1.1.3 Market Positioning

Cards (10)

market positioning
the view customers have about the quality, value for money and image of a product in relation to those of competitors
how do customers categorise products?
quality
value for money
status
ease of use
approaches a business uses to position its products
product benefits
USP
origin of product
product attributes
classification of the product
what is a market map?
a grid that shows the range of possible positions for two features of a product in a market
reveals where competition is concentrated
may reveals gaps in the market
competitive advantage
an advantage that enables a business to perform better than its rivals in the market
what businesses use as their competitive advantage?
product design
product quality
promotion
customer service
delivery times
economies of scale
flexibility
ethical stance
focusing on a particular market segment
product differentiation
an attempt by a business to distinguish its product from those of competitors
how might businesses differentiate their products from their competitors
flexible pricing
recognition
extend product range
brand development
overcome competition
added value
extra features that may be offered by a business when selling a product which helps to exceed customer expectations
how a business can create added value
good customer service
giving free items
presentation - brand, logo, image
exclusivity
bundling
speed of response to customers
packaging
frequent buyer offers
customisation