meeting consumer needs: market positioning

studied byStudied by 0 people
0.0(0)
Get a hint
Hint

adding value

1 / 25

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

26 Terms

1

adding value

offering extra features when selling a product to exceed customer expectations

New cards
2

competitive advantage

advantage that enables a business to perform better that its rivals

New cards
3

market maps

a 2 dementional diagram that shows 2 of the qualities or the characteristics of a brand that rivals other brands

New cards
4

market orientated

a business approach which places the needs of the consumers at the centre of their decision making process

New cards
5

market positioning

the view customers have about the quality, value for money and image of a product in relation to its competitors

New cards
6

market segments

parts of whole market where a particular customer group has simalar characteristics

New cards
7

product differentiation

a attempt by a business to distinguish its product from its competitors

New cards
8

unique selling point

the aspect of a product that clearly distinguishes it from its competitors

New cards
9

product orientation definition

a business approach that focuses on the production process and the product itself

New cards
10

product orientation explanation

  • focuses on the production process and the product itself

  • focuses consumer wants

  • product research,testing and focus

  • belief that the product is superior

  • not garanteed to meet the needs of the target market

New cards
11

market orientation explanation

  • focuses on continually identifying,reviewing and analysing the market’s needs

  • they respond more quickly to changes in the market

  • greater competitive advantage

  • can anticipate market changes

  • greater confidence in success of the product

  • more market research

  • suitable prices

  • reduced waste

New cards
12

factors affecting product or market orientation

  • nature of a product

  • policy decisions

  • views of shareholders/owners

  • nature of the market → higher production costs lead to market orientation

  • degree of competition → less competition means product orientation

New cards
13

factors used to position a market

  • benefits of a product

  • USP

  • qualities of a product

  • origin of the product

New cards
14

market mapping

illustrates a range of positions a product can take in a market based on the factors important to a customer

New cards
15

4 types of market segmentation

  • psychographic

  • geographic

  • demographic

  • behavioral

New cards
16

geographic

  • where the consumer lives

  • different parts of the country hve diferent condtitions that affect consumer needs/wants

New cards
17

psychographic

a groups attitudes,opinions and styles

e.g political views

New cards
18

behavioral

usage rate

time and date of consumption

New cards
19

demographic

Social class

Age

Gender

Income

Ethnicity

Religion

remember sagier*

New cards
20

advantages of market segmentation

  • improves customer engagment and brand loyalty

  • increases competitive advantag

  • informs business decisions

  • increased customer satisfaction

  • increased rate of success

  • cost efficient

New cards
21

disadvantages of market segmentation

  • requires market research

  • time consuming

New cards
22

ways to gain a competitive advantage

  • promotion

  • product design

  • product quality

  • customer service

  • delivery times

  • economies of scale

  • flexibility

  • ethical stance

New cards
23

product differentiation

an attempt by a business to distinguish it product from its competitors

New cards
24

why is product differentiation used

  • make a product different from its competitiors

  • highlight unique selling points

  • increase competitive advantage

New cards
25

effects of using differentiation on a business

  • flexible pricing (adds value and charge premium prices)

  • recognition (increases customer appeal )

  • product range (can serve multiple segments

  • brand development (strong brand identity)

  • overcome competition (increases market share and production costs

New cards
26

ways to add value

  • customer service

  • bundling

  • frequent buyer offers

  • packaging

  • speed of response

  • customization

New cards

Explore top notes

note Note
studied byStudied by 122 people
... ago
5.0(3)
note Note
studied byStudied by 2650 people
... ago
4.9(37)
note Note
studied byStudied by 41 people
... ago
5.0(2)
note Note
studied byStudied by 3 people
... ago
5.0(1)
note Note
studied byStudied by 28 people
... ago
5.0(2)
note Note
studied byStudied by 9 people
... ago
5.0(2)
note Note
studied byStudied by 70 people
... ago
5.0(2)
note Note
studied byStudied by 665 people
... ago
5.0(4)

Explore top flashcards

flashcards Flashcard (28)
studied byStudied by 10 people
... ago
5.0(1)
flashcards Flashcard (61)
studied byStudied by 3 people
... ago
5.0(1)
flashcards Flashcard (90)
studied byStudied by 36 people
... ago
5.0(1)
flashcards Flashcard (110)
studied byStudied by 12 people
... ago
5.0(1)
flashcards Flashcard (25)
studied byStudied by 4 people
... ago
5.0(1)
flashcards Flashcard (33)
studied byStudied by 2 people
... ago
5.0(2)
flashcards Flashcard (50)
studied byStudied by 11 people
... ago
5.0(1)
flashcards Flashcard (58)
studied byStudied by 7 people
... ago
5.0(1)
robot