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4853369
Market Mapping
Description
AS - Level Business Studies (Theme 1) Mind Map on Market Mapping, created by Charlotte Summerly on 14/03/2016.
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business studies
theme 1
as - level
Mind Map by
Charlotte Summerly
, updated more than 1 year ago
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Created by
Charlotte Summerly
almost 9 years ago
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Resource summary
Market Mapping
Illustrates the range of 'positions' that a product can take in a market based on two dimensions - market growth and market share
Market Gaps
No business currently serving the needs of customers for a particular group
Benefits; less competition, customers can't got to alternatives
Limitations; no reason for a gap, no guarantee of success, useful for market research
Advantages; helps to identify gaps, useful for analysing competitors, useful for market research
Disadvantages; may not be any demand where the gap is, no guarantee of success
Product Differentiation
Making one product different from another in some way - for instance through the quality of a product
Could differentiate through - function, quality, promotions, packaging, USP, ages
Unique brand names to distinguish different products
Adding Value
Creating a finished product that is worth more to the customer than the sum of the parts
Selling price - cost of producing goods
Adding designer labels, technical innovation, posh packaging, a prestigious address
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