Key terms-market positioning(1.1.3)

Question 1

Added value

Answer 1

the difference between the selling point and the cost of input

Question 2

Competitive advantage

Answer 2

using differentiation/USP to have an edge over the competition

Question 3

Differentiation

Answer 3

making products or services different of distinct from competing products/creating a USP

Question 4

Market mapping

Answer 4

a form of market positioning
it is the use of a 2-dimensional diagram that plots products or services in a market using two key variables
is used to spot a gap in the market

Question 5

Market positioning

Answer 5

an effort to influence consumer perception of a brand or product relative to the perception of competing brands or products

Question 6

Product differentiation

Answer 6

the act of distinguishing a product/service from competitors to maker it more attractive to a particular target market