1.1 Business key terms (part 3) Flashcards

1
Q

added value

A

the extra features that may be offered by a business when selling a product
such as: high quality customer service
which then exceeds consumers expectations

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2
Q

competitive advantage

A

the advantages a business has over its rivals, in provision of its products + services, which enables it to operate better in the market

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3
Q

market maps/perceptual maps

A

typically a 2D diagram that shows two of the attribute or characteristics of a brand and those of rival brands in the market
e.g. price (high and low)
quality (high and low)

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4
Q

market positioning

A

the view consumers have about the quality, value for money and image of a product in relation to those of competitors

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5
Q

product differentiation

A

an attempt by a business to distinguish its products from those of competitors

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6
Q

reposition

A

change the view consumers have about a product by altering some of its characteristics

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7
Q

unique selling point (USP)

A

the aspect or a feature of a product that clearly distinguishes it from its rivals

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