How can market mapping help a business identify a gap in the market?

Market mapping helps a business visualize the competitive landscape by analyzing various factors such as customer Demographics, product offerings, and pricing strategies. By plotting competitors against these variables, businesses can identify underserved segments or niches with unmet needs. This analysis highlights potential gaps where demand exists but supply is limited, enabling businesses to tailor their products or services to effectively address those opportunities. Ultimately, market mapping facilitates informed decision-making and strategic planning for market entry or expansion.