Market Positioning Flashcards
What is Market Positioning?
-It is a tool used by businesses to determine whether they should be product-orientated or market-orientated
What does Product-orientated mean?
-Product orientated means the business solely focuses on producing products that it believes customers will want.
What does Market orientated mean?
-Market orientated means the business solely focuses on producing products that customers will want based on what trends are going on in the market.
What is a market map?
-A market map or a positioning map illustrates the range of “positions” that a product can take in a market based on two dimensions that are important to customers, which are PRICE and QUALITY
What are these dimensions split into and what are the splits called
Price and Quality. They are split even further into low price and quality and high price and quality.
