Unit 1.1.3
- Created by: bethdonovan
- Created on: 13-01-20 10:37
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- Unit 1.1.3
- Market Mapping
- Market Mapping: The process of finding the variables which differentiate brands in a market, then plotting them
- Market Maps can: identify a gap in the market, re position an existing brand in the market, become more market orientated
- Competitive Advantage
- Competitive Advantage: An advantage over competitors gained by offering greater customer value
- Greater customer value can be offered by having lower prices, or having more benefits to justify higher prices
- Can be achieved through price, added value, innovation, reliability, quality, reputation, advertising, branding, convenience, customer service.
- Competitive Advantage: An advantage over competitors gained by offering greater customer value
- Product Differentiation
- Product differentiation:where consumers can see a difference in a companies' product from its competitors.
- Can be achieved through reputation, customer service, after sales service, price, product features
- Adding Value
- Added value: the difference between the price that is charged to the customer and the cost of inputs required to create the product/ service
- This can be achieved through design, product quality or marketing
- Benefits of Adding Value:
- The price can be higher, meaning higher profit margins
- Protects against competitors offering lower prices, meaning a competitive advantage
- Generates customer loyalty, meaning repeat business
- Added value: the difference between the price that is charged to the customer and the cost of inputs required to create the product/ service
- Market Mapping
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