Marketing - What is a Perceptual Map

The video tutorial discusses the importance of comparing to competition in marketing strategy. It introduces perceptual maps as a tool to visually represent how a product or brand compares to others in the market. By plotting competitors on a graph with dimensions like price and quality, marketers can identify empty spaces that represent potential market opportunities. The tutorial emphasizes the importance of positioning and promoting products based on these insights to effectively convey their value to consumers.

What is a key consideration when creating a marketing strategy?

How can a perceptual map help in comparing products or brands?

What does an empty space on a perceptual map indicate?

Why might a high-priced, low-quality product not be a desirable position on the perceptual map?

In what way can a perceptual map guide marketing positioning and promotion?