Market Mapping

Illustrates the range of 'positions' that a product can take in a market based on two dimensions - market growth and market share
Market Gaps
1. No business currently serving the needs of customers for a particular group
2. Benefits; less competition, customers can't got to alternatives
  1. Limitations; no reason for a gap, no guarantee of success, useful for market research
Advantages; helps to identify gaps, useful for analysing competitors, useful for market research
1. Disadvantages; may not be any demand where the gap is, no guarantee of success
Product Differentiation
1. Making one product different from another in some way - for instance through the quality of a product
2. Could differentiate through - function, quality, promotions, packaging, USP, ages
3. Unique brand names to distinguish different products
Adding Value
1. Creating a finished product that is worth more to the customer than the sum of the parts
2. Selling price - cost of producing goods
3. Adding designer labels, technical innovation, posh packaging, a prestigious address

Resource summary

	Created by Charlotte Summerly about 8 years ago