2.2b Market Mapping Solero Flashcards
What are the advantages of drawing a market map?
- You can see how many competitors you are against
- You can see which company/ product is dominating the market
- You can find out if there are any gaps in the market that can be filled.
What is a Market Map?
A map or diagram of all the competitors/ companies/ products that are in a market, with the axis representing different factors such as price, quality, size, etc.
What is a gap in the market?
It is a space in a market which no company or product tends for.
Eg. There aren’t any low quality and low priced chocolates, so someone makes a product which fits in.
This can help to avoid major competition.
What is market saturation?
When there are no gaps in a specific market, meaning there is no point in adding a product or competing in that market
Market mapping is a form of….
Market research
Possible disadvantages of market mapping include
- Can take a lot of time
- Competition/ Competitors can be forgotten about/ missed out
- Mainly based on qualitative data, meaning that different people may put the same product at different parts of the map
By doing market research/ market mapping…
You can tailor the product to the customer’s needs
Market research helps to…
Identify your target audience- age, gender, etc.
Market mapping can…
Indicate how to edit your product to fit into the market
By filling the remaining gaps in the market…
You can increase the demand for your product or service.
