Assignment:
Product positioning refers to the many strategies and techniques businesses use to create a particular identity or image in the minds of their target customers. Having a clear idea of how you would like your business to be perceived is a crucial step in the marketing process.
There are many methods and approaches to developing an effective product (or service) position. One of these methods is the product positioning map. This map depicts how your business’s product or service compares to those of your competitors. A product positioning map can be created based on any two applicable factors, such as expense, usability, aesthetics, and long-term value.
For this section of your Course Project, you will compare your proposed business product or service to that of another company in the same industry. You will then create a product positioning map based on this comparison and provide a rationale for your placement.
For this Assignment, select a company in the same industry as your proposed business, and compare the product (or service) positioning of each company. Think about where you want to place your business in the market in relation to the existing company. Refer to the Product - Positioning Map handout for a template of a product positioning map.
To complete this Assignment:
- Create a product positioning map using the exemplar, instructions, and template provided in this week’s Learning Resources. Use two variables to compare your business’s product or service to that of another company in the same industry. Consider the Four Ps in the marketing mix when placing the companies.
- When reflecting on your Four Ps, think about high- and low-end marketing. How would your products/services and pricing be displayed in a high-end venue vs. a low-end venue?
- Explain, in a 1-page paper, your rationale for the placement of your company and your competitor on the positioning map.
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format.