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TOPIC : Repositioning of the Brand Supreme
Mature products sometimes need to be repositioned. Finding a new need
for an existing product is usually a reason for repositioning. Many
years ago, Arm & Hammer baking soda found a new market by
repositioning the product for those wanting a clean-smelling
refrigerator. The company did a similar repositioning when offering the
product as a teeth whitener.
Can you think of an existing product that has been repositioned by
finding a new market with a different need than the original product?
What is the product and how was it formerly targeted? What is the new
target market and strategy?
Or, can you think of a mature product that is ripe for repositioning? What ideas do you have for a new market for this product?
Example Reposition of Supreme Paper
Abstract
Marketing dictates that a brand has to go through certain shifts in line with its internal and external environment. The need for repositioning stems from the morphing of customer desires, market competition, and losses met by the firm in question. Furthermore, repositioning will be necessary where there needs a filling of a specific market gap. This paper will look into the various aspects of repositioning while showing a successfully repositioned brand. This paper will further provide insight into a product that is primed for repositioning.
Repositioning Of Supreme
Repositioning in marketing is a phenomenon defined as the shifting of an already existing product’s purpose. Repositioning is often done with the aim of changing the status of the brand in the marketplace. It will involve altering the marketing mix with changes to the product, price, place, and promotion. The main objective of repositioning will be to keep up with consumer wants and needs. Furthermore, repositioning will aim at meeting the growing market competition. Repositioning will further aim to mitigate company losses and aim to move stagnant products by repurposing them (Trout & Rivkin, 2010).
Product repositioning refers to targeting the same market and new target customers with the same product but for a different purpose. It is a four-phased process, with the first step being an evaluation of the product’s current status (Villas-Boas, 2018). This will involve targeted consumer research on the current status of the product. The second phase will involve questions pertaining to the perceptions of the product on the market. The third phase will involve the development of the product into a future market leader by asking where it can go next. Phase four will involve the eventual positioning of the product and its new presentation in the market.
The particular product that has been repositioned is the Supreme clothing brand. The clothing brand's roots were mainly set in skater apparel and aimed at targeting young hip-hop fans. The brand produced t-shirts and skating apparel in the 90s. Supreme recently did product repositioning to their products. Through becoming an up-market product, Supreme repositioned their products by making them unattainable to everyone in the market. Supreme was initially intended to be a skater brand but eventually turned out to be a niche product that serves upmarket clients.
The new target market and strategy for Supreme will be high-value collectors who wish to get the rarest of clothing pieces branded Supreme. Moreover, the firm’s strategy will stay true to their skating roots. Still, their products' applicability to skating will veer off as their clients will be wary of putting their clothes to the harsh conditions of skating due to the expensive prices. Through making their products in a limited number and virtually making them unattainable to any common person, Supreme repositioned itself as a niche and upmarket brand.
A brand that could be primed for repositioning would be PayPal. There exist various opportunities in financial tech, and with the advent of cryptocurrency, a new opportunity for repositioning is made. PayPal will need to integrate crypto in its business model as opposed to dealing with the normal currencies. This strategy will be very important to booming their business as they would get a cut in the booming cryptocurrency trading and how valuable it has become.
In conclusion, repositioning will be vital to any non-performing product. There will be a marketing need to push a product to ensure maximum profitability for the firm.
References
Trout, J., & Rivkin, S. (2010). Repositioning: Marketing in an era of competition, change, and crisis. Nirma University Journal of Business and Management Studies, 84.
Villas-Boas, J. M. (2018). A dynamic model of repositioning. Marketing Science, 37(2), 279-293.
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