market mapping-mr smith

Question 1

marketing mapping

Answer 1

measuring low to high
e.g low price vs high price
e.g high quality vs. high quality

Question 2

what does a marketing map show you

Answer 2

gaps in a market
closest competitors are
helps with pricing strategies

Question 3

dis of marketing mapping

Answer 3

over simplify things
based of opinions so could be bias

Question 4

competitive advantage

Answer 4

generate more sales or more profitable then rivals
has to be different from competitiors

Question 5

adv of competitive advantage

Answer 5

lower costs of production-producing similar products but at lower costs or could charge same price
product innovation-making product unique different from competitors
product differentiation-making something little different to offer e.g zero sugar coke
conveince-making easier for customers to buy something

Question 6

added value

Answer 6

price product sold for less product sold for

Question 7

price elasticity of demand

Answer 7

percenatge change in product divided by percentage change in price

Question 8

price elastic

Answer 8

above 1

Question 9

price inelastic

Answer 9

below 1

Question 10

factors affecting price elasticity f demand

Answer 10

necessity-not price dependent
if price chnages, people still buy it beacuse need it
e.g petrol or phone