General Certificate of Secondary Education (GCSE) Business Practice Exam

A market map visually represents the price and quality positioning of products within a specific market. It helps businesses and marketers identify where their products stand relative to competitors by plotting various products on a graph according to their price points and perceived quality levels. This visualization aids in understanding market dynamics, identifying gaps, and determining strategic positioning for new or existing products.

By utilizing a market map, businesses can gain insights into how their offerings compare with others, which can inform decisions about pricing strategies, product development, and marketing approaches. Identifying whether a product is considered premium, budget, or somewhere in between allows for strategic positioning to target specific consumer segments effectively.