A Key to Positioning a Product Effectively Is the Perceptions

question 208

Essay

A key to positioning a product effectively is the perceptions of consumers. In determining a brand's position and the preferences of consumers, companies develop a perceptual map. Thinking of the fast food industry, draw and explain a perceptual positioning map for at least 5 different
fast food restaurants you are aware of. (e.g., McDonalds, Subway, Wendy's, Burger King, etc.)

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Definitions:

Unemployment

The situation when people who are willing to work at prevailing wage rates cannot find employment.

Movement

In economic terms, it often refers to a change in price or quantity in response to market forces on a graph.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing among options.

Inputs

Refers to the resources used in the production of goods and services, including labor, capital, and materials.