Answer :
Final Answer:
A perceptual map is a means of graphically displaying the location of products or brands in the minds of consumers to understand how they perceive competing offerings, as well as its own, enabling managers to assess market positioning and competition (Option C).
Explanation:
Perceptual maps are essential tools in marketing strategy as they provide visual representations of consumer perceptions regarding various brands or products within a specific market. By plotting products or brands along relevant dimensions such as price, quality, or features, managers can identify competitive positioning, potential market gaps, or areas for differentiation. This enables them to make informed decisions regarding product development, marketing strategies, and positioning adjustments.
Option A is incorrect because it describes a competitive positioning map, which focuses on comparing market share and product offerings between firms. Option B is incorrect as it refers to a market growth/decline analysis, not consumer perceptions. Option D describes a market segmentation map, which links potential buyers with products, but doesn't focus on consumer perceptions. Option E is incorrect as it describes a positioning map focusing on unimportant attributes.
Correct answer: Option C
Complete question:
What is a perceptual map?
- A. a framework used to compare one firm's product offerings with another firm's offerings in relationship to their relative market share.
- B. a framework used to demonstrate the growth or decline of specific market segments within an industry.
- C. a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand.
- D. a framework to relate the market segments of potential buyers to the products offered or potential marketing actions by an organization.
- E. the place a product occupies in a single consumer's mind on unimportant attributes relative to competitive products.
