Which statement about repositioning is accurate?
Multiple Choice
It involves targeting a large portion of a small market.
It involves understanding the marketing mix approach necessary to change consumer perceptions of the product.
It is popularly called a focus strategy or a niche strategy.
It involves developing different value offerings for different targeted segments.
It advocates that firms should direct energy and resources into establishing a learning relationship with each customer.
The Correct Answer and Explanation is :
The correct answer is:
It involves understanding the marketing mix approach necessary to change consumer perceptions of the product.
Explanation:
Repositioning refers to the process of changing the way a product or brand is perceived in the minds of consumers. This often involves altering the product’s positioning in the market by using the marketing mix (product, price, place, and promotion) to shift consumer attitudes or perceptions. The goal is to differentiate the product from competitors or to reach a different target market by changing how it is perceived. Repositioning may occur due to various reasons, such as changes in consumer needs, competitive pressures, or market trends.
The marketing mix plays a key role in repositioning because it helps adjust the four elements to better align with the new desired perception. For example, a company may modify the product’s features, adjust its pricing strategy, change its distribution channels, or implement new promotional tactics to better appeal to the target audience. These efforts are all designed to improve the product’s image and increase its appeal, either by reaching a new customer base or by enhancing its attractiveness to current consumers.
Repositioning can involve several strategies, such as emphasizing a new feature or benefit of the product, targeting a different consumer segment, or associating the product with a different lifestyle or value proposition.
For example, a brand that was initially marketed as a luxury product could reposition itself as an affordable option for a larger audience by changing its pricing strategy and emphasizing value over prestige. Alternatively, a product might be repositioned by shifting its messaging to focus on health and sustainability, which can attract more environmentally conscious consumers.
In summary, repositioning is fundamentally about changing consumer perceptions, and the marketing mix is the tool that helps accomplish this goal by adjusting product offerings to better meet the needs and expectations of the target market.