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Market Mapping

This document provides information about market mapping and product ranges. It defines key terms like market mapping, market segments, and gaps in the market. It explains that market mapping involves positioning products on two dimensions important to customers, like price and quality. An example market map for chocolate is shown, and students are tasked with creating their own market map to identify any gaps. The purpose of market mapping for entrepreneurs is to understand how to best position products to meet customer needs.

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2K views13 pages

Market Mapping

This document provides information about market mapping and product ranges. It defines key terms like market mapping, market segments, and gaps in the market. It explains that market mapping involves positioning products on two dimensions important to customers, like price and quality. An example market map for chocolate is shown, and students are tasked with creating their own market map to identify any gaps. The purpose of market mapping for entrepreneurs is to understand how to best position products to meet customer needs.

Uploaded by

api-53255207
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Market Mapping

GCSE Year 10 Business


Studies

Aims and Objectives


Aim:
Understand market mapping.
Objectives:
Define market mapping & product ranges
Create a market map
Be able to spot a gap in a market
Analyse market mapping and product ranges

Starter
Which of the following is the definition of market
segment?
A) The number of people who buy goods from a
business.
B) The percentage of the market a business owns.
C) The amount of businesses in a particular market.
D) Part of a market that contains a group of buyers
with similar buying habits.

Starter
Price Sensitivity means.
A) When consumers dont like the price of a
good/service.
B) When the price does not matter in the decision to
buy or not to buy.
C) When the price is very important in the decision to
buy or not to buy.
D) When businesses cant decide on a price of their
product.

Product Ranges
Definition: Collection of different goods/services
that a business sells.
How many

products can you name?

30 seconds

Product Ranges
For each product decide on its market segment.
What do you notice about the
market segments for different
Cadburys products?
Product

Segment

Market Mapping
The challenge of an entrepreneur is to
position the product so that it meets the
needs & wants of customers.
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

E.G.
High price v low price
Basic quality v High
quality
Low volume v high
volume

Necessity v
luxury
Light v heavy
Simple v
complex

Lo-tech v hightech
Young v Old

Market Map of Chocolate


Gap in the Market:
Occurs when no business is currently
serving the needs of customers for a
particular product.

he
t
in t
p
Ga arke
M

Your Own
Market Map
High Quality

Low Price

Create Your Own Market Map


for one of the following
markets or one of your choice:
1. Chocolate Bars
2. Fashion
3. Sportswear
4. Make-Up
5. Cars
6. Computers
7. Mobile Phones
8. Restaurants

High Price

Extension Task: Identify where


there are any gaps in your market.
Low Quality

High Quality

Low Price

High Price

Low Quality

Checkpoint
What is a market map?

Why would an entrepreneur use a market map?

Using Market Maps


Can be used to show the product range that a
business has.
Can show if there are any gaps in the market.
Can show who your main rivals are.

Speed Analysis
Give 2 advantages and 2 disadvantages of having a
large product range.
Advantages

Disadvantages

Give 2 advantages and 2 disadvantages of using


market mapping.
Advantages

Disadvantages

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