Assignment : Deliverable - Buy This One: Positioning and Differentiating the Brand
Overview
In this assignment you will start to think about creative strategies that help reposition the brand you selected for your final marketing plan. Knowing what we're selling-the Product P of the marketing-is essential in successfully creating brand awareness and customer loyalty. We have to know where the product sits, or is positioned in the marketplace-to begin to craft messages to our specific target markets. The marketing P for product defines the features and benefits of the product. Our advertising strategy answers the question: why should a customer buy the product? Setting your product strategy is an important step in the overall marketing plan.
Procedure
1. Prepare a presentation illustrating how the marketing formula helps define brand success for your selected product or service.
2. The presentation must include the following sections:
1. Segmentation-Consider who is interested in your product. Identify the type of customer groups interested in the product and why. You can use the information from Module 3's customer profile for this section, too.
2. Targeting Customers-Based on the product or service offering and customer segments, describe who you are targeting and why.
3. Product Positioning-There are several positioning strategies to consider for creating a position strategy such as competitive or value positioning. Determine your positioning strategy for the product or service.
1. What product image do you want to project to your customers and prospects?
2. How does the product appeal to your selected customer segments? For example, is your product distinctive or does it provide superior quality for the price? Write your positioning statement for the product.
4. Differentiation-What is unique about your product or service? What sets it apart from competitive products? For example, will we differentiate the price based on quality or value?
3. Produce an 8-12 slide show presentation. Write at least 100 words per slide explaining each part of the product strategy. In addition to the 8-12 content slides, the slide show needs to also include a Title Slide at the beginning of the show and a References Slide as the last slide of the presentation. Use at least three sources and format and document sources in APA style.