Product Position: Why Is It Important?
Product Positioning is very important in the marketing world. Think about a product, let’s say a car. Now try thinking about a clothing brand or a certain food. What came to your mind? The reason those products came to your mind is because of those product’s positioning. For some reason those products stuck with you, and that is because of the marketing strategies behind the products. Why is Product Positioning Important? It is important for long-term success for your company because it will make your product memorable and also make your product desired by your market segments.
A company will position a product, which means that they are trying to create an image or an identity in their targeted market’s mind. This can be done for their product, brand or organization. The company creates what they want their market to think and feel about the product, which establishes their perception of the brand image. Businesses do this so their segments become familiar with the product and recognize it based off of the position. This goes hand and hand with brand image because through positioning a company is creating a brand’s image.
However, the hard part is that a company needs to try to create a desired position. If this is achieved then the company has the position that is desired by the target market, which will most likely increase the success of the company. But if a company fails to create the desired position then the target market will not value the image and the product, and this could lead to losing consumers to a competitor that has a valued image.
A company needs to create a desired position for their product, brand or organization. This can be achieved through perceptual mapping. Perceptual mapping is a method marketers use to visually display and measure the perceptions of consumers or potential consumers to develop a product’s position. In general, the product’s position is displayed comparative to their competition. This is an important technique that should be used by marketers when deciding a product’s position. It is important because it identifies what the competition is doing, what consumers’ perceptions are of that market, and how one could successfully fit in that market to become desired by consumers.
Although the research needed for perceptual mapping might be extensive and time consuming, it is worth it. A successful product position could create long-term success for a company and produces continual desire for the product by consumers.