4939358
Description
Mind Map by Helen Rennie, updated more than 1 year ago
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Created by Helen Rennie
over 8 years ago
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Market Positioning
- Definition: Where a business decides to position a new product of service in relation to customer perceptions and the
positioning of competitors.
- Marketing strategy
- medium-to-long-term plan for meeting the marketing
objectives, delivered through the marketing mix.
- Market Mapping
- 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
- 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
- medium-to-long-term plan for meeting the marketing
objectives, delivered through the marketing mix.
- Niche and mass Markets
- Using market mapping you can identify a nice market not yet been
filled or a mass market with potential gaps
- Linked to how competitive a market is or how much
added value you can add - nice markets deemed more
'luxury/specialist' goods
- Linked to how competitive a market is or how much
added value you can add - nice markets deemed more
'luxury/specialist' goods
- Using market mapping you can identify a nice market not yet been
filled or a mass market with potential gaps
- Competitiveness
- Businesses aim to gain competitive advantage; the
ability to perform in one or more ways (7ps) that
competitors cannot or will not match.
- This can also be achieved through product differentiation
- This can also be achieved through product differentiation
- Businesses aim to gain competitive advantage; the
ability to perform in one or more ways (7ps) that
competitors cannot or will not match.
- Market Research
- 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
- Product Differentiaton
- The degree to which consumers perceive that your
brand is different from its competitors
- USP
- The degree to which consumers perceive that your
brand is different from its competitors
- 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
- Marketing Mix
- 7P's
- 7P's
- Added Value
- 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)
- 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.
- Link to price elasticity - how much will demand
change based on price placed on a pproduct
- 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.
- 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)
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