MARKET MAPPING Flashcards
What is market mapping
Market Mapping: The process of assessing the level of competition in a market by analysing the characteristics of brands in the market.
This is what a chart looks like
https://docs.google.com/document/d/1x7uz9knoQlPqlHgGzxcgkP4_fxauksigNTl0s60eWGA/edit
What are some possible characteristics
High VS Low Quality
Regular Purchases VS One Off Purchases
Aesthetically Pleasing VS Functional Design
Products aimed at novices VS products aimed at experts
Speed VS economy (cars that are designed for racing vs family cars)
What are benefits of this
Helps businesses identify gaps in the market (look at the low price and healthy block on the map, that would be a gap in the market) - Useful for new businesses or repositioning.
Helps to identity weaknesses
Helps to identify public
perceptions of brand image
What are some weaknesses of this
Doesn’t identify consumer demands
May over simplify a complex market
Dependent on opinion of the creator
