Market Mapping: An Essential Job for Marketers
What do you think about market mapping? Is this essential? Depends on how good you are at marketing. How much you understand marketing? Sourcing to revenue generating, every steps of the procedure is very important. Without mapping, an organization is a ship without map. Without map, you cannot understand where to float your ship. And if you have no idea, you cannot direct. So, Mapping is what? It is a procedure of making a map on something. So, Market Mapping is a procedure to make a map on market. We have already known that market is a set of buyers of a product. So, how a map is created? Simply on intelligence, means information of research department. According to specialists, a study of various market conditions that is plotted on a map to identify trends and corresponding variables between consumers and products is called Market Mapping. Market mapping can help companies to locate problem areas and figure out the source of problems by examining related variables.
Here, is an area for a pharmaceutical organization or pharma based organization. Here, we can see, there are 8 specialist doctors in this area. Organization’s focus can send medical representative according to their necessities. Just think, an oncology medical representative can go Oncology Specialist, Medicine specialist, Hematology specialist naturally. If there is any medicine that can be needed by a gynae doctor, medical representative can visit and inform the doctor. That is mapping insight.
At first, executive should map the visiting area.
Second, searching the opportunity in or near the visiting area.
Third, if the opportunity is found, map it and knock it.
Fourth, follow up, make it client and maintain relationship.
For an example, there was a visiting area for a tobacco company. The tobacco company’s map said where they were doing business. When they sent a new executive, he saw some covered places within the area where only BAT did business. He went one of the places to talk with shop owner. The owner said that the new brand couldn’t be run here. So, they were not interested. The executive never went there to market the product. He went there and greeted the owner only without entering the shop and with refusing the tea taking offer. After two weeks, the owner called him and took the product on cash. The executive was successful. He discovered all the uncovered area and did the business. BAT lost a huge market share there.
What have been learnt here?
Market mapping cannot be done only by organization, but also can be done by executives. More the mapping is done by executives; more the way is smoother for executives.
The market map illustrates the range of “positions” that a product can take in a market based on two dimensions that are important to customers. Those dimensions might be:
- High price vs. low price
- Basic quality vs. High quality
- Low volume vs. high volume
- Necessity vs. luxury
- Light . heavy
- Simple vs. complex
- Lo-tech vs. high-tech
- Young vs. Old
One executive of oncology product (Medicine for cancer) asked a famous oncology specialist of Bangladesh why the doctor did not prescribe his medicine though it was of New York and very effective. In reply the doctor said that the people who went there are poor. Germany same genre medicine was also effective and it cost one third of New York one. Why he should prescribe the medicine.
One executive went to Apollo hospital to market the product. He sold 1gram vile for BDT. 750,000. Here is the difference. The dimension of mapping can be described; high price vs. low price. There are also some other dimensions. With mapping, the work can be smoother. The executive can understand easily what should do or not to do, where should go or not to go. Time can be saved and work can be organized. These are the actual essentials of market mapping.
The article is based on Observation and Secondary source.
5 Comments
Could you inform me what style are you using on your
web site? It looks wonderful.
Just selected to buy a theme and asked developers to develop.
Awesome blog article.Thanks Again. Cool.
Thanks so much for the article.Thanks Again. Awesome.
Really informative blog article.Really thank you! Keep writing.