Growth of B2B Exchanges
Decades ago the introduction of MRP and ERP system revolutionized the concept of manufacturing across all industries. All aspects of business including procurement, production, inventory management, logistics, sales and marketing as well as finance were touched or rather integrated by the ERP systems. ERP systems aligned all business functions into a seamless process and the […]
Usage of Quantitative Tools in Social Content
Social Media as a platform for marketing provides for continuous innovation, thanks to the evolving technology. No other medium gives you the kind of direct and interactive opportunity as do the Social Media Channels. Though the medium is seen to be belonging largely to the audience who discuss, participate and contribute to creating content, online […]
Need for a Uniform International Corporate Governance Code
With the globalization of the world economy starting in the 1970s, continuing through the 1980s and accelerating since the 1990s reaching its zenith in the first decade of the new millennium, there has been a concomitant trend of global corporations expanding their international footprint and operating in multiple countries around the world. This meant that […]
Some Perspectives on Software Products versus Software Services
The Difference between Services and Products The difference between services and products in software is that whereas the former involve work done for clients that are not the intellectual property of the vendor, the latter are patented by the vendor and sold in terms of licenses to the users. Further, the difference between products and […]
The Morality and Accountability of Corporate Decisions
In our previous discussion we have come across the fact that it is hard to establish the accountability and responsibility of corporate decisions but does this mean that a corporation can take infinite liberties with the flexible law structure and systems ? Is it possible for corporate decisions to be moral with social goals met […]
The process of creating an image of a product in the minds of the consumers is called as positioning. Positioning helps to create first impression of brands in the minds of target audience. In simpler words positioning helps in creating a perception of a product or service amongst the consumers.
Example
The brand “Bisleri” stands for purity.
The brand “Ceat Tyre” stands for better grip.
Marketers with the positioning process try to create a unique identity of a product amongst the customers.
It is essential for the marketers to first identify the target audience and then understand their needs and preferences. Every individual has varied interests, needs and preferences. No two individuals can think on the same lines.
Know what your customers expect out of you.
The products must fulfill the demands of the individuals.
The marketers themselves must be well aware of the features and benefits of the products. It is rightly said you can’t sell something unless and until you yourself are convinced of it.
A marketer selling Nokia phones should himself also use a Nokia handset for the customers to believe him.
Every product should have USPs; at least some features which are unique. The organizations must create USPs of their brands and effectively communicate the same to the target audience.
The marketers must themselves know what best their product can do.
Find out how the products can be useful to the end-users ?
Why do people use “Anti Dandruff Shampoo?”
Anti Dandruff Shampoos are meant to get rid of dandruff. This is how the product is positioned in the minds of the individuals.
Individuals purchase “Dabur Chyawanprash “to strengthen their body’s internal defense mechanism and fight against germs, infections and stress. That’s the image of Dabur Chyawanprash in the minds of consumers.
USP of a Nokia Handset - Better battery backup.
USP of Horlicks Foodles - Healthy snack
Communicate the USPs to the target audience through effective ways of advertising. Use banners, slogans, inserts and hoardings.
Let individuals know what your brand offers for them to decide what is best for them.
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