Market Mapping

Market Mapping

1. Illustrates the range of 'positions' that a product can take in a market based on two dimensions - market growth and market share

2. Market Gaps

   • No business currently serving the needs of customers for a particular group
   • Benefits; less competition, customers can't got to alternatives
     • Limitations; no reason for a gap, no guarantee of success, useful for market research

3. Advantages; helps to identify gaps, useful for analysing competitors, useful for market research

   • Disadvantages; may not be any demand where the gap is, no guarantee of success

4. Product Differentiation

   • Making one product different from another in some way - for instance through the quality of a product
   • Could differentiate through - function, quality, promotions, packaging, USP, ages
   • Unique brand names to distinguish different products

5. Adding Value

   • Creating a finished product that is worth more to the customer than the sum of the parts
   • Selling price - cost of producing goods
   • Adding designer labels, technical innovation, posh packaging, a prestigious address

Images and files in the map