ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gaps in the market
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Competitors
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Groups of people with similar buying habits
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None of the above
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Detailed explanation-1: -Market mapping is the process of using a graph to plot competitors and their products to understand competitor behaviour and spot a gap in the market . It also allows a business to see who their competition will be and what other products and services are available in the same sector .
Detailed explanation-2: -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. Examples of those dimensions might be: High price v low price. Basic quality v High quality. Low volume v high volume.
Detailed explanation-3: -Step 1-analyze competitors business models. Step 2-analyze vendors, academia, and investors actions. Step 3-design the final market map. 13-Dec-2019