This changing of position of the product is called product repositioning. In this situation the product is materially changed but is still aimed to appeal to the existing target market.
Positioning decisions are not just for new products. Evaluating the positions of existing products is important because a brand’s market share and profitability may be strengthened by product repositioning.
Product repositioning changes the place a product occupies in consumer’s mind relative to competitive products.
A firm can reposition a product by changing one or more of the four marketing mix elements.
Repositioning can be accomplished by physically changing the products, its price or its distribution. Rather than making any of these changes, marketers sometimes reposition a product by changing its image through promotional effort.
Product repositioning
