Market Mapping Flashcards
What must businesses research
Customer buying habits competitors products and what the customer needs
What is meant by the term market segment
A group of buyers with similar characteristics and buying habits. A market can be segmented in many ways:
Age, Gender, Income, Lifestyle, Life-stage
What does market segmentation allow the business to do
It allows a business to meet specific customer needs, differentiate their products from competitors, focus on a specific group of customers, target marketing activity, develop a unique brand image, build close customer relationships
What is a market mapping diagram used for
To position and compare products in the market and identify opportunities where customer needs are not being met
What is market mapping
This helps the business to identify market segments and position the product through identifying gaps in the markets
