Market Mapping Flashcards
1
Q
What is a market map made up of?
A
Market research- opinions of thousands of customers
2
Q
What is the idea of market mapping?
A
Identify gaps to show where a sector is overcrowded, to stop the producer becoming over reliant on one sector
3
Q
What are the key factors included in market mapping?
A
High price/low price
For the young/ or old
Modern/ trades hobnail
For men/ for women
4
Q
Why is market mapping good for a new small business?
A
See their target audience/ possible customers
5
Q
What is the definition of market research?
A
Finding out customer options and actions, usually by interviewing and by gathering information about sales
6
Q
What is a market map?
A
Grid that measures two different aspects of the brands within a market
