Market mapping is a useful framework for analyzing market positioning with respect to a specific product or service.
A market map illustrates the range of ‘positions’ that a product can take in a market based on two dimensionsthat are important to customers.
HNB Marketing Consultant, studies various market conditions to identify trends and corresponding variables between consumers and products.
This helps companies locate problem areas and figure out the source of problems by examining related variables.
To perform market mapping we use ‘Multi-dimensional Scaling and Perpetual Mapping’ tool which is advance statistical technique.
Key advantages of Market Mapping-
- Helps in product or brand positioning
- Helps in identifying gaps in the market
- Helps to segment customers
- Helps to analyze competitors