BUSINESS ADMINISTRATION
RETAIL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a tool that helps calculate how different competitors are positioned in the market.
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a means of communicating a company’s product development cycle.
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a quality, capability, or trait that grants an organization the ability to outperform its competitors.
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Detailed explanation-1: -Differentiation is the process companies use to make a product or service stand out from its competitors in ways that provide unique value to the customer. Differentiation identifies a set of characteristics and benefits that make a product different and better for a target audience.
Detailed explanation-2: -positioning. Once a company has identified its competitive advantages and chosen the ones that define its market niche, what is its next step? confirming its understanding of the market dynamics communicating and delivering its positioning strategy.
Detailed explanation-3: -Specific factors that can trigger the decision to reposition a product, service, or brand include the following: Competition: New competitors entering or leaving the market; competitors joining forces; a competitor’s innovation that threatens to make your offering obsolete; competitive pricing strategies.
Detailed explanation-4: -A positioning statement is one sentence that succinctly identifies the target market and spells out what you want them to think about your brand.