Market Mapping in Action
Picture this: you plot supermarkets on a map with "high price" at the top, "low price" at the bottom, "high quality" on the right, and "low quality" on the left. M&S and Waitrose sit in the high price, high quality corner, while Aldi and Lidl occupy the low price, reasonable quality space.
Market mapping uses both primary research (focus groups, surveys, observing actual selling prices) and secondary research (competitor websites, customer reviews, online product descriptions). This combination gives you a realistic picture of where everyone stands.
The benefits are brilliant: you can spot gaps in the market, understand your competition before launching, design products that stand out, and see where markets are overcrowded. It helps you create variety in your product range to appeal to different market segments.
But be careful - if you don't choose the right features to map, you'll get misleading results that highlight fake opportunities. Market mapping is just a tool that helps analyse markets; it doesn't make business decisions for you.
Reality Check: A gap in the market doesn't always mean there's a market in the gap - sometimes there's no demand for a reason!