Marketing Map

Question 1

How does a business “anticipate” after identifying?

Answer 1

• after data is collected business can predict what customers would like as it attempts to satisfy them
• first step is to create marketing map

Question 2

What is a marketing map?

Answer 2

-market maps illustrate range of positions that a product can take in a market based on two important factors

Question 3

What do the factors of the map mean?

Answer 3

• two characteristics of a product are selected (e.g. Price and quality)
• extremes of these are chosen (high and low price, basic and high quality)
• products in the same industry are placed onto the grid

Question 4

What are benefits of market mapping?

Answer 4

• helps us to spot gaps in the market
• useful for analysing competitors
• encourages use of market research
• helps to understand the publics perception of a business as a brand

Question 5

What are drawbacks of market mapping?

Answer 5

• just bc there is a gap doesn’t mean there’s demand
• not a guarantee of success
• how reliable is the market research
• is there a right or won’t or is it justified