Market Positioning

Helen Rennie
Mind Map by Helen Rennie, updated 10 months ago
Helen Rennie
Created by Helen Rennie almost 4 years ago
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GCSE and A Level Business Studies (Market Positioning ) Mind Map on Market Positioning, created by Helen Rennie on 03/23/2016.
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Market Positioning
1 Definition: Where a business decides to position a new product of service in relation to customer perceptions and the positioning of competitors.
2 Marketing strategy
2.1 medium-to-long-term plan for meeting the marketing objectives, delivered through the marketing mix.
2.2 Market Mapping
2.2.1 a grid plotting where each existing brand sits on scales based on two important features of a market; e.g. Luxury/economy and high/low price
3 Niche and mass Markets
3.1 Using market mapping you can identify a nice market not yet been filled or a mass market with potential gaps
3.1.1 Linked to how competitive a market is or how much added value you can add - nice markets deemed more 'luxury/specialist' goods
3.2
4 Competitiveness
4.1 Businesses aim to gain competitive advantage; the ability to perform in one or more ways (7ps) that competitors cannot or will not match.
4.1.1 This can also be achieved through product differentiation
5 Market Research
5.1 Research needs to be conducted on the market, competitors, customers needs and wants (7ps) to ensure the positioning of a brand is competitive and successful
5.2 Product Differentiaton
5.2.1 The degree to which consumers perceive that your brand is different from its competitors
5.2.2 USP
6 Marketing Mix
6.1 7P's
7 Added Value
7.1 the difference between cost of making a product and the price that a company can get for its goods. This is determined by the consumers perception of how much a product is worth (willingness to pay)
7.1.1 A business can position a brand carefully to help value - a product well positioned as luxury/ glamorous good can bee seen as worth more in the eyes of the customer and therefore sold at a higher price.
7.1.2 Link to price elasticity - how much will demand change based on price placed on a pproduct
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