1
Q
What does market positioning mean?
A
- Refers to the way a product is seen in comparison with rival products
2
Q
What does repositioning mean?
A
Changing the target market segment, seeking more sales revenue and profit
3
Q
What is a market map? [4]
A
- A tool that plots brands in the market according to how they meet customer needs
- Identifies two specific product features (one on each axis)
- Uses market research to show where each brand fits
- Reveals where in the market the competition is and isn’t
4
Q
Explain competitive advantage
A
Having an adage over rival products
5
Q
Explain product differentiation [2]
A
- Entails unique features which distinguish a product from its rivals
- The objective of differentiation is to develop a USP
6
Q
Explain adding value [3]
A
- Ocurs when factors of production are used to make material inputs more valuable to potential customers
- Difference between the cost of sales and the sales price
- Adding value rewards the process of turning inputs into something of which the consumer have effective demand at a profitable price
7
Q
Explain adding value [3]
A
- Ocurs when factors of production are used to make material inputs more valuable to potential customers
- Difference between the cost of sales and the sales price
- Adding value rewards the process of turning inputs into something of which the consumer have effective demand at a profitable price
8
Q
Explain pricing [2]
A
- Competitive pricing takes account of prices charged by similar products competing in the same market
- Prices will usually be the same or little elbow that of a closet rival
9
Q
Explain a stable markets and dynamic markets [3]
A
- Those which normally change only slowly, whereas dynamic markets keep changing rapidly
- Changing populations, incomes, etc mean that market stability is a relative concept
- Global corporations might seem stable but this can be an illusion
