1.1.3 market positioning

Question 1

What is market mapping

Answer 1

Positioning products/brand based on customer perceptions and competitions products

Question 2

What are the pros of market mapping

Answer 2

• easy to visualise
  -identify gaps in the market
  -can see where competition have place their products

Question 3

What are the cons of Market mapping.

Answer 3

-unreliable
-biased/opinion based
-there may be reasons why there are gaps

Question 4

What is a competitive advantage

Answer 4

Standing out and making your products have better value than competitors to gain an advantage within the market

Question 5

How can a business gain a competitive advantage

Answer 5

-giving products a usp
-buying out competition/other brands
-having good value products
-advertisement

Question 6

What is adding value and the equation

Answer 6

The difference between the selling price of a product compared to the production cost of making it

Ad=selling price-production cost