Question

Jeremiah was assigned to help create a positioning strategy based on the product attributes of his employer's products. He should consider what factors or elements in the strategy?

Answer 1

Jeremiah should consider the physical aspects of the product, the firm's location, and the market competition when creating a positioning strategy based on the product attributes of his employer's products.

Step-by-step explanation:

The factors or elements that Jeremiah should consider when creating a positioning strategy based on the product attributes of his employer's products include:

1. Physical aspects of the product: This refers to the unique features or characteristics of the product, such as its design, durability, functionality, or convenience. These attributes can differentiate the product from competitors and appeal to target customers.
2. Firm's location: The location of a firm can also create a difference between producers. For example, being located strategically, such as close to target customers or suppliers, can provide advantages in terms of accessibility and cost efficiency.
3. Market competition: Jeremiah should also consider the competitive landscape of the market. This includes analyzing market power, product differentiation, and barriers to entry for new firms. Understanding the market structure helps in determining the appropriate positioning strategy.