What are the Product Marketing Factors?

Product Marketing Factors. There are many aspects to product marketing, such as Product positioning, Product support,
Public relations, Advertising, Product line extensions, and a large number of other factors.

We will discuss each factor so read on to know.

What is Product Positioning?

It is a set of attributes that describes the benefits of a product to a specific group of customers. It is a way to differentiate your product from the competitors’ products in the market.
Product positioning is not only about a single product, but it is also about the entire brand.
The main task of product positioning is to align perceptions with reality.

Positioning involves mapping out your product against your competitors by defining its relative place in the mind of customers.

The positioning has three significant components, which are:
1. Target customer (who will buy your product) 2. Differentiation (how you are different) 3. Communication (how you will communicate your message)

What are the Product Positioning Strategies?

There are four basic strategies for positioning, which are: 1. Cost leadership strategy 2. Differentiation strategy 3. Focus strategy 4. Mind share strategy

Product Positioning for Cost Leadership Strategy: This strategy is preferred by the companies that offer cheap and better quality products in the market. The company focuses on low pricing and a high volume of sales to gain a competitive advantage over its competitors.

Product Positioning for Differentiation Strategy: This strategy is adopted by those companies who want to differentiate their products from other companies’ products in terms of features and quality, either by increasing their uniqueness or adding new features to their existing products.

Product Positioning for Focus Strategy: This strategy is adopted when the company wants to specialize in one segment of the market by focusing its efforts on certain customer groups and certain customer needs, rather than spreading its marketing effort across all segments or customer groups in the market.

One company can have many focus strategies depending on its choice of how it wants to organize itself within a particular market segment or customer group.

Product Positioning for Mind Share Strategy: This strategy is adopted by those companies who want to get into customers’ mind share through extensive branding efforts and promotion of their products so that customers will always think about them whenever they need the product category that these companies provide for them.

Some examples of such companies are Apple, Nike, Sony, etc., who have created such an image in customers’ minds that whenever customers need similar products they remember these brands first without even trying any other brand’s products.

What is Product support?

Product support is the process of identifying and satisfying customer needs after the product has been sold. The customers’ satisfaction with the product is determined by their feelings regarding the service they receive from the company that sells and supports the product.

The main goal of post-sale service is to maintain customer loyalty and increase sales. The most important product support strategy is to keep customers satisfied.

Product support includes a number of activities, which are: 1. Customer service 2. Repair service 3. Product maintenance 4. Product warranty 5. Technical support 6. Training 7. Customer care 8. Information feedback 9. Problem resolution 10. Product replacement 11. Price protection 12. Credit card protection 13. Warranty extension 14. New product development 15. Technical information 16. Advertising 17. Consumer education 18. User group 19. Field service 20. Workmanship protection 21. Service-related insurance 22. Extended service