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Edexcel Business A level Unit 1 > Market Positioning > Flashcards

Flashcards in Market Positioning Deck (5)
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1

What is Market Positioning?

-It is a tool used by businesses to determine whether they should be product-orientated or market-orientated

2

What does Product-orientated mean?

-Product orientated means the business solely focuses on producing products that it believes customers will want.

3

What does Market orientated mean?

-Market orientated means the business solely focuses on producing products that customers will want based on what trends are going on in the market.

4

What is a market map?

-A market map or a positioning map illustrates the range of "positions" that a product can take in a market based on two dimensions that are important to customers, which are PRICE and QUALITY

5

What are these dimensions split into and what are the splits called

Price and Quality. They are split even further into low price and quality and high price and quality.