Today's task will require you to create a plan to answer this question. We will discuss your ideas for how best to get maximum marks. Then you will compete for the best answer!
Your plans went well today and below is the mark scheme available for future reference. Remember market mapping is all about spotting gaps in markets and testing consumer perceptions. You use it to analyse your position compared to competitors. Just rmember the drawbacks and how it may be unsuitable to entrepreneurs who do not have the resources & experience to do it properly or pay someone else to do it.
“Market mapping consists of identifying key variables about a product, plotting where existing brands or suppliers are in terms of combining the variables, then identifying any gaps in the market”.
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