Market Positioning (1.1.3)

Question 1

What is Market Mapping?

Answer 1

A map that helps a business Spot a gap in the market. Helps to understand your competition, encourages you to do research and encourages you to develop ways of creating a competitive advantage.
It means that there less competition and doesn’t guarantee success, can increase costs of a business as have to take out market research.

Question 2

What is Product Differentiation?

Answer 2

The process of making a product unique or distinctive.

Question 3

How does Product Differentiation set you apart from competitors? (5 ways)

Answer 3

-Its hard to copy
-Build a connection with customers
-Strengthen Brand Loyalty
-Adding value increases price
-Increased Profit Margins