market positioning

Question 1

define positioning

Answer 1

where a product is placed in the market relative to its competitions

Question 2

what are the marketing mix 4Ps

Answer 2

price, place, product, promotion

Question 3

how can positioning be achieved

Answer 3

changing elements of marketing mix to meet needs of target market

Question 4

list influences on positioning

Answer 4

internal constraints (budgets)
internal strengths (creativity)
market conditions (competition levels
external environment

Question 5

list advantages of positioning

Answer 5

help spot gaps
analysing competitors
encourages use of market research

Question 6

list disadvantages of positioning

Answer 6

no guarantee of success
how reliable
just because theres a gap doesnt mean theres demand

Question 7

list market positioning strategies

Answer 7

offer more for less
offer more for more
offer more for the same
offer less for less

Question 8

define competitive advantage

Answer 8

when a business differentiates themselves from competitors allowing the business to perform more successfully than others

Question 9

list factors which contribute to competitive advantage

Answer 9

product differentiation
ability to add value
operational efficiency