Market Mapping

Question 1

What is market mapping?

Answer 1

Market mapping is a tool which can be used to analyse competition in specific market

Question 2

How many variables will a market map have?

Answer 2

2

Question 3

Pros of using market mapping?

Answer 3

-helps to identify gaps in the market
-helps to identify competition (identify if segments are overcrowded)
-

Question 4

Cons of using market mapping?

Answer 4

-Gaps in the market no guarantee of success
-only two variables (over simplistic)
-depends on who created the market map (opinion, bias)
-poor accuracy of market map = poor decision