4.Market mapping

Question 1

What is market mapping?

Answer 1

Market mapping helps a business to identify market segments and position their products through identifying gaps in the market

Question 2

How may a business identify potential customers’ buying habits?

Answer 2

Finding out info about customers
Using own experience
Looking at existing businesses, trying competitors products
Observations and surveys

Question 3

What is a market segment?

Answer 3

It is group of buyers with similar buying habits

Question 4

In what ways may a market be segmented?

Answer 4

Age, Gender, Income, Lifestyle, Life-stage

Question 5

What does market segmentation allow a business to do?

Answer 5

Meet specific customer needs
Product differentiation
Focus on specific group
Market activity
Develop unique brand image
Close customer relationship

Question 6

What are one the scales of a typical market map?

Answer 6

Price and quality

Question 7

What is a market mapping diagram?

Answer 7

It can be used to position and compare products in a market, and identify opportunities where customer needs are not being met.