Criteria for Successful Positioning Following are the characteristics that are used to determine the criteria for successful positioning. Clarity The positioning idea must be clear in terms of both target market and differential advantage. The target market should be clearly demarcated and identifiable in terms of demographic or geographic parameters, or a combination of both. … Read more
Positioning, Differentiation and Marketing Mix A company’s offer has to be distinct from those of its competitors and should fulfill the requirements of the customers of its target markets. A company’s positioning is the result of whatever the company does. Marketing mix is the most tangible and the most flexible tool to create the desired … Read more
Elements of Positioning Positioning is the perception or the image that customers have of the company and its products. A company has to select the target market in which it will offer its products. It will have to determine the differential value that it will provide to customers to make the product attractive to them, … Read more
Product Mix Modifications A company’s product mix is never static. Customer’s preferences change, new customer segments emerge, and company’s competencies and priorities change. All these changes warrant a change in a company’s product mix. Product Mix Expansion Product mix expansion is achieved by increasing the depth within a particular product line i.e. new brands or … Read more
Defining Innovations Innovations may be looked at from various perspectives. The following classification presents the perspectives of the customer and the target market. Innovation from Customer’s Perspective Innovation can be of 3 types, on the basis of extent of change they cause in consumer’s existing habits. – Discontinuous innovations, Dynamically continuous innovations and Continuous innovations. … Read more
Product Life Cycle (PLC) A product is delivered to go through definite life stages, in the same manner as living organisms do. They are first introduced in the market and customers accept the product if they find it serving their needs. Sales grow rapidly. Finally everyone who need the product acquires it and sales plateau. … Read more