Market mapping
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When starting a business, entrepreneurs should carefully consider their potential customers and segment markets into groups with similar characteristics like age, gender, income, and location. Creating a market map can help identify which market positions are occupied by competitors and uncover gaps a new business could fill by varying factors such as price and quality of their product compared to others in the same market.
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- 1. Market Mapping • When starting up a small business, entrepreneurs should think carefully about who their potential customers are likely to be. • Markets can be segmented into groups of buyers that have similar characteristics, such as by age, gender, income, location, ethnicity & religion. The most likely group to purchase a product can then be targeted.
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