KT4; 1.1.3 Market positioning, 1.4.4 motivation in theory

Question 1

Market map

Answer 1

a grid plotting where each existing brand sits on scales based on two important features of a market; for example, in the car market: luxury/economy and green/gas guzzling

Question 2

Price elasticity

Answer 2

a measurement of the extent to which a product’s demand changes when its price is changed

Question 3

unique selling point

Answer 3

a consumer benefit that no rival can match, perhaps because it is protected by a strong patent