Market Mapping

• What is market segmentation?

  Splitting up a target market
• What factors are considered in market segmentation?

  Location, demographics, behaviour, lifestyle, income, age
• What is market mapping?

  • A graph plotting competitors and products
  • Helps understand competitor behavior
  • Identifies gaps in the market
• What does a gap in the market refer to?

  Unmet demand for a product or service
• How does a market map help businesses?

  It shows competition and available products
• What can an entrepreneur do with a gap in the market?

  Launch a product or service likely to succeed
• What elements are commonly measured on a market map?

  • Quality
  • Price
  • Duration
  • Taste
  • Level of luxury
  • Budget
  • Age of target market
  • Gender
• What does the market map in the study show?

  Seven products with different characteristics
• What does the market map suggest about high-quality, high-price products?

  Few products exist in that category
• If a business develops a high-quality, high-price product, what is its chance of success?

  It might have a good chance of success
• What is the significance of measuring different characteristics on a market map?

  It helps identify diverse market opportunities