P1- Hw 9 Market Positioning

Question 1

Market positing

Answer 1

How individual parody does or brands are seen in relation to their competition by consumers

Question 2

Market mapping

Answer 2

Using a grid of two features/variables to show gaps in the market

Question 3

Advantages of market mapping

Answer 3

Can spot gaps in market
Easy to interpret
Tracks how new products are developing

Question 4

Disadvantages of market mapping

Answer 4

Subjective -differences between customers views and products actual qualities
Over simplified
Time consuming and expensive

Question 5

Competitive advantage

Answer 5

Having an edge over rival products or companies

Question 6

Product differentiation

Answer 6

Having a product that stands out against competitors

Question 7

Added value

Answer 7

The value of the finished good or service over and above the cost of achieving it

Question 8

Perceived value

Answer 8

A customers own perception of the product and its worth to them, especially in comparison to competitors products