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Repositioning Of A Product
Objective of every business is to attain profit and growth.However; profit can be achieved only by either selling its existing products in the market or by introducing new products. For this, product needs correct and better positioning in the market. In other words, positioning is a process which helps to create an image and identity in the minds of their target consumers for its product or brand or organization with which the consumers can relate with and hence go for purchase of the same. For this,marketers needs to understand the consumers’s needs and requirement such that consumers perceives the product in the similar manner as the marketer wants them to perceive. Thus, positioning has paramount importance in marketing.
In spite of correct initial positioning, it’s quite a fact that no organization can continue selling its product for a longer period unless it keeps updating itself as per their consumers needs. Even the most successful ,best selling and accepted product in the market have to be in pace with the changing needs of its target consumers as well as with its competitors old or new. Hence this requires the need for repositioning.
In addition to this, sometimes later in the product life cycle, suddenly a new set of customers preferences are discovered or the marketers realize that the reason for their products not performing better in the market in spite of all the efforts is its wrong positioning. Hence, even in such cases, there is the need for repositioning.
In today’s volatile market it’s very important to know about the changing needs of customers and keep a check on the competitor’s product. This require a herculean task of studying and understanding the needs of the consumers, factors influencing the competition and other environmental factors which in return helps the marketers to identify and correct their products accordingly.
Thus,re-positioning in marketing ,helps in attaining this objective of the organisations. Thus,repositioning can be defined as bringing about the desired change in the product thereby giving a new identity to the product so that the target customers are motivated to select the product.
It is relevant for occasional face lifting of the existing products and is not always subjected to bringing about the entire change in the product but its about bringing few required changes which provides clarity and thus strengthen the product identity.