Marketing - What is a Perceptual Map

The video tutorial discusses the importance of comparing to competition in marketing strategy. It introduces perceptual maps as a tool to visually represent how a product or brand compares to others in the market. By plotting competitors on a graph with dimensions like price and quality, marketers can identify empty spaces that represent potential market opportunities. The tutorial emphasizes the importance of positioning and promoting products based on these insights to effectively convey their value to consumers.

What is a key consideration when creating a marketing strategy?

• The color of the product packaging

• The location of the company's headquarters

• How the product compares to the competition

• The number of employees in the company

What is a perceptual map used for?

• To determine the best price for a product

• To visualize how a product or brand compares to competitors

• To list all the features of a product

• To track sales over time

Which of the following could be a dimension on a perceptual map?

• Weather conditions

• Price

• Employee satisfaction

• Office size

What might an empty space on a perceptual map indicate?

• A successful marketing strategy

• A high level of competition

• A lack of interest in the market

• A potential opportunity for a new product

Why might a high-priced, low-quality space on a perceptual map be unoccupied?

• It is the most competitive space

• Most consumers do not seek high-priced, low-quality products

• It is the most profitable segment

• It is a highly desirable market segment