mkt 605 milestone two

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Southern New Hampshire University *

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605

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Marketing

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Apr 3, 2024

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MILESTONE TWO: DEVELOPING POSITIONING STRATEGIES Milestone Two: Developing Positioning Strategies Jordan Sadler MKT 605 Dr. Papoulias
MILESTONE TWO: DEVELOPING POSITIONING STRATEGIES Positioning Strategies When it comes to launching a new product, it is incredibly important to determine the positioning strategies that will be used because that is what will help the business determine where the business stands in the market that they are entering and how it should be positioned to attract the target audience. If a business has a poorly positioned product, it will keep them from being able to reach their full potential and from connecting with their target audience regardless of how well the product is marketed. If a product is positioned incorrectly, it can have a huge negative impact by making the product unattractive to the right audience or by completely targeting the wrong audience. But an impactful positioning strategy has the power to create a unique space for a product in the minds of consumers and it can help businesses become a dominant force in their market amongst their competitors (Writer, 2021). The company that we will be creating a product for is Rolex, and the product that we are launching is a high-end clothing line for the brand. The clothing line will include high quality casual statement pieces as well as athleisure since the Rolex brand is heavily connected to the sports industry. For the launch of this new clothing line from Rolex, the target market that I have selected is consumers who are seeking high-quality products and who value the prestige and craftsmanship that the Rolex brand provides. This market consists of middle to upper class clientele from the ages of 25 and up. Rolex watches usually caters to clients ages 35 and up since those are the client who can typically afford a Rolex watch. But this clothing line will be able to cater to a younger market since it will be much more affordable than purchasing a Rolex watch while still providing the same high-quality products that the brand is known for. This new product is completely new territory for the brand since they will be branching into a market that
MILESTONE TWO: DEVELOPING POSITIONING STRATEGIES they have no prior experience in, so developing a successful positioning strategy and connecting with the target audience will be crucial for the products success. There are several different strategies that could be used to position this new line of products from the Rolex brand and to attract the target audience. One strategy that could be used is the competitive positioning strategy. The key aspect of this strategy is showing consumers why your brand is better than others. To do this, brands must be able to show what makes their brand special when compared to other competitors in the market. Being aware of what your competitors are good at and what they’re not good at is crucial for this strategy. Another strategy that could be used is the quality positioning strategy. This strategy is centered around highlighting the superior quality of your product. With this strategy, brands are able to position themselves as a leader when it comes to quality within their industry. This strategy is most useful when used in industries where quality is a critical factor for products. The last strategy that could be used is the price positioning strategy. This strategy is about how a product’s price is positioned relative to its quality and perceived value. By using a higher price point, a product can be positioned as a premium option which emphasizes quality and exclusivity (QuestionPro, 2023). Rolex could use any of these strategies or a mix of multiple strategies when positioning their new clothing line. Each strategy should be thoughtfully considered to determine which might provide the most success for this new product. Potential Problems One problem that could inhibit our positioning strategy for this new product from Rolex is the competition in the market. This clothing line will start with casual pieces and athleisure, and there is a lot of competition in the market that has similar products at cheaper price points. There are many well established companies that carry high-quality athleisure such as Nike,
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