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Product Placement: Its Purpose and whether It Works - Research Paper Example

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Product placement: Its purpose and whether it works 1. Introduction Marketing is a vital aspect of effective business strategy that is mainly people centric with major focus on meeting the demands of the customers. Various aspects of marketing are important factors that greatly facilitate in creating a niche position for the products within the desired category…
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Product Placement: Its Purpose and whether It Works
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Download file to see previous pages The huge ramifications of product placement within the highly fragmented market are critical to ensure that brand desirability is maintained it retains its competitive advantage over its rivals. 2. What is product placement? Product placement broadly refers to the firm’s effort to design and market its products in such a manner that its image occupies a distinct place in the minds of the target group/ segment. Indeed, the product placement encourages customers to understand and view differentiation of one specific product as against similar other products from different companies. It is also known as brand positioning and conceptualizes as to how the products should be portrayed amongst the target segment. The value proposition projected becomes important elements of product positioning as against those offered by its competitors which make it attractive for customers. It is also believed that product placement uses various strategic options based on myriad or specific attribute that significantly contribute towards garnering customer loyalty on a long term basis. 3. Main objective of product placement The main objective of the product placement is to create awareness of the product and clearly differentiate its attributes so that customers can identify it from various similar products offered by different firms. The market positioning of the product ensures that customers continue to prefer the products and do not shift their loyalty to other brands. The product placement helps to emphasize it and enforces its brand equity. Another important objective is to increase sales and revenue for the product and firm. 4. Need for product placement In the contemporary times, market has not only become more competitive but also complex in its heterogeneity of consumers, products and market mechanism. Wilson and Gilligan, (2003: 4) assert that rapid globalization and fast advancing technology has redefined marketing as ‘an approach to doing business’. Target market and segmentation help marketers to penetrate new market and at the same time, build up image of perceived value proposition that is credible, feasible and sustainable. By creating a niche position, the firms are able to gain competitive advantage and also build a committed clientele. In the competitive environment, positioning of product considerably facilitates retaining of customer and also expansion of customer database. Need for product placement is also important because market is infiltrated with huge number of similar products. Product placement helps the customers to make decisions based on his experience and perceived need which are met by the product of the defined firm. The unique advantages of the products and their usefulness are key factors that attract new customers while keeping the old. The customer is always interested in the final result of his purchase so he needs to be shown the extra benefits that he would be getting on the purchase. Product positioning helps him/her to make appropriate buying decision which would satisfy his demands and make it easy for him to decide. 5. Market significance of product placement Market position of products is integral part of business strategy that relies on exploiting the preferences of the masses. Products are turned into brand when they carry certain credibility vis-a-vis quality, price environment sustainability ...Download file to see next pagesRead More
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