Question

1. Explain the concept of strategic positioning and discuss the key components of strategic positioning.
2. Discuss 4 generic options for strategic positioning.
3. Discuss how a business should select a strategic position.

Answer 1

Strategic positioning is worried about the manner by which a business overall separates itself in an important manner from its rivals and conveys an incentive to explicit client fragments. Strategies can be considered and created in an assortment of ways. It tends to be gotten from the item traits, rivalry, application, the kinds of customers included, or the attributes of the item class. Every characteristic speaks to an alternate methodology in creating positioning techniques, despite the fact that every one of them has the regular goal of anticipating an ideal picture in the psyches of the buyers or crowd. There are seven ways to deal with situating procedures:

Components

Utilizing Product attributes or Customer Benefits/This technique fundamentally centers upon the qualities of the item or client benefits.

Estimating as a situating technique: If an item is costly, it will be a quality item whereas if an item that is modest is lower in quality. In the event that we see this Price – quality methodology it is significant and is to a great extent utilized in item situating. In numerous item classes, there are brands that purposely endeavor to offer more as far as administration, highlights, or execution. They charge more, somewhat to take care of greater expenses and incompletely to let the shoppers accept that the item is, positively of a higher caliber.

Positioning system dependent on Product Process: Another situating approach is to connect the item with its clients or a class of clients. Makes of easygoing garments like pants have presented 'architect marks' to build up a style picture. For this situation, the desire is that the model or character will impact the item's picture by mirroring the qualities and picture of the model or character imparted as an item client.

Positioning system dependent on Cultural Symbols: Numerous sponsors are utilizing profoundly settled in social images to separate their brands from that of contenders. The fundamental assignment is to recognize something that is significant to individuals that different contenders are not utilizing and partner this brand with that image.

Positioning procedure dependent on Competitors: In this sort of situating techniques, a certain or unequivocal edge of reference is at least one contender. At times, reference competitor(s) can be the predominant part of the situating systems of the firm, the firm either utilizes the equivalent of comparable situating techniques as utilized by the contenders or the publicist utilizes another procedure accepting the contenders' methodology as the base.

Generic Strategies

1. Just being among the most minimal cost makers isn't adequate, as you leave yourself all the way open to assault by other ease makers who may undermine your costs and hence obstruct your endeavors to expand a piece of the overall industry.

2. The Differentiation Strategy: It includes making your items or administrations unique in relation to and more alluring than those of your rivals. How you do this relies upon the specific idea of your industry and of the items and administrations themselves, yet will regularly include highlights, usefulness, solidness, support, and furthermore brand picture that your clients esteem.

3. The Focus Strategy: Organizations that utilization Focus techniques focus on specific specialty markets and, by understanding the elements of that showcase and the novel needs of clients inside it, grow extraordinarily ease or all-around determining items for the market. Since they serve clients in their market remarkably well, they will in general form solid brand faithfulness among their clients. This makes their specific market section less appealing to contenders.

4. Picking the Right Generic Strategy: Your decision of which nonexclusive methodology to seek after supports each other vital choice you make, so it merits investing energy to take care of business.

How to perform positioning

• Direct a sweep of full scale and miniaturized scale drifts in your condition and industry (Environmental Scan)
• Distinguish advertise and serious chances and dangers
• Explain target clients and your offer
• Assemble and audit staff and accomplice input to decide qualities and shortcomings
• Cement your upper hands dependent on your key qualities