Product/Service Positioning
This process involves defining how a product fits in the market.
What is product positioning?
This is the first stage of the product life cycle.
What is introduction?
This strategy involves making a product stand out from competitors.
What is differentiation?
This pricing strategy involves setting prices based on competitors' prices.
What is competitive pricing
This factor considers the cost of producing a product
What is cost of goods sold
Positioning helps in creating this in the consumer's mind.
What is a brand image?
During this stage, a product's sales begin to increase rapidly.
What is growth?
Starbucks is known for this type of differentiation.
What What is brand differentiation
This strategy sets prices high to attract status-conscious consumers.
What is premium pricing?
Prices may be influenced by this, which includes customer preferences and buying behavior.
What is consumer demand
This type of positioning focuses on the benefits a product offers.
What is benefit positioning?
This stage is characterized by peak sales and market saturation.
What is maturity?
Apple and Nike use this to create strong brand identities.
What is emotional branding?
Prices are set low to attract customers and increase market share.
What is penetration pricing?
This external factor includes economic conditions and inflation rates.
What is the economic environment
Positioning can be based on this, which includes price and quality.
What is competitive positioning?
In this stage, sales decline and the product may be phased out.
What is decline
Modifying a product after its introduction is part of this strategy.
What is product differentiation?
This pricing strategy involves setting prices based on perceived value.
What is value-based pricing?
Competitors' pricing strategies fall under this factor.
What is competitive landscape
Refers to the target market's perception of a product.
What is market positioning?
Companies often use this strategy to extend the life cycle of a product.
What is product innovation
This term refers to the unique features that distinguish a product.
What are differentiators?
Prices are adjusted based on demand and supply conditions.
What is dynamic pricing
Legal regulations and policies affecting pricing are part of this factor.
What is regulatory environment