market positioning - theme 1 (book1) Flashcards
market mapping competitive advantage of a product or service purpose of product differentiation adding value to products/services
a market map is a ________ technique that enables ______ to _____ the perceptions of _______.
a market map is a diagrammatic technique that enables businesses to display the perceptions of customers.
a market ______ can be used to analyse _________ buying _______ and ________.
a market map can be used to analyse consumer buying habits and preferences.
positioning is where a ________ is placed in a _______ relative to its __________. (in a ________ perspective)
positioning is where a product is placed in a market relative to its competitors. (in a consumers perspective)
market positioning helps _______ which customers to _______ and _____ to ______these customers.
market positioning helps identify which customers to serve and how to serve these customers.
aspects such as _____, status, ____ and value for money help ______ position ______ products in relation to _______.
aspects such as quality, status, USP and value for money help consumers position businesses’ products in relation to competitors.
5 variables that can be used in positioning?
- high quality, low quality
- necessity, luxury
- low price, high price
- unhealthy, healthy
- simple, complex
3 influences on market positioning:
_________ constraints
market ___________
_________ environment
internal constraints
market condition
external environment
market maps help spot ______ in the ______ and are ______ for _______ competitors.
market maps help spot gaps in the market and are useful for analysing competitors.
market maps have drawbacks for example, just because there is a _____ doesnt mean there is ______.
market maps have drawbacks for example, just because there is a gap doesnt mean there is demand.
cost _____ means being able to _____ your ____ at the ______ cost ________.
cost leadership means being able to offer your product at the lowest cost possible.
product differentiation allows a business to:
1) have a competitive _______, which allows for ______ prices and ______ profit ______
2) ______ and ______ a brand
3) add more _______
1) have a competitive advantage which allows for higher prices and higher profit margins.
2) protect and build a brand
3) add more value
USP is an ____ or ______ of a product that enables a _____ to perform _____ than its _____.
USP is an aspect or feature of a product that enables a business to perform better than its rivals in the market.
the ________ process is where ____ is added to ____ to create _____.
the transformation process is where value is added to inputs to create outputs.
what is added value?
the value of the finished good or service over and above the cost of achieving it.
the equation for added value?
price of product - cost of making the product
