Question

CRM (customer relationship management), CI (competitive intelligence), and market research are important ways that market opportunities can be analyzed.  Provide a minimum of 4 sentences for each question.

1. Of the three analysis methods listed above, which do you think is best when considering how to position a product? Why?

Answer 1

When positioning a product it is always best to use the Market Research Strategy. Here are some of the reasons why -

1 - Know your target audience well -

It is essential for the marketers to first identify the target audience and then understand their needs and preferences. Every individual has varied interests, needs and preferences. No two individuals can think on the same lines. Know what your customers expect out of you. The products must fulfill the demands of the individuals.

2 - Identify the product features -

The marketers themselves must be well aware of the features and benefits of the products. It is rightly said you can’t sell something unless and until you yourself are convinced of it. A marketer selling Nokia phones should himself also use a Nokia handset for the customers to believe him.

3 - Unique selling Propositions -

Every product should have USPs; at least some features which are unique. The organizations must create USPs of their brands and effectively communicate the same to the target audience. The marketers must themselves know what best their product can do. Find out how the products can be useful to the end-users ? Why do people use “Anti Dandruff Shampoo?” Anti Dandruff Shampoos are meant to get rid of dandruff. This is how the product is positioned in the minds of the individuals. USP of a Nokia Handset - Better battery backup. Communicate the USPs to the target audience through effective ways of advertising. Use banners, slogans, inserts and hoardings. Let individuals know what your brand offers for them to decide what is best for them.

4 - Know your competitors -

A marketer must be aware of the competitor’s offerings. Let the individuals know how your product is better than the competitors? Never underestimate your competitors. Let the target audience know how your product is better than others. The marketers must always strive hard to have an edge over their competitors.

5 - Ways to promote brands -

• Choose the right theme for the advertisement.
• Use catchy taglines.
• The advertisement must not confuse people.
• The marketer must highlight the benefits of the products.

6 - Maintain the position of the brand -

For an effective positioning it is essential for the marketers to continue to live up to the expectations of the end - users. Never compromise on quality. Don’t drastically reduce the price of your products. A Mercedes car would not be the same if its price is reduced below a certain level. A Rado watch would lose its charm if its price is equal to a Sonata or a Maxima Watch.