It is very important for every organization to offer value-adding products to its consumers at a competitive price to gain a strong foothold in the market. However, it is equally important to implement strategies which would position the company’s product superior to its competitors’ in one way or other. In addition, such strategies should always be implemented by keeping in mind the specific target audience for the company.
It is always challenging for organizations to develop, implement, and manage strategies to effectively position their brand in any specific market. Product and brand positioning is always one of the biggest problems faced by small and medium businesses. However, it can also become very difficult for established firms to effectively promote their brand and product while entering a new market. Some of the challenges faced by organizations for brand and product positioning in the market are listed below:
- Accurately analyzing the current market demand and trend
- Assessing the pace at which the consumers’ preferences are changing in a specific industry
- Effectively reaching out to the target audience
- Development, Implementation, and Management of strategies