market positioning Flashcards
what is market positioning concerned with
the perceptions consumers have about products
what do consumers do to simplify choices
categorise them according to a range of factors
what factors affect categories
quality
status
value for money
what do the factors define
a products position
how do consumers often position a businesses product
in relation to competitors
what are the forms consumers often position businesses by
pecking order
product ladder
what is a pecking order
some people or groups know they are more or less important than others
what is a product ladder
a range of products varying in price and features
why would firms plan marketing activities
to shape consumer perceptions and achieve a desired position
what approaches might a business use to position a product
benefits offered by the product
the USP
attributes of the product
origin of the product
classification of product
why do businesses reposition products
due to market changes in response to shifting customer demands
what does repositioning usually involve
changing
target market
features of product
or image of product so its separate from rivals
why might brands carry out market research
see where they are positioned in the market
why is it useful they know their positioning
to change marketing strategies to get more consumers than rivals
what may a business wish to do
launch a new brand
