Product Position is defined as “the place the product occupies in consumer’s mind in relative to competing products”. Companies use product positioning to capture market share and preserve it by occupying a place in the mind of the consumer. After a firm acquiring a certain place in the mind of the consumer it would be harder for competitors to capture that position. This gives the advantages of preserving the market share, brand loyalty and strong brand image. Once the product is positioned in the mind of the consumer the firm should not over position it because it can confuse the customer as the product position occupies a place in the consumer’s long term memory.
There are many ways in which companies position their product in the mind of the consumers. Main methods that they use are:
This strategy uses the benefits it promises to deliver as the positioning base. The firm creates position in the mind of the consumer saying that product is made to deliver a certain benefit and if the consumer wants to receive that benefit this product is the option. As an example from the fitness equipment market, the product Body Pro which is marketed by Quantum marketing positioned as “A complete Cardio Vascular Work out in just 20 minutes a day”
This strategy use the image of the company or attaching a social status to the product so that the customer remembers the product due to the social image created in his mind. In Sri Lankan fitness equipment market uses this strategy due to the social status attached to the use of the fitness equipments. The Sri Lankan fitness equipment market positions their product as a product used by high income earners (Specially youth) with a high social class who prefer to exercise to not only for a healthy body but also for the mental satisfaction derived from using the product. This positioning is possible in Sri Lanka because getting a fitness club membership or purchasing a fitness product is a costly exercise which is only done by people who have an income more than an average person.
This strategy focuses on specific attributes that a product holds as the positioning base. This may relate to a unique feature posse by the product which may a feature which is invented for the first time by the firm. As an example from the fitness product market, we can name Bodylastic portable exercise equipment and they use their positioning statement as “Bodylastics portable exercise equipment will enable you to get an amazing workout in your hotel room or anywhere else!”
This approach try to position the products as better offer than what competitors have offered. This sometimes can use aggressive policies which are unethical to position the product against the competitors. As an example from the fitness equipment market we can identify Ab King Pro position themselves as “the most advanced abdominal workout machine on the market”.
Companies can use combination of 02 or methods mentioned of above to develop their positioning process.
More importantly if the firm is trying to reposition the product the situation should be handled carefully as it should not make consumer confused or it should not lead to any over positioning situation.