Product positioning strategies refer to the actions taken by a company to create an impression on their products in the minds of consumers relative to that of competitors. There is a diverse array of strategies that any particular company can adapt and include the following. First, the attribute-based strategy which focuses on specific characteristics of a product that make it superior to those produced by competitors (Bhasin, 2018). Secondly, a company can also focus on the use or applications of its products to position its itself in the market. This approach gains competitive advantage by highlighting new uses or the diversity of applications that a product offers. Thirdly a company can position itself in the market by emphasizing its users. Such that a product is designed to best attract a particular group of people. This approach brings forth an advantageous position by establishing a niche for the corporation. The company designs and brands its products according to the preferences of its target market. Lastly, a company can achieve competitive advantage by basing its product against that of competitors. That is, the company advertises its products using competitors advertising approach as the basis. The choice of position strategy taken up depends on the company and its industry.
The Relationship between Company's Product Strategy and its Market Share/ Niche
The ultimate goal for any company is to achieve market share or carve out a niche for itself within the existing market. Whether the selected strategy achieves this depends on its appropriateness to the company. Once such a strategy is selected it needs it should be maintained over the product's life. A company can achieve market share by continuously focusing on its selected strategy to reinforce its intended image to the target market (Hatch, 2018). A company's strategy creates market share or niche by first introducing the product to the people. second, the company makes continuous and deliberate action to convince its target market to use its products. Once the audience is captured the company makes continuous communication to affirm its importance in that industry. It achieves this by internalizing its customers' needs and being cognizant of any change in preferences. Consequently, the company designs and markets products that best fit such shifts.
Hewlett Packard Description
Hewlett Packard commonly known as HP is a technology company that provides computer hardware, software and other accessories. It has also ventured into cloud computing industry after a split into Hewlett Packard Enterprise and Hewlett Packard Inc. The company is a multinational that operates in various countries around the globe. It is one of the most successful companies, particularly in the Personal Computer and printer industry. Its mission is "to create technology that makes life better for everyone, everywhere - every person, every organization, and every community around the globe" (Pratap, 2018). In line with its mission, HP creates products that are adaptable to various business environments such that it attracts a diverse clientele which includes individuals, businesses and governments.
Hewlett Packard Competitors
HP has successfully captured a large market share in the laptops and printer industry. In the laptops market, it has traversed the global market and is rivalled most closely by Lenovo. The two brands have stiff competition between them since most of their products feature similar characteristics. However, HP beats Lenovo in terms of graphics and display. On the other hand, Lenovo offers better quality and durability for products within the same price range as HP (Pratap, 2018). Other major competitors include Apple, Asus, Acer, Dell, Samsung and other laptop providers. Apple, and Acer rival HP in terms of graphics and gaming considering that the laptops for this use are relatively high priced across the brands. In addition to the laptop product line, HP is also a market leader in the brand printing sector and equipment. Epson and Canon are the most formidable competitors to HP in terms of brand printing. All three command a considerable part of the market share but HP suffices as the best in terms of versatility.
HP Customer Requirements
Customer needs in the personal computer industry are diverse since the products have versatile uses. HP takes this fact into account and designs its products to match the various needs across its clientele base. It offers both premium and low-budget products with different components such that a customer is spoilt for choice. The design of the laptops tends towards a luxury look and feel. HP offers Probooks, Elite and Zbook lines for their business clientele (Bushnelle, 2018). These product lines offer durability, portability and are easily customizable for different business needs. This category of products also includes detachable and touch screen options to expand user options for different purposes. For gaming and programming, HP offers products with faster processors, larger storage space and a larger display and at the same time considers different price ranges. For this line, the machines are heavier and have more horsepower to enhance their performance. These components in the laptops enable the company to reach its customers' requirement. All in all, HP is an accomplished player both in the brand printing and personal computer sectors. It reaches an impressive market share and has positioned itself as a true market leader.
Bhasin, H. (2018). Positioning Strategy - 7 Different Positioning Strategies for a Firm. Retrieved from https://www.marketing91.com/positioning-strategies/
Bushnelle, M. (2018). Best HP Work Laptops (2018). Retrieved from https://www.businessnewsdaily.com/9599-best-hp-laptops-for-business.html
Hatch, C. (2018). Positioning in Marketing: Carving Out Your Business Niche. Retrieved from https://www.disruptiveadvertising.com/marketing/positioning-in-marketing/
Pratap, A. (2018). Competitors of Hewlett Packard (HP) - cheshnotes. Retrieved from https://www.cheshnotes.com/2018/08/competitors-of-hewlett-packard-hp/
Pratap, A. (2018). Mission and Vision Analysis of Hewlett Packard. Retrieved from https://www.cheshnotes.com/2017/02/hp-mission-and-vision-analysis/
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The Contribution of Product Positioning Strategies for Creating Competitive Advantage - Essay Sample. (2022, Nov 08). Retrieved from https://proessays.net/essays/the-contribution-of-product-positioning-strategies-for-creating-competitive-advantage-essay-sample
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