Positioning a new product
The product will be designer women wear such as shoes, handbags and clothing from designers such as Prada, Fendi and others. The product will have a benefit of prestige based on its ability to meet the needs of the clients. Moreover, the products will be designed from the most precious and rare metals such as gold silver and diamond to create a distinction with the locals. Their design will be based on coloring, and other features will depend on what the clients want. Consequently, the products will be exclusive to attract the high social class in the society who concentrate on fashion such as models, artists and various individuals (González-Benito, Óscar, and Mercedes).
All business exists in the market to succeed and not to fail. Success in simple terms is the accomplishment of an objective or a goal in life. Therefore, in business field success is the achievement of a business aim and makes a good profit. The success of the product will depend on the business strategies or operations to be carried out. I will pursue customer intimacy strategy where the company will focus on customer service and attention. Therefore, since the products are exclusive and custom designed according to the clients, the strategy will be on products that are sold and the objectives of the business. Moreover, I will employ various marketing using the strategy such as a lifetime value concept, promoting customer relationship, a reliability of the products and also being punctual in the delivery process.
These aspects will ensure that the client’s loyalty is improved, developed and their needs are met. This strategy is relevant for the clothing business since there will be an increase in the number of repeat customers. The process will achieve consistency in the level of sales.
For effective implementation of the strategy, the product will be designed using the modern technology and on the trends in the market to make sure that the customer’s needs and expectation. The business will also have a research department to predict the marketing trends based on the upcoming technology. The information or data collected from the department will be used in the design process to make sure that the products are better than the one for the competitors. Moreover, I will conduct an aggressive campaign to create awareness through the media departments, word of mouth and also by promoting referrals. The design of high quality products and product marketing through advertisement will make sure that business objective is attained (González-Benito, Óscar, and Mercedes).
Positioning of the product
Product positioning is significant for the success of the business primarily when marketing a brand new product. It is defined as winning the hearts and minds of the customers in the market. Therefore, to position the product, one needs to understand market segmentation and target market of the product (Priest). This is based on differentiation and position of the product. For example, this product is for women and ladies in the market and not men or any other gender. Therefore, the first differentiation is on gender. The second differentiation is based on social class in the market. The company is dealing in designer products for women and targets the high-class people in the market. For example the clients such as models, film actress, musician and other people in the society who want streaming fashion in their wardrobe. The positioning statement for the product will be ‘’for those who have a taste in designer clothing that satisfies the personal customized through developing a high quality produced compared to the competitors in the market.’’ The objective of the business is to be the best selling designer clothing globally.
Moreover, the geographical location of the business is an important marketing strategy. The product will be placed in large cities where the target clients can walk through and order their products. The location of a business has the possibility of affecting marketing process. Therefore, the product should be placed in areas where the expected clients can reach anytime. According to marketing research, high-class clients consider various factors such as high-security regions, good infrastructure and other features of a city (Killing & Peter). Therefore, the business will have its store in important centers globally where the clients can reach anytime.
Furthermore, the product will be repositioned every year according to the market trends for the business to flow with the society. The business will focus on quality and uniqueness in the marketplace to create a brand in the market that is easily noticeable by the clients and the entire society. Therefore, this will be achieved through hiring highly skilled customer services staffs and also professional designers in the field. Since the customer’s loyalty is achieved through efficient service delivery and quality product, I will focus on them to achieve the uniqueness and separate from the ordinary designers.
The target market for the product is the high social class in the society who are in need of the designer outfit. They are the models, businesswomen, artists, and others who follow fashion. They know the product needs due to the availability of the market information. For example, they need to know the latest arrivals in the store, the products available in the store apart from the latest. They also need to know that the company has the best services regarding quality and standards that move with the trends. The clients need to know and understand the mission and vision of the business for the issues of clarity. This makes the customers trust the business more since no one would buy in a business with a mission of stealing from people.
The customers usually think about the kind of experience he or she had in store during the process. A good treat will make the client think of efficient services and would want to come more and more. Moreover, they are also found of thinking about the pricing and the value of the products. The price will go hand in hand with quality that the clients would not regret buying the product. The designing will be made using precious metal like gold and diamond to attach value to the product (Killing & Peter).