1.1.3 Market Positioning Flashcards
1
Q
What is Market Mapping?
A
Market mapping is the process of finding the variables which differentiate brands in a market and then plotting them on a map – to identify a gap in the market
2
Q
What is competitive advantage?
A
An advantage a business has over its competitors, allowing it to generate larger than average turnover for the industry
3
Q
What is Product differentiation?
A
Where a product is different from the competition in some way
4
Q
What is Added value?
A
Added value is the difference between the price that is charged to the customer and the cost of inputs required to create the product or service
