market mapping Flashcards
(26 cards)
What is market mapping?
Market mapping is a visual representation of the positioning of products or services in a market based on two key variables.
True or False: Market mapping helps businesses identify gaps in the market.
True
Fill in the blank: Market mapping often uses a _____ to plot products based on price and quality.
grid
What are the two common dimensions used in market mapping?
Price and quality
How can market mapping benefit a business?
It helps in identifying competitors and understanding market positioning.
Multiple Choice: Which of the following is NOT a use of market mapping? A) Identifying competitors B) Determining potential customer preferences C) Setting production costs
C) Setting production costs
Short Answer: Name one limitation of market mapping.
It may oversimplify complex market dynamics.
What does a market map visually represent?
The competitive landscape of a market.
True or False: Market mapping can only be used for large businesses.
False
Fill in the blank: Businesses can use market mapping to identify _____ in their product offerings.
gaps
What is the primary purpose of creating a market map?
To visualize the positioning of products in relation to competitors.
Multiple Choice: What does a high price and low quality indicate on a market map? A) Luxury product B) Value product C) Niche product
A) Luxury product
Short Answer: Why is it important to understand competitors when using market mapping?
To identify market positioning and opportunities for differentiation.
What type of businesses can utilize market mapping?
Any business, regardless of size or industry.
True or False: Market mapping is a one-time process.
False
Fill in the blank: Market mapping can assist in _____ decisions by highlighting market trends.
strategic
What is a potential outcome of effective market mapping?
Increased market share.
Multiple Choice: Which variable would likely be plotted on the x-axis of a market map? A) Quality B) Brand recognition C) Price
C) Price
What does it mean if products are clustered closely together on a market map?
They are competing closely in the same market segment.
True or False: Market mapping can help in identifying target customer segments.
True
Fill in the blank: A market map can reveal _____ opportunities for new products.
business
Short Answer: How often should a business update its market map?
Regularly, as market conditions change.
What factors might influence the positioning on a market map?
Consumer preferences, competitor actions, and market trends.
True or False: Market mapping is only applicable to physical products.
False
