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1.1.3 Market positioning - Coggle Diagram
1.1.3 Market positioning
MARKET MAPPING
allows the user to differentiate products from one another. The process of finding the variables which differentiate the brands in a market, then plotting a map
Uses of market mapping
Can be used to identify a gap in the market, could also be used by other brands to reposition themselves.
COMPETATIVE ADVANTAGE
An advantage a business has over its competitors, allowing it to generate larger than average sales turn over, either in low cost leadership or on price leadership.
A business can win by being cheaper of different.
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PRODUCT DIFFERENCIATION
Consumers must be able to perceive this difference and may be willing to pay a premium price for the product.
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ADDING VALUE
The difference between the price that is charged to the customer and the cost of inputs required to create the product/ service/. Can be achieved through the product itself or the way consumers perceive it
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