Market Positioning Flashcards
What is market mapping
Enables a business to evaluate ideas or services/products by setting them on a diagram
What are the four labels on a market map
1.low quality
2.high quality
3.low price
4.high price
What is competitive advantage
Customers choose products based on their value, providing superior value than its competitors
What are the 8 ways to gain competitive advantage
1.product design
2.product quality
3.promotion
4.customer services
5.delivery times
6.flexibility
7.ethical stance
8.price
How does product design create competitive advantage
If a business can develop a product with a specific design feature that may appeal to certain customer
Why might product quality give a business competitive advantage
Offering higher quality products can give competitive business edge
How might promotion give a business competitive advantage
Effective advertising may influence customers perceptions
How can customer service give a business competitive advantage
Some business focus on delivering a high standard of customer service
How can delivery times give a business competitive advantage
Some businesses offer fast delivery
How might flexibility give a business competitive advantage
Customers value a service that is more flexible to meet their needs
Why might ethical stance give a business competitive advantage
By being seen to do “the right thing” some businesses may become more appealing to customers
How might pricing give a business competitive advantage
By focusing on offering products at lower prices
What is product differentiation
The things business do to their products in order for them to stand out from the rest of the competition
How does flexible pricing give product differentiation
If their is clear differentiation a business may be able to charge higher prices
Why might recognition give a business product differentiation
Have
Img a different product gives their business more recognition
