Asked by Brandt Cortina on Jul 27, 2024
Verified
Explain what a market-product grid is and how it is used.
Market-Product Grid
A tool for analyzing market segments by mapping out their size and growth potential against specific products and services.
- Comprehend the principles involved in choosing target markets.
- Elucidate the function of data in the creation of perceptual maps and in positioning of products.
Verified Answer
LG
Lillian GushuraJul 29, 2024
Final Answer :
A market-product grid is a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization. Developing a market-product grid means identifying and labeling the markets (or horizontal rows) and product groupings (or vertical columns). In a complete market-product grid analysis, each cell in the grid can show the estimated market size of a given product sold to a specific market segment.
Learning Objectives
- Comprehend the principles involved in choosing target markets.
- Elucidate the function of data in the creation of perceptual maps and in positioning of products.