1.1.3 Market Positioning Flashcards
1
Q
What is market mapping?
A
The market map illustrates the range of positions that a product can take in a market based on price and quality.
2
Q
Why use market mapping?
A
Help identify gaps in the market and identify bad product ideas
3
Q
Who are low cost producers
A
Businesses that keep costs low to keep prices low
4
Q
What is high differentiation businesses?
A
High price due to USP or high quality
5
Q
What is mid market?
A
Not highest quality or lowest price, so low cost producers will see most sales.
6
Q
What is competitive advantage?
A
What is it that the business has that gives the business an advantage over other competitors
7
Q
What is added value?
A
How businesses justify charging the prices they charge
e.g - Nike logo branding, premade food.
8
Q
A
