Market Mapping, Competition And Added Value Flashcards
1
Q
What is market segmentation?
A
Part of a market that contains a groups of buyers with similar buying habits and features such as age and income
2
Q
What does price sensitive mean?
A
Being price sensitive means that price is a very important attribute in your decision about whether to purchase a certain a product
3
Q
What is a market map?
A
A diagram that shows the range of possible positions for two different features of a product
Such as low to high price and low to high quality
4
Q
What are the certain aspects of competing? What factors come into account? (8)
A
Quality Design Selling experience After sales service Price Brand image Suppliers Product range
5
Q
What is added value?
A
The profit in which a company makes to create and sell a product
6
Q
What are specific aspects are taken into account in terms of added value?
A
Quality Design Convenience Speed of service Branding USP
