Market mapping (Edexcel GCSE Business): Flashcards
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Practise the cards
13 cards from this deck
Market mapping definition
Market mapping definition
Strategic tool to visualise position vs competitors
Market gaps
Market gaps
Areas in market not being served well
Number of variables on market map
Number of variables on market map
Two
Main purpose of market mapping
Main purpose of market mapping
Discover gaps in the market
Market mapping: identifying ___
Market mapping: identifying ___
Gaps/untapped opportunities
Market mapping helps understand ___
Market mapping helps understand ___
Competition & rivals
Market mapping supports ___
Market mapping supports ___
Market segmentation
Market maps based on ___ not facts
Market maps based on ___ not facts
Perceptions
Market map limitation: variable count
Market map limitation: variable count
Limited to two at a time
Challenge in creating market maps
Challenge in creating market maps
Choosing right variables to compare
Market gaps necessity
Market gaps necessity
Not always necessary for success
When head-to-head competition works
When head-to-head competition works
When there's sufficient demand
Example market map variables
Example market map variables
Price vs quality, traditional vs modern