Which ONE of the following are examples of how entrepreneurs can use market mapping?
Select ONE answer only:
- To identify market prices
- To identify the location of competitor businesses
- To identify where competing products fall across two dimensions
- To identify the best location for a new business
- To advertise to customers where the business is located
Explain one disadvantage to a business of using a market map?
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This is multiple choice question is suitable for Business Studies KS4 classes.
The answer is 3 – Market mapping is used to illustrate where existing products in a market fall in relation to two variables considered important to customers. These variables are two-dimensional (eg high price versus low price, high quality versus low quality) and form the X and Y axis on the map. Once existing products in a particular market have been plotted, potential gaps in the market can be identified.
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