Complexity: Medium
Time required: 30-60 minutes
Material required: A4 papers, pen (optional: stickers, photos, markers, post-its)

References: Small business design management toolkit by PDR

What is it for?

Even if you think your product or service is unique, there will be something else competing against this purchase in the minds of your customers. These can be direct competitors who are offering something similar, or in-direct competitors who could be enticing your customers toward an alternative purchase in another market altogether. When did you last review your competition? It is essential to review your market regularly and keep an eye on new developments and trends. If you operate in a fast moving market, you might want to review the competition each month. But all businesses should at least have an annual check on what is going on in the market.

How to use it?

A market map illustrates a range of positions that a product, service or brand can take in a market based on two attributes that are significantly important to your customers.