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1.3.3_Topic - 3 - Positioning the Business Idea

1.3.3_Topic - 3 - Positioning the Business Idea

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Published by Emperor Saladin
Strengths and weaknesses of existing suppliers, how they differentiate themselves, market mapping.

Competitive advantage of product or service idea in context, adding value.
Strengths and weaknesses of existing suppliers, how they differentiate themselves, market mapping.

Competitive advantage of product or service idea in context, adding value.

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Published by: Emperor Saladin on Mar 01, 2011
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05/12/2014

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Edexcel  Quazi Nafiul Islam 
1
Marketsegment
Which one is the most profitable?
The Market
Is it growing?
How big is it?
Competetion
Strengths
Weaknesses
How is it different?
Topic 3: Lesson 3
Positioning the business Idea
Learning objectives:
1.
 
Identify and analyze the
market competition
for a certain product2.
 
Identifying the
strengths
and
Weaknesses
of 
existing suppliers
of the same product3.
 
Learn how to use
market mapping
 4.
 
Understand how suppliers
differentiate
themselves5.
 
Understand the
competitive advantage
of a product or service through market mapping6.
 
Understand the term
adding value
 Before a business starts selling its products, it must consider some key elements.
 
It must be able to determine
which market segment is best
for its product, i.e. in whichsegment will its product make the most profit?
 
Furthermore, as discussed before, the business will want to enter a
growing market
. This willallow the business to expand along with the market and
experience the benefits of growth
,such as economies of scale and more prestige for owners etc.
 
The competition, basically identifying the
strengths
and
weaknesses
of rivals. How they are
different
to the firm’s products. What
advantages
, might they have over the firm? These mayinclude,
more finance
,
better marketing strategies
, stronger
brand image
, better
quality
of product etc.
 
Edexcel  Quazi Nafiul Islam 
2
1.
 
Identifying and analyzing the Competition
To analyze the competition, the main competitors to the firm’s productshave to be identified. If you were launching a new sport shoe, then yourmain competitors would be:           
Competitor Strength Weakness
 
 
Market Leader
 
High Quality
 
Michael Jordan, appeals tomany basket ball fans
 
Specializes in Basket ballshoes
 
Expensive 
 
 
Recognized globally
 
Cheaper
 
Catered to Woman’s fitness
 
Shaq O’Neil, appeals tomany young 18-year olds
 
Has Serena Williams fortennis promotion, one of the best tennis player in theworld
 
Seen as a lower quality toNike
 
Has lost a lot of marketshare in recent years 
Note: These are not allthe shoe manufacturersin the market
Figure 3: ReebokFigure 1: NikeFigure 2: Lotto football shoesFigure 4: Adidas
 
Edexcel  Quazi Nafiul Islam 
3
2.
 
Market mapping
 
 
Market mapping is basically using a diagram to illustrate gaps in the market.
 
This allows similar products to be mapped using two variables. 
Figure 5: Thanks to A Murray for the diagram
An example of a market map:
 
Figure 6: Thanks to A Murray for Diagram
 

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'Casey Chun added this note
HI! Thank you sosososo much for your notes, they were really helpful! But there are some missing in terms of the edexcel syllabus, can you please please please please please upload the rest because they are so descriptive and detailed! Just to check, these are theory notes for Edexcel Business Studies AS Level right?
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http://store.ovi.com/content/159709 Free Mobile application for UNIT 1 Developing New Business Ideas
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