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800–1,000 words Details: Stand Alone: Make the Product Different
Research can be conducted to show how a product is perceived in the
marketplace by its customers and potential customers. Product
positioning is vital to the strategic initiatives of the marketing
plan. The way a product is positioned also helps with the overall
advertising strategy. You will incorporate your product positioning
strategy into your Key Assignment in Week 4. Creating a
differentiator is important in allowing the product to stand out
from its competitors. Use your stregnths, weaknesses,
opportunities, and threats (SWOT) analysis to review your company’s
competitors. A product is positioned in the marketplace by using
logos, slogans, and other marketing messages. Each product has a
positioning statement. The first step in positioning a product is
to write a product position statement. Review
http://www.woodsidefund.com/ent/articles/Your_Positioning_Statement.html
for more information about product positioning statements. The
statement identifies the following: Your target customers Your
value proposition to your customers Your product’s key competitors
Key benefits of the product Why your product is different An
example of a positioning statement includes the following parts
(Growth Connection, n.d.): What is for your customer The reason to
buy the product The name of the product The key benefit of the
product Difference from the main competitor’s product Its key
differentiation from other products Choose the 2 top brands from
your selected company. Research the features and benefits of the
products. Also, research your company’s Web site to find out how
the product or brand is perceived by the customer. Write your
product positioning statements to include the following: Who your
target customer is What the customer wants or needs The name the
product The key benefit of the product for the customer The main
competing product How the product is different from the competition
Also, incorporate the following information: A photo of each
product and, if available, the logo or slogan that is associated
with the product A brief description of each product and how it is
currently positioned in the marketplace. Does each product match
its target markets? The products’ current cost Where the products
are distributed Add a section about how you can improve the
positioning. What new target markets should you reach out to and
why?

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