Market mapping suleyman
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Market mapping involves charting marketing factors like consumer attitudes and product comparisons on a graph to show relationships between variables. It can help businesses in several ways: 1) It helps entrepreneurs spot gaps in the market to position their product to meet the needs and wants of target customers. 2) Market mapping is useful for analyzing competitors' positions to help businesses develop their own strategy. 3) Using market research in market mapping encourages businesses to better understand customer segments.
Market mapping suleyman
- 2. As the entrepreneur has identified an appropriate segment of the market to target, what will his/her next challenge be (using market mapping)? Finish the sentence using given words: Position the product so it meets the needs and wants of… Target The business customers Staff Government
- 3. What is market mapping? Market mapping: Any study conducted concerning attitudes of consumers, product comparisons, or marketing evaluations, or any combination of marketing factors, where the results are charted on graph . Why on a graph? To show a correspondence among variables.
- 4. Advantages: -Helps spot gaps -Useful for analyzing competitors -Encourages use of market research Disadvantages: -Not a guarantee of success -How reliable is market research
- 5. High price v low price - High quality v low quality Can you give more examples?
- 6. Low tech High tech Simple Complex Necessity Luxury Un-healthy Healthy Low volume High volume Such dimensions are product based.
- 7. Market mapping can also be used to understand more about the customers need and wants, income, gender, age etc… Such dimensions can be used Adult v Teenager High income v Low income Male v Female
- 8. To what extent does market mapping help the business