perceptual map
A means of displaying in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as well as the firm’s own product or brand.
A perceptual map is a visual representation of how customers perceive various brands or products in a particular market. It is a marketing research tool used to understand customer perceptions of a product, and how it is positioned in relation to other competitive products. A perceptual map typically shows the relationship between different products or brands along two or more axes, such as price, quality, features, and so on.
In a perceptual map, each product or brand is represented by a point on the map, and its position relative to other products reflects how customers perceive it. The closer two products are on the map, the more similar they are perceived to be by customers. Conversely, products that are far apart on the map are perceived to be quite distinct from one another.
Perceptual maps can be useful in a variety of marketing contexts, including product development, pricing strategy, and advertising. By analyzing customer perceptions of products and brands, businesses can identify market gaps and opportunities for new product development. They can also help businesses to make informed pricing decisions and develop advertising messages that resonate with customers and differentiate their products from competitors.
More Answers:
Product Repositioning: The Ultimate Guide to Revitalize and Boost ProfitabilityThe Power of Product Positioning: A Key Strategy for Competitive Advantage and Brand Differentiation
Product Differentiation: A Comprehensive Guide to Standing Out in Your Market