The act of building the company's image and value in the market is called positioning. It also reveals the act of designing the product's image in the target market. More specifically, product positioning can ve defined as the place a product occupies in consumers' minds relative to competitors' offerings.
The objective of a positioning strategy is to have the brand favorably perceived by the people on the target. Two firms may have the same positioning strategy if their marketing offerings are perceived to be identical. Buyers perceive marketing offerings in different positions. Some of the widely accepted positions that a marketer can create in the mind of customers are listed below:
Low-price position
HIgh-price position
High-service position
Advanced-technology position
Positioning decisions (Types of Positioning) are:
Positioning on specific product features
Positioning on benefits, problem-solution, or needs
Position on specific usage occasions
Positioning for user category
Positioning against another product
Product Positioning Process:
Identification of the actual companies
Understand how the competitors are perceived and evaluated
Determination of the competitors' position in the market
Analysis of the customers' objectives, preferences, tastes, problems, needs, etc.
