Unit 3 - Market Positioning Flashcards
1
Q
Def: Added value
A
Extra features that may be offered by a business when selling products such as high quality customer service
2
Q
Def: competitive advantage
A
Advantage that enables a business to perform better than its rivals in the market
Eg. product design, quality, delivery time
3
Q
Def: Market map
What is it used for
A
Perceptual map : two dimensional diagram that shows two attributes of a brand and rival brands
Used to see where the gaps in the market are
4
Q
Def: market positioning
A
View of consumers about quality or value and image in relation to competition
5
Q
Def: repositioning
A
Changing the view consumers have about a product by altering characteristics
6
Q
Def: USP
A
Unique selling point: aspects or features of product to distinguish from competitors
