Positioning The Business Idea Flashcards
Market maps segmentation
Male vs female
Old vs young
Urban customers vs rural customers
High income customers vs low income customers
Market maps features
High quality vs lower quality Mass vs niche market Modern vs traditional Aesthetic vs functional Luxury vs value
Differentiated products
They have distinctive features that are different from those of competing products.
Market positioning
The way the product is perceived in comparison with competing products
Market map
Tool that plots brands in the market according to how they meet customer’s needs
Which allows a business to position individual products effectively
Gap in the market
Indicates that there is scope for a new product that is not currently being provided
Repositioning
Targeting a different segment of the market, one where it’s individual features are more in keeping with the needs of the customer
Evaluating the competition
High price, low quality, poor availability
Slowness to respond to change customer needs
Poor promotion leading to weak branding and brand loyalty
A loyal customer base
Competitive advantage
Achieved using any factor that will help the business to succeed when competing with rivals
Price, innovation, reputation and reliability can also be important
Added value
Difference between the price that is charged and the total cost of the inputs needed to create the product
