1.1.3 Competitive advantage, Product differentiation

• What is market research?

  Gathering information about consumer needs
• What does market segmentation mean?

  Dividing a market into smaller groups
• What is a market map used for?

  To show product positions based on characteristics
• What is market share?

  Percentage of total sales held by a company
• What does it mean if a market is dynamic?

  It changes quickly due to various factors
• What is competitive advantage?

  Features perceived as superior to rivals
• How can convenience contribute to competitive advantage?

  By providing easy access to products or services
• What is an example of speed of service as competitive advantage?

  Screwfix delivers products quickly
• What is branding?

  Making a product distinctive from others
• What is brand image?

  Customer recognition or association with a brand
• What is a unique selling point (USP)?

  A feature that makes a product different
• How can quality of service create competitive advantage?

  It separates similar businesses in the market
• What are the strategies for product differentiation?

  • Distinguishing products from competitors
  • Focusing on unique features or benefits
  • Enhancing customer experience
• How does Forest Green Rovers FC differentiate itself?

  • Sustainability at core operations
  • First carbon-neutral football club
  • 100% vegan club with eco-friendly stadium
• How does Dulwich Hamlet FC differentiate itself?

  • Support for LGBTQ+ community
  • Inclusive stadium environment
  • Events promoting diversity and inclusion
• What does adding value mean?

  Increasing the worth of a product or service
• How does Starbucks add value?

  By creating a unique store ambiance
• How does Tesla add value?

  By providing cutting-edge electric vehicle technology
• What factors contribute to market positioning success?

  • Understanding market research
  • Analyzing market mapping
  • Evaluating short-term and long-term strategies
• What is one method a manufacturer of lunch boxes could use to add value?

  Improving design or features of the product