STUDY FOR BUSINESS

Product Anything that can be offered to a market for attention, acquisition, sue, or consumption that might satisfy a want or need.

Choosing a Differentiation and Positioning Strategy for Product Some firms find it easy to choose a differentiation and their positioning strategy. For example, a firm well known for quality in certain segments will go for this position in a new segment if there are enough buyers seeking quality. But in many cased, two or more firms will go after the same position. Then, each will have to find other ways to set itself apart. Each firm must differentiate its offer by building a unique bundle of benefits that appeal to a substantial group within the segment.

Differentiation and Positioning of Product Beyond deciding which segments of the market it will target, the company must decide on a value proposition—on how it will create differentiated value for targeted segments and what positions it wants to occupy in those segments. Product Position The way the product is defined by consumers on important attributes—the place the product occupies in consumers minds relative to competing products. “Products are created in the factory, but brands are created in the mind, “says a positioning expert.

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