BUSINESS ADMINISTRATION
RETAIL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Has the potential to strengthen or build market perceptions of the product or service
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Has the potential to create a new or more meaningful brand, product, or service
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Has the potential to weaken or undermine market perceptions of the product or service
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Detailed explanation-1: -A potential weakness of product positioning is that every company wants to position its products favorably in the minds of consumers, so there is usually a high level of competition. New companies, for example, often find it difficult to position their products in a market that has well-established competitors.
Detailed explanation-2: -Specific factors that can trigger the decision to reposition a product, service, or brand include the following: Competition: New competitors entering or leaving the market; competitors joining forces; a competitor’s innovation that threatens to make your offering obsolete; competitive pricing strategies.
Detailed explanation-3: -Loss of existing sales Another concern with product repositioning is that the product is moving away from its existing benefits that are likely to appeal to some consumers. This will mean that the product in its new form and market position may no longer meet the needs of its existing customer base.