Unit 1.1.3

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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.
    • 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


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