product repositioning
Changing the place a product occupies in a consumer’s mind relative to competitive products
Product repositioning refers to the process of changing the perception and positioning of a product in the minds of customers and market stakeholders. It involves altering the way a product is presented in terms of its features, benefits, price, packaging, marketing campaigns, and target audience, among other factors.
The main aim of product repositioning is to increase a product’s competitiveness and profitability by making it more attractive, relevant, and appealing to customers. It involves identifying and addressing the gaps in the existing product positioning strategy, understanding the market trends, and redefining the product value proposition to meet the changing needs and preferences of the target audience.
Product repositioning can be used to achieve various goals, such as expanding the product market, targeting a new customer segment, increasing the product sales, and enhancing the product’s brand image. Companies typically pursue product repositioning strategies when they want to revitalize a product that is not performing well in the market or when they want to extend the life cycle of a successful product.
To successfully reposition a product, companies need to conduct thorough market research, analyze the competition, and develop a clear positioning strategy that differentiates the product from its rivals. Additionally, companies need to communicate the new positioning strategy effectively through their marketing campaigns and channels to reach and engage with the target audience and drive sales.
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