Marketing Map
What is a Marketing Map?
Marketing Map is the process followed by marketers to generate value for the customers. Value can be defined as the ratio of perceived costs to perceived benefits. Perceived benefits are the advantages of the product perceived by the customer as compared to its competitors. Tangible benefits are physical benefits say a light weight comfortable shoe. An example of intangible benefit is the promise of quality that a product brings. Perceived costs are the economic sacrifices (emotional/energy/money) that the customer has to make in order to acquire the product. Perceived costs can also be classified as tangible or intangible. The following matrix shows value creation methods:
As per the above matrix, value can be generated by either increasing perceived benefits or decreasing perceived costs. Value can be generated through the purchase process – Customer’s recognition of the problem, search for the alternatives (internal/external), evaluation of the alternatives, purchase of product, product usage & repurchase. The first quadrant may involve improving, say, the speed of a car. The second quadrant may involve improving the purchase experience of the car. The third quadrant may involve warrantied services of the car.
To generate value, we identify the target customer (People), called Linda in our case. The Linda identified is the 20% customer-base which generates 80% of the product sale. She influences the other 80% of the customer-base to buy the product. The actual Linda identified can be different from the aspirational Linda in some cases.
After identifying Linda, marketers analyse the Gap in the industry offerings today & Linda’s needs (unmet & under-met needs). On the basis of the evaluation, marketers decide their Positioning or value proposition strategy. In simple words they try to attract Linda’s attention & create a view about the product. This can be done using the 4Ps.
1. Product: Product is the actual
Marketing Map is the process followed by marketers to generate value for the customers. Value can be defined as the ratio of perceived costs to perceived benefits. Perceived benefits are the advantages of the product perceived by the customer as compared to its competitors. Tangible benefits are physical benefits say a light weight comfortable shoe. An example of intangible benefit is the promise of quality that a product brings. Perceived costs are the economic sacrifices (emotional/energy/money) that the customer has to make in order to acquire the product. Perceived costs can also be classified as tangible or intangible. The following matrix shows value creation methods:
As per the above matrix, value can be generated by either increasing perceived benefits or decreasing perceived costs. Value can be generated through the purchase process – Customer’s recognition of the problem, search for the alternatives (internal/external), evaluation of the alternatives, purchase of product, product usage & repurchase. The first quadrant may involve improving, say, the speed of a car. The second quadrant may involve improving the purchase experience of the car. The third quadrant may involve warrantied services of the car.
To generate value, we identify the target customer (People), called Linda in our case. The Linda identified is the 20% customer-base which generates 80% of the product sale. She influences the other 80% of the customer-base to buy the product. The actual Linda identified can be different from the aspirational Linda in some cases.
After identifying Linda, marketers analyse the Gap in the industry offerings today & Linda’s needs (unmet & under-met needs). On the basis of the evaluation, marketers decide their Positioning or value proposition strategy. In simple words they try to attract Linda’s attention & create a view about the product. This can be done using the 4Ps.
1. Product: Product is the actual