Chapter 3 - Market Positioning

Question 1

Added value

Answer 1

The extra features that may be offered by a business when selling a product, such as high quality customer service, which helps to exceed customer expectations

Question 2

Competitive advantage

Answer 2

An advantage that enables a business to perform better than its rivals in the market

Question 3

Market maps or perceptual maps

Answer 3

Typically a two-dimensional diagram that shows two of the attributes or characteristics of a brand and those of rival brands in the market

Question 4

Market positioning

Answer 4

The view consumers have about the quality, value for money and image of a product in relation to those of competitors

Question 5

Product differentiation

Answer 5

An attempt by a business to distinguish its product from those of competitors

Question 6

Reposition

Answer 6

Change the view consumers have about a product by altering some of its characteristics

Question 7

Unique selling point (or proposition)

Answer 7

The aspect or feature of a product that clearly distinguishes it from its rivals