Market position refers to the ranking or perception of a product, company, or brand within a certain market or industry in comparison to its competitors. It indicates how well a product is performing relative to similar options available to consumers and can be influenced by factors such as price, quality, customer service, and brand reputation.
Understanding market position is crucial, as it helps businesses strategise on how to improve or maintain their standing in the market. For GCSE Sociology students, this concept can be linked to the study of economic factors in society and how they impact consumer behaviour and business operations.
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