MANAGEMENT

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: -Recognizing gaps in the market A market map can reveal gaps in the market, which are opportunities for companies to enter into new markets or segments. For example, these gaps may appear through data mapping with obvious clusters of companies serving a particular market but a lack of companies serving another market.

Detailed explanation-3: -Market mapping, also known as perceptual mapping, is the process of plotting competitor products on a graph to visually illustrate a sector. It does this by comparing two competitive factors. The graph maps your competitive position and can reveal gaps in the market and how to position the product.

Detailed explanation-4: -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.

Detailed explanation-5: -To put it simply, market mapping is the art of using competitive intelligence to understand how many candidates are in the market, their average salary, who employs most of them, and what the job-to-candidate ratio is – and then using all of that information to identify the best approach for your sourcing plan.