What is reposition a product?
Changing consumers’ perceptions of a brand
Repositioning a product refers to the process of changing the perception and positioning of a product in the minds of customers or target audience. It involves modifying certain features, characteristics or aspects of a product, in order to make it more appealing to a different target market or to regain its relevance and competitiveness in the market.
Repositioning a product can be undertaken for several reasons such as declining sales, emergence of new and substitute products, changing customer preferences, or market trends. It may require changes in branding, pricing, distribution, packaging, or marketing campaigns among other things. Repositioning can be a complex process, and it requires market research, analysis, and careful planning to ensure that the product is repositioned effectively and efficiently without affecting its existing customer base. Overall, repositioning a product is a strategic move that aims to increase its market share, revenue and enhance its competitive advantage.
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