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Summary Unit 1 - Developing New Business Ideas market position £6.99
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  3. PEARSON (PEARSON)
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  7. Unit 1 - Developing New Business Ideas

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Summary Unit 1 - Developing New Business Ideas market position
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a) Market mapping b) Competitive advantage of a product or service c) Thepurposeofproductdifferentiation d) Adding value to products/services

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  • April 4, 2023
  • 4
  • 2022/2023
  • Summary

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1.1.3

Market mapping

Positioning

¥ Where a product is placed in the market relative to its
competitors
¥ Positioning can be achieved by changing elements of the
marketing mix to meet the needs of the target market
¥ Influences on positioning include:
¤ Internal constraints e.g. budgets
¤ Internal strengths e.g. creativity and innovation
¤ Market conditions e.g. degree of competition
¤ External environment e.g. state of the economy

Market mapping
• A market map is a diagrammatic technique that enables
businesses to display the perceptions of customers
• Compares different variables regarding products and
consumers
• It can be used to analyse consumer buying habits and
preferences
• For example it may compare the price of a good with
the quality of that good
• It can be used to identify what segment of the market is
underprovided for and look at producing a product to fill
that gap
• Typically, products are compared between all competitors
within a market
• Gives a firm real insight into the competition within the
same market as its own product

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