Market Mapping in Business

What is one of the main benefits of using a market map for entrepreneurs?

• To increase product prices

• To identify gaps in the market

• To reduce production costs

• To eliminate all competition

Which two attributes are most commonly used in market mapping?

• Brand and logo

• Price and quality

• Color and size

• Speed and efficiency

In the car industry example, which brand is considered a new player with advanced technology?

• Ferrari

• Renault

• Vauxhall

• Tesla

Which car brand in the example is known for offering luxurious cars at a high price?

• Audi

• Vauxhall

• Ferrari

• Renault

What gap in the car market was identified using the market map?

• High quality, low price

• Low quality, low price

• High quality, high price

• Low quality, high price

Why might a gap in the market not indicate a demand for a new product?

• Because it doesn't guarantee customer interest

• Because it might not be profitable

• Because it requires too much research

• Because it is too expensive to fill

What is a limitation of analyzing competition using only two attributes?

• It is too complex

• It may not be accurate

• It requires too much data

• It is too expensive

What is crucial for the person completing the market mapping process?

• Having a large team

• Having a high budget

• Having a strong marketing strategy

• Having good insight and experience

What does the market mapping process rely on to confirm assumptions?

• Customer reviews

• Supporting market research

• Sales data

• Competitor analysis

What can lead to poor decision-making in market mapping?

• Using too many attributes

• Ignoring customer feedback

• Focusing only on price

• Relying on opinion without data