Revel Flashcards 6.6 How are products positioned and re-positioned?

Question 1

What is product positioning?

Answer 1

Thinking about a product in the context of the competitive space it occupies within the market, defined in terms of attributes that matter to the target market.

Question 2

Defining and selecting an appropriate position for a product involves 3 stages…

Answer 2

Stage 1 - Detailed market research needs to be carried out in order to identify important attributes to different market segments.

Stage 2 - Further research shortlists the existing products that offer those attributes.

Stage 3 - It is necessary to find out, what the target market considers to be the ideal level for each of the defined attributes and how they rate each other’s brand attributes in relation to the ideal and other products.

Question 3

The value of perceptual mapping?

Answer 3

• Helps provide insights into appropriate competitive actions.
• Identify a gap in the market

Question 4

3 main areas for repositioning and product improvement…

Answer 4

1) Quality
2) Design
3) Performance.

Question 5

6.7 What is the role of the product or brand manager?

Answer 5

• Scope, the manager operates across all functional areas and their job is to manage the product through it’s lifecycle.
• Outputs, planning, controlling and monitoring as well as this they are likely to come up with an annual product plan. This helps a manager justify the investment of resources into a product.