1.1.3 Market positioning

Question 1

Market positioning

Answer 1

The place the product occupies in customers minds, relative to competing products

Question 2

competitive advantage

Answer 2

A feature business has that leads to it becoming more attractive than its competitors

Question 3

How to get a competitive advantage

Answer 3

-Higher quality
-Convenience
-Lower prices
-Better marketing
-Aesthetics

Question 4

USP

Answer 4

A feature of a product that distinguishes it from competitors. Making it stand out

Question 5

Added value

Answer 5

The difference between the selling price of a good, and the total cost of inputs to make the product

Question 6

How to add value

Answer 6

-Build an attractive brand image
-Deliver excellent goods or services
-Differentiation
-operant efficiently-cut costs

Question 7

Product differentiation

Answer 7

the process of making a product unique to make it more appealing to a target market.

Question 8

Actual differentiation

Answer 8

Unique design, function, taste, superior performance

Question 9

Psychological performance

Answer 9

The difference in the mind of the consumer
-persuasive advertising, brand image, celebrity endorsments