4.Market mapping Flashcards
What is market mapping?
Market mapping helps a business to identify market segments and position their products through identifying gaps in the market
How may a business identify potential customers’ buying habits?
Finding out info about customers
Using own experience
Looking at existing businesses, trying competitors products
Observations and surveys
What is a market segment?
It is group of buyers with similar buying habits
In what ways may a market be segmented?
Age, Gender, Income, Lifestyle, Life-stage
What does market segmentation allow a business to do?
Meet specific customer needs Product differentiation Focus on specific group Market activity Develop unique brand image Close customer relationship
What are one the scales of a typical market map?
Price and quality
What is a market mapping diagram?
It can be used to position and compare products in a market, and identify opportunities where customer needs are not being met.
