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Market Mapping

Market Mapping. The marketing challenge. Identify groups of customers who have similar needs and wants. Find a way of offering ( positioning ) a product which is attractive to those customer groups. What is market segmentation?.

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Market Mapping

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  1. Market Mapping

  2. The marketing challenge Identify groups of customers who have similar needs and wants Find a way of offering (positioning) a product which is attractive to those customer groups

  3. What is market segmentation? Segmentation is about breaking up a larger market in to small, more manageable chunks

  4. Example segments - holidays

  5. Why segment the market?

  6. Ways of segmenting a market

  7. Limits of market segmentation • Lack of information and data: some markets are poorly researched with little information about what customers want • Difficulty in measuring and predicting consumer behaviour: humans don’t all behave in the same way all of the time. • Hard to reach customer segments once identified: it is one thing spotting a segment; it is another reaching target customers with an effective marketing message

  8. What is market mapping? The market map illustrates the range of “positions” that a product can take in a market based on two dimensions that are important to customers

  9. Some possible “dimensions”

  10. High Quality Low Price High Price Low Quality

  11. Taking care with a market map • Advantages • Helps spot gaps in the market • Useful for analysing competitors • Encourages use of market research • Disadvantages • Just because there is a “gap” doesn’t mean there is demand • Not a guarantee of success • How reliable is the market research?

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