T3 Market Positioning

Question 1

What is market mapping?

Answer 1

It illustrates the range of the positionings that a product can take in a market based on two dimensions that are important to customers

Question 2

Advantages and disadvantages of market mapping

Answer 2

Advantages: helps spot gaps in the market, useful for analysing competitors, encouragers use of market research

Disadvantages: just because there’s a gap doesn’t mean there’s a demand, not guaranteeds for success

Question 3

Positioning strategies

Answer 3

• offer more for less, good quality, low price
• offer more for more, luxury products
• offer less for less, Ryanair
• product differentiation, develop a USP

Question 4

Ways to add value to a product/ service?

Answer 4

Build a brand, good customer service, add benefits that customers want to operate efficiently