Market mapping Flashcards
1
Q
why do business use market mapping?
A
to identify any gaps in a market
2
Q
what can market mapping also be called?
A
perceptual map
3
Q
what does the map illustrates?
A
the range of “positions” that a product or brand can take in a market based on two factors that are important to customers
4
Q
what are some factors that might be important to customers?
A
high v low price, necessity v luxury, and lo-tech v high-tech
5
Q
what is the trick to market mapping?
A
making sure market research is being done to determine whether or not there will be/is a demand of the gap
