Market Positioning

Description

GCSE and A Level Business Studies (Market Positioning ) Mind Map on Market Positioning, created by Helen Rennie on 23/03/2016.
Helen Rennie
Mind Map by Helen Rennie, updated more than 1 year ago
Helen Rennie
Created by Helen Rennie almost 8 years ago
488
6

Resource summary

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.
    1. Marketing strategy
      1. medium-to-long-term plan for meeting the marketing objectives, delivered through the marketing mix.
        1. Market Mapping
          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
        2. Niche and mass Markets
          1. Using market mapping you can identify a nice market not yet been filled or a mass market with potential gaps
            1. Linked to how competitive a market is or how much added value you can add - nice markets deemed more 'luxury/specialist' goods
            2. Competitiveness
              1. Businesses aim to gain competitive advantage; the ability to perform in one or more ways (7ps) that competitors cannot or will not match.
                1. This can also be achieved through product differentiation
              2. Market Research
                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
                  1. Product Differentiaton
                    1. The degree to which consumers perceive that your brand is different from its competitors
                      1. USP
                    2. Marketing Mix
                      1. 7P's
                      2. Added Value
                        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)
                          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.
                            1. Link to price elasticity - how much will demand change based on price placed on a pproduct
                          Show full summary Hide full summary

                          Similar

                          Unit 3.1: Marketing
                          nk_
                          Using GoConqr to study English literature
                          Sarah Egan
                          Unit 3 Business Studies
                          Lauren Thrower
                          Business Studies: Marketing
                          Harriet Glover
                          Business Studies Unit 1
                          emily.mckechnie
                          3.1 Keywords - Marketing
                          Mr_Lambert_Hungerhil
                          How does Shakespeare present villainy in Macbeth?
                          maxine.canvin
                          Forms of Business Ownership
                          James HERSH
                          Finance
                          pamelamossman
                          Business Studies - AQA - GCSE - Business Studies Key Terms
                          Josh Anderson
                          3. Enterprise, business growth and size
                          shlokashetty98