1.1.3 Flashcards
1
Q
Market positioning
A
The place the product occupies in customers minds, relative to competing products
2
Q
competitive advantage
A
Any feature about a good or service that leads to it becoming more attractive than the competitors
3
Q
How to get a competitive advantage
A
-Higher quality
-Convenience
-Lower prices
-Better marketing
-Aesthetics
4
Q
USP
A
A distinct feature of a product that can not be matched by competitors
5
Q
Added value
A
The difference between the selling price of a good, and the total cost of inputs to make the product
6
Q
How to add value
A
-Build an attractive brand image
-Deliver excellent goods or services
-Differentiation
-operant efficiently-cut costs
