Free Essay. Positioning a New Product for Success

Every strategic marketer stands a good chance of achieving an excellent product position in any fair marketplace. It only calls for building following and good brand around the product. The idea behind product position strategy is establishing the commodity that will continually pass across the mind of its users. To achieve such a milestone, a marketer should understand the market, including competitors' weaknesses and strengths, consumer demographics, value position, and the new product's strengths and weaknesses as well (Correa et al., 2017). Choosing an effective position strategy comes after a marker has comprehended the market landscape. In today's market, a plethora of cosmetic and skincare products are everywhere, each promising arrays of benefits like staying young or glowing skin. XYZ Cosmetics, a relatively new skincare product, will launch in a hugely competitive market. To beat this big competition, XYZ cosmetics must adopt an effective marketing positioning strategy that acknowledges the possible challenges from other companies providing skincare products.

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XYZ Cosmetics will enter the market as a unique skincare product that considers the sensitivity of the client's skin and also uses herbal remedies to maintain the glow. After a thorough evaluation of the current skincare products in the market, it is clear that very few cosmetic companies emphasize on skin sensitivity. Through an understanding of the targeted demographics, XYZ Cosmetics will position itself as a product that values the sensitivity of clients' skin. Many people fear using skincare products because of the sensitivity or allergic reaction to their body. XYZ Cosmetics targets consumers of cosmetics with sensitive skin by combining herbal product, that is, aloe Vera and few chemicals. Through its unique herbal benefits on the body surface, XYZ cosmetics will stand out from other products offering the same services. Market segmentation is also essential in introducing a new product to an already flooded landscape. For XYZ Cosmetics to succeed, the markers need to know their ideal customers. The key targeted users are individuals with sensitive skin. These people will be further divided according to sex and age segments. From the segmentation, the XYZ Cosmetics strategy and marketing position need will be easily achieved. For instance, the company produces skincare products for men with masculine smell and women with feminine taste.

Before launching the product, the firm will also carry out an extensive competitive analysis of other companies producing the same item. Studying other cosmetic brands will assist XYZ to establish preference and consumer's differentiators. Competitive analysis will be carried out through visiting pharmacies, cosmetic counters, and supermarkets. XYZ cosmetics will then embark on consultative talks with both sales representatives, consumers, and cosmeticians to have a clear understanding of preference and taste for skincare products. From the information gathered, XYZ Cosmetics will begin promoting the product to anyone willing to embrace it. Internet tools will be the leading marketing media, specifically social media and blog posts. The marketing strategy will involve educating users on the benefits of this unique skincare product.

Insofar as the cosmetic market is flooded, it is possible to introduce a new skincare product that will succeed, as demonstrated in the paper. Following a clear and defined marketing strategy is the best way to launch a new product successfully. Evidence from the discussion indicates that competitive analysis, market segmentation, and assessment are the best strategies when a marketer wants to introduce a new cosmetic product.

References

Correa, A., Barcelo, M., Morell, A., & Vicario, J. L. (2017). A review of pedestrian indoor positioning systems for mass-market applications. Sensors, 17(8), 1927.