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Effective Product Positioning for Target Audiences

Learn about product positioning and market segmentation to effectively target different audiences. Explore the importance of marketing mix, value-added features, and SWOT analysis for competitive advantage. Develop a strong marketing plan based on a clear mission statement.

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Effective Product Positioning for Target Audiences

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  1. WOW 8 Product

  2. Amarketing technique intended to present products in the best possible light to different target audiences. • positioning has come to mean the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization. Product Positioning

  3. A marketing term referring to the grouping of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action.  • For example, an athletic footwear company might have market segments for basketball players and long-distance runners.  As distinct groups, basketball players and long-distance runners will respond to very different advertisements.  • This is an early step in the positioning of products Market Segmentation

  4. A group of related products manufactured by a single company. • For example, a cosmetic company's makeup product line might include foundation, concealer, powder, blush, eyeliner, eyeshadow, mascara and lipstick products that are all closely related. The same company might also offer more than one product line. The cosmetic company might have a special product line geared toward teenagers and another line geared toward older women Product Line

  5. A recently formed or incorporated entity that has been in operation for less than one year. Start Up Enterprise

  6. Outlines a company's overall marketing efforts. • Marketing process can be realized by using the marketing mix (4 P’s) Marketing Plan

  7. Refers to "extra" feature(s) of an item of interest (product, service, person etc.) that go beyond the standard expectations and provide something "more" while adding little or nothing to its cost • Gives competitive edges to companies Value Added

  8. SWOT Analysis is a useful technique for understanding the Strengths and Weaknesses of a company, and for identifying both the Opportunities and Threats that company faces SWOT Analysis

  9. a statement of the purpose of acompany or organization. The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. • Provides "the framework” or context within which the company's strategies are formulated. Mission Statement

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