1.1.3 Market positioning Flashcards
How would a business approach their positioning within the market
They may look at the benefits they can bring to the products such as quality and price. Whether they have a usp he location they are in and what the product is good for.
What is the uses of market mapping?
The market mapping is good for the business falls in correlation to the wider image of the market but the graph can only be used upon 2 groups such as pricing and quality on four quads
What are the comp advantages of a product or service being of high quality and standard
Quality, design, customer service, may have an ethical stance, and effectively penetrating and holding a market segment.
What is the purpose of product differentiation list 2 pros
If the firm is innovating well then they will have the ability to charge higher prices as they are the only one with that particulat variant of product. They can build recognition , brand rep and worth, and extend the base product range.
What are the ways of adding value in other ways than just the product. List 3
bundling, offers , customer service, packaging.
