Market mapping
Market mapping is the process of using a graph to plot competitors and their products to understand competitor behaviour and spot a A gap in the market refers to a place in the market where there is demand for a product or service that is not currently being met.. It also allows a business to see who their competition will be and what other products and services are available in the same An area or portion that is distinct from others.. A market map is displayed as a graph and makes it very easy to see where gaps in a market exist. An entrepreneur can use a gap in the market to help them launch a product or service that is more likely to be a success.
The above market map shows seven products of the same type but with different characteristics (eg they could be different makes of car). The map suggests that there aren’t many products of this type that are high quality and high price. This means that if a business developed a high-quality and high-price product of this type, it might have a good chance of success.
Two elements that are commonly measured on a market map are quality and price. However, many things can be measured on a market map. Other examples include:
- duration, eg how long a product or service can be used for
- taste
- level of luxury
- budget
- age of the target market, eg on a scale from younger to older
- gender, eg whether the product or service is aimed at men or women
