Navigating the Competitive Landscape: Study on Product Positioning, Repositioning, and Repurposing
Submitted By
VAISHNAVI NAIR
Introduction
Companies use key strategies such as Product Positioning, Repositioning, and Repurposing to achieve long-term success in the market. These strategies include placing products in consumers' minds, altering how Products are perceived already, and repurposing Products for new or varying audiences. These strategies are essential for businesses trying to stand out from competitors, remain relevant, and expand in the highly competitive business environment of today.
The process of developing a distinct picture and perception of a product in customers' minds is known as product positioning. It entails determining the essential qualities, advantages, and characteristics of a product and effectively conveying them to the intended audience. Companies that successfully position their products will stand out from the competition, draw in new clients, and boost revenue.
Repositioning involves altering how consumers view an already-existing product. This may be necessary when consumer preferences change, the condition of the market alters, or the level of competition rises. Companies may need to reposition their products to remain relevant, respond to shifting client needs, or target new market niches. Repositioning has another aspect to talk about, that is Brand repositioning. Companies also do brand repositioning to alter how consumers view their products, but this strategy focuses on various facets of the marketing mix. Brand repositioning entails altering a brand's perception in consumers' thoughts. It may involve changes to the brand name, logo, packaging, advertising, or the brand’s tagline to create a new brand identity that resonates with consumers.
Repurposing entails modifying a current product for brand-new or distinct usage. This might help businesses target new markets or client segments and extend the lifecycle of the product. Repurposing can involve modifying or improving an already-existing product, or it may involve developing whole new products based on already-existing technology or intellectual property.
In this study on Product Positioning, Repositioning, and Repurposing, different methods that businesses employ to succeed in the market over the long term are explored. As market conditions change and new competitors enter the market, it is a continuous process that necessitates monitoring and adjustments.
Keywords: positioning, repositioning, repurposing, business, competitive markets, brand repositioning.
