Examples of product repositioning in the following topics:
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- Repositioning involves changing the identity of a product relative to competing products.
- Repositioning involves changing the identity of a product relative to competing products.
- Many famous companies have saved failing products by repositioning them in the market.
- An organization can reposition a product line, a brand, or an entire company.
- The complete dedication of stakeholders and the creation of a product that is in demand can help companies survive a repositioning strategy.
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- Marketers must often make product adjustments in order to keep the product competitive and continue to provide satisfaction to the buyer.
- The VW Beetle is an example of a product that has been adjusted and repositioned over the years in response to changes in technology, costs, and customer preferences.
- A key question the marketer must answer before modifying the product is: "What particular attributes of the product and competing products are perceived as most important by the consumer?
- Product repositioning involves changing the market's perceptions of a product or brand so that it can compete more effectively in its present market or in other market segments.
- A product line extension is the use of an established product's brand name for a new item in the same product category.
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- The stages through which individual products develop over time is called commonly known as the "Product Life Cycle".
- Products typically go through four stages:
- The product is promoted to create awareness and develop a market for the product.
- Product features may be enhanced to differentiate the product from that of competitors.
- By imaginatively repositioning their products, companies can change how customers mentally categorize them.
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- Other considerations regarding market attractiveness include what if any opportunities there are to differentiate products and services, demand variability, segmentation, distribution structure, and technology development.
- It is also a good way to assess how a company is doing in a specific market and if repositioning may be necessary to revive a faltering product line, brand, or organization.
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- Quality in production, better service, creativity in advertising, or some other element of the marketing mix are used to attract customers who are interested in products in a particular price category.
- If this artisan attempts to compete with mass producers on price, higher production costs will make the business unprofitable.
- Consumer Reports and other similar publications make objective product comparisons much simpler for the consumer.
- The key is to prove to customers that your product justifies a premium price.
- A retailer such as K-mart, known as a discount chain, found it impossible to reposition itself as a provider of designer women's clothes .
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- The product mix breadth is five.
- What products will be offered (i.e., the breadth and depth of the product line)?
- You may also hear the product line breadth referred to as the product width, product assortment width, and merchandize breadth.
- The product mix (sometimes called "product assortment") is made up of both product lines and individual products.
- An individual product is a particular product within a product line.
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- Product development combined with product marketing make up the product management function within an organization.
- Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle.
- Product development – the process of bringing new products to the marketplace – combined with product marketing, make up the product management function that oversees the launch of a company's new products.
- A product manager investigates, selects, and develops one or more tangible products for an organization.
- However, product management also deals with intangible products, such as music, information, and services.
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- A firm employing a product orientation is chiefly concerned with the quality of its product.
- Similar to production orientation, the product orientation of marketing focuses solely on the product a company intends to sell.
- A firm employing a product orientation is chiefly concerned with the quality of its product.
- A firm such as this would assume that as long as its product was of a high standard, people would buy and consume the product.
- Consumers recognize product quality and differences in the performance of alternative products.
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- The unique characteristics of a product should be used as inputs in determining the product's marketing mix.
- The characteristics of the product are the features and elements that differentiate it from other products on the market.
- Product characteristics help determine the marketing mix, potential target market and the pricing of a product.
- Characteristics of a product also help to determine the price of a product.
- The characteristics of a product determine the target market and price of a product.
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- While the decision to modify products happens ideally at the design stage, products can be changed during any phase of the life cycle.
- The product life cycle (PLC) encompasses the multiple phases products pass through during their 'life' in the market.
- Stakeholders typically contribute input during product development, demanding something different from the product designer and design process.
- Other products are never re-introduced and deleted entirely from the product roadmap.
- While some products are completely new innovations, others are simply minor modifications to existing products.