3 - Market positioning

Question 1

market positioning

Answer 1

the perception that consumers have about the product, may influence how a business will psoition itself compares to compeititors

Question 2

Market maps

Answer 2

technique used to understand how products/businsses are viewed relative to competitors, based on two factors such as quality and price

Question 3

Benefits of market maps

Answer 3

helps to identify gaps in the market
compares similarities/diffrences between businesses
understand competitors
market research tool

Question 4

Limits of market maps

Answer 4

only two attributes can be considered in one map
the info needed to plot the graph may be expensive
based on judgments not necessarily data

Question 5

Factors that affect market positioning

Answer 5

attriubtes of a product (feautures and quality ect)
origins of the product/business (heritage)
the classification of the business (5-star hotel ect)

Question 6

Competitive advantage

Answer 6

A business is more liekly to be sucsessful if they establish competitive advantage . a set of features that are percieved as superior of significant by consumers

Question 7

How many a business develop competitive advanatge?

Answer 7

product design (a good design is more appealing0
quality (higher quality products can sell for more)
promotion
customer service
ethical stance

Question 8

Product differentiation

Answer 8

used to gain compeitive advantage, prodividng a product or service that has attributes that are different to competiitors.

Question 9

purposes of product differentiation

Answer 9

extend product range
overcome compeititon
develop the brand

Question 10

adding value

Answer 10

provide an extra feature that goes beyond the expectations

Question 11

ways to add value

Answer 11

customer service
packaging
bundles