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.

2. • Even within the same market, the
product offered by one business
can be very different to that
offered by a competitor.
• A Market Map can be drawn to
show all the possible positions
within a market, for a product,
based upon two distinctive
variables, such as Price and
Quality. A business will then try to
identify what positions within the
market are already occupied by
the competition, and look for
possible gaps within the market
that it can fill.