Mkt 421 Week 3 Marketing Assignment

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Marketing Assignment Kevin Ingram-Gillson Companies incorporate various marketing strategies in order to differentiate and position a product to gain an advantage over the opposing products in a market. Marketing is one of the most important aspects of the business world today, so much so that large cooperation such as Coca-Cola and Microsoft are willing to spend hundreds of millions of dollars on marketing to ensure a successful launch of a new product. With the ever increasing competition in current markets it’s becoming essential for companies to understand the market place as well as the needs, wants and demands of the target market. (Armstrong, Adam, Denize and Kotler, 2012) For a company to gain maximum competitive advantage in a…show more content…
When a consumer is purchasing a product they want to make sure they obtain maximum value for the money they spend and obtain a product that they perceive is greater than any other product in the market. Consumers look for something that sets a product apart from the rest wether that is providing a product at a lower price or by providing a higher quality product, ultimately a consumer will purchase the product with the greater perceived competitive advantage. Bunning’s warehouse is a company that gains its competitive advantage over the competition by offering the consumers products at lower prices than their competitors. Bunnings makes the promise of low prices through their slogan “Lowest prices are just the beginning.” The company does not just make an empty promise on providing the lowest prices but is able to back it up by saying “If you happen to find a cheaper price on a stocked item we will beat it by 10%.” (Bunnings Warehouse, Year Unknown) By creating and delivering the promise of lowest prices, Bunnings is able to position itself in the customers mind as providing superior value and as such has been able to gain majority share hold of the market through differentiating themselves from the competing companies through a competitive advantage. (Armstrong, Adam, Denize and Kotler, 2012) It is made clear through the example of…show more content…
The three key elements of product positioning strategies, competitive advantage and value propositions are integral in the successful marketing of the product and as seen from the examples throughout the essay are how major cooperation’s effectively differentiate their products from the other leading offerings from other brands. Thus the conclusion is drawn that for a company to gain maximum competitive advantage and take majority share of a market the corporation marketing the product must differentiate their product from the competition in order to create value for customers and in turn create profit and customer equity. (Armstrong, Adam, Denize and Kotler,

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