New Product Launch Marketing Plan Part II

Marketing

A Positioning Statement for the Coz-E Travel Blanket

To develop a market it is essential for a firm to develop a positioning statement. The positioning statement will identify the target audience along with the products category, and help the firm to differentiate its product from other competing products on the market (Hooley et al., 2007). The positioning statement will be a source of reference for all the subsequent marketing activity which is undertaken for that brand or product (Kotler and Keller, 2011). By looking at the different influences on a positioning statement, and the influences which are present for the Coz-E Travel Company, it is possible to narrow down the contents of the positioning statement and justify what is included before finalizing the statement itself.

For the Coz-E Travel Company, and their new product, the heated travel blanket, the positioning statement needs to identify the product and a viable target market who are may want the product, or may be persuaded to buy the product, but also have the relevant disposable income and need for the product (Kotler and Keller, 2011).

The first stage is to consider the way in which the product will be differentiated. The ability to provide individual heated seats through a travel blanket, which is powered through a cigarette lighter, may be a source of differentiation, but this is a characteristic. When marketing the differentiation it is essential to provide a benefit, in this case the Coz-E Travel Blanket will be able to provide comfort and convenience those travelling in cars, meeting the individual needs of the different passengers, as rather than heating the whole of a car it is possible passengers to stay warm by using an individual blanket.

The next consideration is the target market. As the product is designed for use in a car, the first characteristic of the target market will be individuals who either drive cars, or travel in cars. All passengers may use the product, it is less likely they will purchase the product; therefore the primary market may be drivers, this justifies the targeting of drivers in the positioning statement. However, not all individuals who drive or travelling cars will need or want a heated travel blanket. For example, in a large number of the upper market luxury cars, there is a ready the inclusion of heated seats either as a standard feature, or an optional extra. If a car already has heated seats, it is highly unlikely that there will be any need or desire for an additional product to provide heat on the seats, as it will provide a duplicate service. Therefore, this will limit the target market, justifies the omission of the upper market as a potential target.

If the company wished to ensure that they can maximize their potential revenue, and they are providing a high level of differentiation, it is also likely that the firm will wish to gain a premium price compared to competing products which do not offer the same level of differentiation. Therefore, this would indicate that the Coz-E Travel Company may not be in the home and targeting the value or low-cost sector of the market, where there is only limited level of disposable income. Therefore, this will leave the middle to mid-upper market of drivers and other car travelers who are likely to be a viable market, with the need and the disposable income to afford product, justifying the middle to upper middle market as the target market.

Therefore the positioning statement will start with the identification of the product and the target market. After this the positioning statement may go on to compare the product to other competing ideas in order to emphasize the differentiation, which will indicate the way in which the company will compete. Bringing all of these elements together the positioning statement for the Coz-E Travel Blanket can be created.

The Positioning Statement