1. Market positioning is how a company wants their customers to perceive their product or service in relation to their competitors and what marketing strategies they should adopt to reach this perceptual goal. When developing a market position they select the most persuasive, meaningful and unique points of difference that will allow them to compete for the largest number of potential customers. Some companies develop a 'me too ' strategy and position themselves close to their competitors so prospects can make a direct comparison when they purchase. Other companies develop marketing strategies which position them well away from their competitors. Offering a benefit which is superior depends on the marketing mix strategy that each company uses. …show more content…
Marketing research helps keep companies up to par with current market trends and can also keep a competitive edge. Market research helps lead to understanding your target market and can increase sales, and or reach more of an audience. The whole idea is to help identify potential customers and understand what your current existing customers want and or need. This is great for any business to also identify and opportunities that may be in their market, and examine and solve a particular problems that they may currently be seeing with their products.
3. In regards to servicing your “current” customers, this may be a sound strategy. You are catering to your cliental, which is always a good business decision, but you are missing out on the extended opportunities. If a business is wanting to succeed, then growth with new customers will always be required. To gain a foothold with the new customers, a research into exactly what the area diners are looking for, can help put new items on the menu that will draw in the new customers, and in turn keep your current customers happy with new items to choose from, as well as their favorites.
5. Critique the following methodologies and suggest more appropriate
Product positioning - Refers to consumers' perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands. Our R&D department is doing tremendous job meeting all our customers’ expectations.
The restaurant business is a challenging industry and if a company has a strategy that works for them as well as their employees, it should stay the course and tweak as needed.
When different kinds of menu for lunch and dinner are included, there is an opportunity for attraction of more clients in the new outlet
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Competitive advantage is the advantage for the competitors and gained by the offerings from the consumers that have the greater value either by the low prices of the products and by providing the benefits and services to the consumers that denotes the high price. It is a set of the innovative and different features of the company and the products and services sale to the consumers so that company can achieve the targets what they have decided and it is the betterment for the enterprise in the competitive market (Porter, 2011). There are three determinants which can be used in the competitive advantage that what the company produce for their consumers, their target market that what they have to achieved and the competition from the other entity
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
The activities consisted in the process of identifying a problem that has to be addressed in marketing or an opportunity to increase the brand image of a business or to increase sales volume by having an increased reach in advertising and formulating a strategy based on extensive market research, segmentation and supporting data is known as positioning in terms of marketing. Positioning is formulating a strategy using tactical development phases to carry out a goal to attain an organizational objective.
The American Marketing Association provides the following definition of marketing: "Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders" (Kotler & Keller, 2006). Clearly, the value to the customer must first be defined by understanding the customers' needs including those that may go beyond the product or service a company is selling. For example, Safeway, a grocery store chain, goes beyond fulfilling a customer's need for groceries by addressing other needs, such as convenience, thru a door-to-door delivery of their groceries. While another company, Wal-Mart, is successful by making their products widely available to as many people as possible at the lowest possible prices. Again, the product is only part of the equation; Wal-Mart's marketing mix also focuses heavily on price and distribution (place). Finally, Microsoft now allows customers the convenience of purchasing and downloading their favorite software titles directly from Microsoft's Windows Marketplace website instead of having to travel to a retail store.
Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:
Competitive Positioning is defined as how you will differentiate your products or services thereby creating a value for in the market. A good positioning is influenced by market profile, customer segments, competitive analysis and methods of delivering value. (Marketingmo, 2014)
We can define competitive advantage as simply what a given company excels best at. This could be the distinguishing factor as to why consumers purchase from your company and not the competition. This could also be understood from the perspective of quality that a business can create for the consumer.
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.
...cular market. Companies that conduct market research normally save a lot of money by understanding what type of product or service is needed, other than entering the market blindly without knowing what to expect.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
It involves the vital process of researching, promoting and offering products or services to a company’s target market. Marketing is an important business process where the company can inform, attract and convince people that its products or services are of value to them. Without Marketing, many businesses would be unable to exist or operate well in the market. They could offer the most amazing product or service in the market, but if nobody knows about its existence or understands its value, these companies are unable to make a single sale thus they may have to be out of