Market Mapping

Charlotte Summerly
Mind Map by Charlotte Summerly, updated more than 1 year ago
Charlotte Summerly
Created by Charlotte Summerly about 4 years ago
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Description

AS - Level Business Studies (Theme 1) Mind Map on Market Mapping, created by Charlotte Summerly on 03/14/2016.

Resource summary

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
2.1 No business currently serving the needs of customers for a particular group
2.2 Benefits; less competition, customers can't got to alternatives
2.2.1 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
3.1 Disadvantages; may not be any demand where the gap is, no guarantee of success
4 Product Differentiation
4.1 Making one product different from another in some way - for instance through the quality of a product
4.2 Could differentiate through - function, quality, promotions, packaging, USP, ages
4.3 Unique brand names to distinguish different products
5 Adding Value
5.1 Creating a finished product that is worth more to the customer than the sum of the parts
5.2 Selling price - cost of producing goods
5.3 Adding designer labels, technical innovation, posh packaging, a prestigious address
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