market mapping Flashcards
1
Q
what does a business use a market map for
A
to identify gaps in market
2
Q
how can a business use a market map to gain a competitive advantage
A
by filling a gap in the market
3
Q
what is a market map
A
a tool that plots brands in the market according to how they meet customer needs
4
Q
what is a gap in the market
A
a scope for a new product that is not currently being provided
5
Q
what is repositioning
A
targeting a new segment with the same product
6
Q
how does it encourage market research
A
businesses have to explore other businesses on the market and what they are offering
7
Q
how could it be dangerous to start a business based on a gap in the market
A
the gap doesn’t signify demand
8
Q
why is a market map not a completely valid tool
A
based on opinions
