Week 5 Assignment

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Feb 20, 2024

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1 Week 4 Assignment Chapter 5. Positioning Sumeet S. Shinde University of the Cumberlands BADM533 - M30 Marketing Management Dr. Delonia Minor-Cooley Assignment Due Date: Thursday, 11:59 p.m. EST.

2 Week 5 Assignment Chapter 5. Positioning Positioning and tails creating and putting a marketing action plan that would distinguish a company or a brand from its competitors and develop a unique value to the customers. The goal of positioning is to create an image in the target market through various positioning strategies. The key factors that determine Positioning are the 4P of marketing mix matters product, price, place, and promotion. The characteristics and features of the product play a very significant role in positioning. The unique selling point and value offered by the product decide the marketing strategy. For example, a luxury watch brand may position its product as exclusive and high quality. The pricing strategy adopted for a product affects its marketing positioning. Pricing is perceived by the customer to convey the quality of the product. Expensive items are generally perceived as high quality and exclusive whereas on the other side, lower price products are considered affordable and accessible. Please or distribution of the product also significantly affects its positioning. The way of distribution channel is used can lead to a product being served by the customer as exclusive or non-exclusive. A product sold in a high end store is perceived to be prestigious and luxurious. The method of communication used to for promoting the product influences the customer loyalty and image of it. Methods of advertisement public relations sales promotion and other ways to reach customers can affect the price as well as quality perception of the product. Products marketed by celebrities are an example of conveying high status and luxury brands. Once the 4Ps are decided it is important to find the optimal position using the 4P matrix. Using the 4P matrix and the available resources brand scan have clarity over the desired positioning strategy they want to implement.

3 Should a firm change its positioning depending on the market? What are the potential advantages and disadvantages of doing this? Changing positioning strategy is a strategic decision based on the advantages and disadvantages. The key advantage of changing positional strategy is a competitive advantage over the competitors. The modern world is fast changing, and it is essential to continuously revise your strategy as per the changing customer needs and requirements. This will not only make the product relevant to the current market but as well as increase the good opportunities. It can open new market segments based on the demographics as well as can be helped to tap and unreached customer base. One of the biggest disadvantages of changing positioning is it might lead to brand confusion among customers. Especially with luxury brands, for example, if a luxurious car maker changes its positioning to incorporate a mass-produced car, it might lead to a loss in the luxury segment of its business. Therefore, it is important to do the right analysis before changing the positioning strategy. Careful analysis needs to be done before changing any Positioning as it might lead to higher risk for the brand. Changing put snick strategy always comes with additional execution costs as well as operational complexity to implement the new strategy in the market. Write a position statement for yourself to convince your favorite company to hire you. Dear Tesla, I am writing this position statement with much passion to let you know my eagerness to work as a data analytics for your prestigious company. I am a highly qualified and dedicated data

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4 specialist with a passion to find database insight that would complement Tesla’s objective and principles. I have a practical as well as educational foundation in statistical analysis data visualization and various predictive methods. I can manipulate data using SQL as well as programming languages like Python and R. I am enthusiastic about data analytics and the power it holds to spur innovation and enhanced decision-making. I have the necessary tools and procedures to keep up to date with the recent trends in the industry as well as in the profession. My technical expertise analytical aptitude and collaborative nature will make me a great candidate for the data analytics position. Thank you for consideration of my application and I am excited to discuss more about my skills and how it can create an impact for the company. Sincerely, Sumeet References Iacobucci, D. (2021). Marketing Management 6 th Edition. Cengage.

5 I resonate with you idea of Positioning is crucial for businesses to stand out from the competition and effectively express their distinctive value offer. It provides a competitive edge and aids in establishing a distinctive image in the eyes of customers. A competitive advantage, increased relevance, and market expansion may all be achieved by customizing positioning strategies for various markets. Hi Mounica, Your statement to work for Tesla is impressive as your experience and skills as a data science and analytics professional are relevant. Your specialization in developing data pipelines and effective communication with the product team showcases your ability to align project requirements and deliver results. Your enthusiasm to work for Tesla and contribute to the development of new features/products in the EV industry is commendable. Thanks, Sumeet

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