A market map positions all of the products in a market against two of their features.
Possible features include:
- Price (low to high)
- Quality (low to high)
- Gender (male to female)
- Age (young to old)
- Traditional – modern / trendy
BUT BE CAREFUL!!!
- Just because there’s a gap doesn’t mean there’s demand
- Market maps are subjective (based on opinion not fact)
- Market mapping is therefore a useful starting point for market research
Here’s an example of a market map for the clothing industry in the UK. Where do you think the gaps are?
A typical exam question on this subject might be:
“Explain one benefit to a business of using a market map” (3 marks)
Try answering this and then click here to check your answer with the exam board’s mark scheme.