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Questions and Answers
What does the concept of longitude refer to in product strategy?
Which of the following is NOT directly associated with latitude in product strategy?
In the analogy, what would be a suitable example of a longitude line in smartphone markets?
What is the primary purpose of creating a product map in a business strategy?
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What does strategic positioning allow businesses to achieve in their product strategy?
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Which of the following best describes differentiation within a product strategy?
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What aspect of product strategy does re-segmentation primarily focus on?
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What characteristic distinguishes latitude from longitude in the context of product strategy?
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Study Notes
Product Segmentation: Longitude
- Represents overall price and quality segments within a market.
- Analogy: Longitude lines run north-south on a map.
- Example: Smartphone market segmented into low-budget, mid-range, and premium segments.
Product Positioning, Re-segmentation, and Differentiation: Latitude
- Represents positioning, re-segmentation, and differentiation within a specific price and quality segment.
- Analogy: Latitude lines run east-west on a map.
- Product positioning: How consumers perceive a product within a segment (e.g., stylish, budget-friendly)
- Re-segmentation: Identifying smaller, more specific groups within a larger segment.
- Differentiation: Creating unique features or value propositions to stand out from competitors.
- Example: Different brands competing in the mid-range smartphone segment offer unique features to differentiate themselves.
Combining Longitude and Latitude
- A product map visually represents the market, with longitude representing price and quality segments and latitude representing positioning and differentiation.
- Businesses can use this concept to strategically position their products for maximum market share and profitability.
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Description
Test your understanding of product segmentation and positioning concepts, specifically focusing on longitude and latitude analogies within the market. Explore how these concepts apply to different market segments, like smartphones, and learn about differentiation strategies. This quiz will help reinforce key marketing terminology and concepts.
