Market Positioning Flashcards
1
Q
Market segmentation
A
- location
- demographics
- lifestyle
- age
- gender
- income
2
Q
market mapping
A
process of finding variables that differentiate brands in a market and plotting it on a map
3
Q
to have a competitive advantage you to
A
see:
- gap in map = growth
- Growth = competitive advantage
- competitve advangate can either be cost or differentiation
- You have to be in either of them not in the middle or else you will be stuck
4
Q
competitve advantage
A
set of unique features of a company or its products that are percieved by cutormers are superior to competition
5
Q
how to add value to thingi
A
- advertaising
- reputation
- quality
- innovation
- reliability
- convenience
- customer service
6
Q
purpose of product differentiation
A
- consumers must be able to percieve this difference and may be willing to pay price
7
Q
methords of differentiation
A
- through reputation
- customer service
- through value of money
- through product features
8
Q
how can you add value to products?
A
- design
- production
- marketing
9
Q
benefits of adding value
A
- more value = higher price = higher proft margins
- protection against competitors offering low prices
- customer loyalty
