brands and what kind of things they like to purchase the most. It depends completely on the process of the segmenting which determines that whether it will be a simple system or it will need a different approach.
5. CHANNELS FOR THE SEGMENTS : It is important to know how to reach the customer groups if we have a keen interest in target marketing. Creating a group on a social networking site can be helpful in finding out the sites where advertising of products is done. This is beneficial for those who discuss their strategies in different forums and blogs instead of common sites like Facebook and Twitter.
6. REVIEW OF THE TARGET SEGMENT : The advertising of products will bring out the reviews from each and everyone out there. Normal analysis of the product by a customer will show the problems and various issues and this will also increase the chances of improvement in the making of the product.
7. COMPETITIVE LANDSCAPE : It is important to discuss the problems associated with the category of the product instead of understanding the issues of one particular product. This can also show the areas of benefit and the most useful tool is the competitor analysis. This can help to understand the strategies of the rival brands and how they are staying ahead in the market.
It can be said that evaluating product positioning is a very useful tool to increase the sale of a product in the market. It is also beneficial for different brands to increase their profits. In today's competitive world, adopting this strategy can help build strong markets for a product.