Market Positioning Flashcards
What is market positioning?
How individual products or brands are perceived in relation to their competitors
what is the purpose of market mapping?
The process of creating a diagram that identifies all the products in the market using two key features
how is market mapping carried out?
to understand how many candidates are in the market, their average salary, who employs most of them, and what the job-to-candidate ratio is
what is a competitive advantage?
A way to keep your competitors at arm’s length over a sustained period
how can competitive advantage be gained?
- differentiation
- customer value
- lowest delivery costs
what is product differentiation and what is the purpose of it?
the process of distinguishing a product or service from others, to make it more attractive to a particular target market
Purpose: to create a competitive advantage or to make your product superior to alternatives on the market.
3 ways product differentiation can be created
- product design
- packaging
- pricing
What is adding value?
the difference between the selling price and the cost price of a good or service
3 ways to add value
- better quality
- improve customer service
- improve convenience
