Use the companies like Walgreens Little Caesars Pizza Whole

Use the companies like Walgreens; Little Caesars Pizza; Whole Foods; or Dunkin Donuts

Explain how and why positioning is important to your target market, marketing strategy, and Porter\'s strategy.

(Answer must be 250 Words )

Solution

There is no doubt in the fact that positioning of the product or service is extremely important and it defines the success or failure of the product in the market. The companies such as Walgreens and Little Caesars Pizza have communicated their product’s attribute and have positioned their product in the minds of the customers in such a way that it looks like the product would satisfy the demands of the customer and is as per the needs and expectations of the customers regarding the product. Positioning holds a great importance if we talk about the target market because the way in which the marketers creates an image of the product in the minds of the customer determines the revenue that the product would earn for the company. It influences the buying decisions of the probable customers. Marketing strategy should be such that directly hits the pain areas of the customers and should communicate that this product or service would satisfy the needs; demand ad would solve the problems that currently the customers are facing. The marketing strategy of Dunkin Donuts clearly shows how well they have positioned their product in the minds of the customer and hence they are so successful in reaping good amount of revenues from their variety of donuts. It holds equal importance if we talk about the porters 5 forces (Threat of new entrants, Threat of substitutes, Bargaining power of buyers, Bargaining power of suppliers and industry rivalry) as these threats would be eliminated if the product is positioned correctly in the minds of the customer and people are seeing value in that product.