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Title: AS Business - Market Positioning
Description: Detailed notes on how a business positions itself in the market
Description: Detailed notes on how a business positions itself in the market
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Market Mapping
It helps to identify key features which characterise consumers within a market
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This will reveal where the competition is concentrated, it
may highlight any gaps in the market
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Cost and differentiation (Setting yourself apart from competitors) would give you a competitive advantage
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Product Differentiation
A differentiated product is one with a unique feature
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The product needs a unique selling point
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o Unique design that’s aesthetically pleasing
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o Unique taste
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o Superior performance
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o Created by persuasive advertising through brand image
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o Therefore, they control their market position and their sale
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o The higher the product differentiation, the lower price elasticity
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This means that the business
provides an extra feature for the customer that goes beyond the standard expectation
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For example in the
holiday industry tour operators may offer flights, accommodation, transfers, accommodation, insurance,
childcare facilities and excursions all for one price
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Staff can create a good
image and make customers feel at ease
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A lot of people don’t like waiting
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Packaging
Many businesses make an effort to present products in an attractive way
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Frequent Buyer Offers
Customers could be rewarded for repeated purchases
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Customisation
This could include embedding customer’s logos branded in the product, or using customised wrapping to
distinguish a product
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Adding value can be used to differentiate a product and gain competitive edge
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By focusing on its target market segment they meet the needs of customers more efficiently
Title: AS Business - Market Positioning
Description: Detailed notes on how a business positions itself in the market
Description: Detailed notes on how a business positions itself in the market