market mapping

• Market mapping:

  tool to analyse competition in a specific market
• Price vs quality:

  -Businesses can use market mapping to identify a gap in the market by looking at what competitors offer

  -competitors products are mapped based on the features that they offer
• Uses of market mapping:

  -find gap in the market

  -develop product

  -navigate areas with low competition

  -increase sales
• Pros of market mapping:

  -identifies potential gaps in the market

  -identifies areas in market which may be overcrowded

  -simple method to analyse competitors
• Cons of market mapping:

  -Gaps in the market don't guarantee success

  -dependent on who created the market map