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Jemshah
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Asked: 2023-01-20T17:19:13+00:00 In:

Outline the steps that a firm should follow when positioning its products. (12 marks)November 2022

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Outline the steps that a firm should follow when positioning its products. (12 marks)November 2022

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    1. Conduct market research: The first step in positioning a product is to conduct market research to understand the target market, including their needs, preferences, and buying habits. This will help the firm identify the key features and benefits of their products that will appeal to their target market.
    2. Develop a unique selling proposition (USP): Based on the market research, the firm should develop a unique selling proposition (USP) that differentiates their products from those of their competitors. This USP should be communicated in all marketing materials and used to position the product in the market.
    3. Identify the product’s target market: Once the USP is developed, the firm should identify the specific target market for their products. This will help the firm to determine the most effective marketing strategies and channels to reach their target market.
    4. Determine the product’s pricing strategy: The firm should determine the most appropriate pricing strategy for their products, taking into account the target market, competition, and the costs of production.
    5. Develop a marketing plan: The firm should develop a comprehensive marketing plan that includes all of the elements needed to reach and appeal to the target market. This should include advertising, promotions, public relations, and sales strategies.
    6. Implement the marketing plan: Once the marketing plan is developed, the firm should implement it, using the most effective channels and strategies to reach the target market.
    7. Monitor and evaluate the positioning: The firm should monitor the positioning of their products in the market to ensure that they are reaching their target market and achieving their goals. They should also evaluate the effectiveness of the marketing strategies and make adjustments as needed.
    8. Continuously improve the product: The firm should also continuously improve the product based on customer feedback, market trends and technology advancements.
    9. Communicate the positioning: The firm should communicate the positioning of the product in a consistent way across all its marketing materials, including website, brochures, packaging and more.
    10. Use Influencers and Ambassadors: The firm should use influencers and brand ambassadors to communicate the positioning of the product and create a buzz in the market.
    11. Use social media: The firm should use social media platforms to communicate the positioning of the product and engage with the target market.
    12. Encourage customer feedback: The firm should encourage customer feedback and use it to improve the positioning of the product and the overall customer experience.
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