1.1.3 - Market Positioning

Question 1

Market Positioning

Answer 1

How individual products or brands are seen in relation to their competition by the consumers. This may stem from pricing, marketing or quality

Question 2

Product Differentiation

Answer 2

Occurs when businesses make their product different from competing products. This may involve giving it unique features.

Question 3

Market Mapping

Answer 3

The use of a grid showing two features of a market, such as price and consumer age. Individual brands or businesses are added to the grid to show potential niches or gaps in the market.

Question 4

Added Value

Answer 4

The value of the finished good or service over and above the cost of achieving it. This is achieved when a business increases the worth of its factor inputs by creating new output