What is market mapping?

Market mapping, competitive advantage and where it comes from, product differentiation through design, branding, packaging, quality, features and service, and adding value and the added value calculation.

What you need to know

Answer each one before you reveal it.

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Evaluation

What is competitive advantage, and how can a business gain it?

Key term

What is product differentiation and why does a business pursue it?

Process

How can packaging, branding and quality differentiate a product?

Process

Why is after-sales service considered a method of product differentiation?

Numbers

Calculate the added value when selling price = £367, cost of inputs = £200.

Numbers

State the added-value formula.

Questions from this subtopic

Each one with the model answer underneath.

1
What is market mapping?
Model answer
A visual tool that plots products or brands on a grid using two key variables to identify gaps in the market and competitor positions.
2
Name four common axes that can be used when constructing a market map.
Model answer
Price (high to low), quality (high to low), age appeal (young to old), and basic to luxury.
3
How does market mapping help a business spot opportunities?
Model answer
It helps identify market gaps where customer needs are not being fully met by existing products.
4
Besides finding gaps, what strategic insight does market mapping provide about rivals?
Model answer
It allows a business to analyse its position relative to competitors.
5
Define competitive advantage.
Model answer
A condition that allows a business to outperform its rivals and generate greater value for customers or the firm.
6
How can lower costs act as a source of competitive advantage?
Model answer
They enable a business to undercut rivals on price or achieve higher profit margins, outperforming competitors.

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