Objective: Develop a schematic representation of competitors within an industry.

Mindset: Appreciate product or service competitive comparisons and perceptual mapping

as a tool to determine product positioning and meet customer needs and wants.

Instructions

Perceptual mapping, also called product positioning, is a visual schematic used to

better understand consumer personas. This marketing strategy seeks to understand

competitive dimensions in an industry.

Refer to Product Positioning and Perceptual Mapping $($pages $250-251)$ in the text.

Create a visual graphic or representation $($see Figure $8-2)$ following the five$-$step

perceptual mapping technique $($page $250).$ Select axis criteria important to the

industry and plot the major competitors.

In a $1-$page response, expand on the vacant areas $($market niches$)$ and develop a

marketing plan to position the company $($steps $4$ and $5).$