1. Explain and give an example of these terms in your own words.
Product differentiation:
Product differentiation is process commonly used by business. It is process of distinguish a product or services from similar offerings in the market. This involves differentiating it from market products as well as firm’s own products. http://smallbusiness.chron.com/advantages-product-differentiation-strategy-17691.html Product Line:
A product line is a segment of products that are closely related to each other. They are closely related by function, prize rate or price rage. For example, Dollar tree provides only those products which cost is $1. Product Mix is the range of products that are isolated from each other. Small business can use this strategy
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Choose a product category that you shop often. Consider the many means of differentiating products and services. Which ones have the most impact on your choices? Why? Can you think of certain brands that excel on a number of these means of differentiation?
Product category which I often shop is convenience product. These products can classify into: staples, Impulse, and Emergency. Firstly staples are products which one buy regular basis. Secondly, Impulse are products which one buy with some planning and finally Emergency products which one can by it on urgency. Some means to differentiating products and services are like buying frequency, panning, costing, branding, availability and comparisons etc.
I think availability of the product play most impact on the convenience product because convenience products are required more frequently than other type of product category. And if those products are easily available in the market then it would helpful to buyer to get it easily.
4) 4.In what types of stores would you expect to find a) convenience products, b) shopping products, c) specialty products, and d) unsought
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Include the key aspects of points of parity (POP) and points of difference (POD).
Answer:
Positioning defines the outline what a business should do to market its product or service to its customers. In positioning, the market section team creates image for the product. That image can use of promotion, marketing, product and place. A good positioning strategy can helps to raise the marketing efforts. And it also helps buyer to get more information about what they purchase. http://smallbusiness.chron.com/positioning-marketing-plan-22983.html Points of parity: the aspect of the product offers the product that relatively distinct to offering product in the market. They are mostly including necessary elements for a brand to be considered in the particular segment. There are two types of point of parity first is category points, represents the important element that brand should possess for consumer to consider in the particular segment. Second is competitive point of parity, represents once your brand provide basic elements required by segment, the next step is to add elements which would negates the competitors. Points of difference
Kotler and Keller (2014) develop on what product represents in the marketing mix, as the idea centers around its design, quality and packaging. Continuing with the Four P model, price should be considered when marketing a product. The price component asks one to determine the list price, discounts, allowances, and payment period of a product (Kotler & Keller, 2014). Finally, Kotler and Keller (2014) list promotion and place as the final two variables associated with the older Four Ps. Promotion deals with how a product is advertised and what type of sales force will be utilized, while place is associated with the channels and locations for which your product will be featured (Kotler & Keller,
Consumers become more interested in what brand they buy, and that what they want does not reflect their needs. While there are different products having the same features, people are still giving attention to the brands’ name. When people go shopping at the mall, they do care how the stores present their commodities, which brands use to target their consumers, especially women, and teenagers because they spend more time at the mall, so they are more likely to spend money on useless features’ commodities. Shopping at home, the salesperson explains the features of the product so that another will offer to buy it. Also, at home is the easiest way to buy useless
The next step is the growth stage. In this stage product growth is monitored and big investments are made. Maturity stage the growth of the outputs is significant. For the company to ensure product survival in the market and gain a competitive advantage over competitors it has to incorporate product differentiation. The final stage involves product decline stage. In this juncture product sale goes down and the product identification
Adopting a strategy of differentiation makes firms provide products and services what are distinct in some way valued by customers.
The type of product is another factor as consumers tend to require fewer choices for commodity good and more choices for luxurious goods.
In the modern world of conducting business, any company that wishes to succeed must differentiate its products or services from others in the industry. Differentiation makes it possible for consumers to point out notable differences between one company’s products as compared to those of competitors. Differentiation helps companies build brand loyalty as the uniqueness keeps customers fixed on a particular product. BMW is one of the most popular automakers in the world today. It definitely uses differentiation as a strategy to beat off competition by building products that are innovative, detailed and incomparable to those of competitors.
Product management is a strategic and business-oriented role, which is focused on satisfied and transfer solutions to market needs. The role may consist of product development and product marketing, which are different (yet complementary) efforts,...
The source of the brand features is in a connection between customers and companies that sell services or products. Consumers who choose a specific company fundamentally acknowledge to prefer that brand more than other brands rooted from the recognition of the brand’s worth.
As a result of an existing dynamic environment, the repositioning of a brand rep-resents a given advanced development of its positioning, according to Homburg and Krohmer (2006). As identified by Roosdorp (1998) repositioning is considered as the second phase of the positioning strategy itself (cf. Homburg/Krohmer 2006,
assortment has to include items that will get consumers into the store and products that
Brand positioning refers to “target consumer’s” reason to buy your brand in preference to others. It involves identifying and determining points of similarity and difference to ascertain the right brand identity and to create a proper brand image. A significant differential advantage can lead customers to focus on product benefits other than price. Brand Positioning is the key of marketing strategy. A strong brand positioning directs marketing strategy by explaining the brand details, the uniqueness of brand and it’s similarity with the competitive brands, as well as the reasons for buying and using that specific brand. Positioning is the base for developing and increasing the required knowledge and perceptions of the customers. It is the single feature that sets your service apart from your competitors.
“Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user 's needs and wants. The scope of a product
A brand identifies a seller’s product from a competitor’s product. There are three main purposes for branding product identification, which is the most important purpose, repeat sales, and new-product sales. Branding has a lot of terms that marketers use there is brand equity, global brand, and brand loyalty. Marketers also have different brand strategies that they use for different products or customers. It all depends on the consumer for them to decide which strategy they will use. The different strategies are generic products, manufacturer’s brands, private brands, individual brands, family brands, and co-branding. The branding purposes and the branding strategy make up the importance of branding.
Product positioning is to use certain features of the product to position against the product of competitor. With the help of this marketing activity, marketers can attract more customers by focusing of special features of their product.
Even with commodities, there are quite a few parameters which brands can use to position themselves to capture a place in the consumer’s memory and consequently in their shopping basket. A few of the more widely accepted of them are: Consistency of Product Quality, Customization of the product to the extent possible, Providing a wider range of products, Identifying the most profit generating segments of the market and modifying or adding an offering to cater to their specific needs, Unique packaging, Emotional Branding and even basing branding on building a unique image to the extent of professing to have a brand personality. In fact focusing on getting consumers to build an emotional identification with the brand and its personality has a far longer lasting effect and builds far greater loyalty than focusing on just functional and utility attributes which a competitor would also able to easily match if not surpass.