A Venn diagram is a mathematical tool often us to visualize relationships between different sets of objects. It is a graphical representation of the intersections and differences between several categories, demonstrating possible relationships between phenomena and objects. The diagram was first us in the works of the English logician John Venn in the late 19th century (first publish in the author’s book in 1881).
<p>A Venn diagram is a diagram of intersecting circles that shows how much different sets have in common. Today, the tool is us in mathematics, logic, management, and other appli fields, including marketing, to compare sets and establish relationships between them. That is, it is a way of displaying data or information.
Application of Venn Diagram in Marketing
In business and marketing, the. Venn diagram is us to compare. Competitors, analyze the market, and evaluate product positions against the competition.
Competitor analysis using Venn Diagram helps to clearly visualize the key similarities and differences between products or companies:
- Identify advantages: understanding recent mobile phone number data how the product differs from competitors’ products, highlighting significant features that can become a competitive advantage.
Algorithm for using Venn Diagram for competitor analysis
In Order to Conduct a. Competitor and .Product Analysis. Using a. Venn. Diagram, It Is Important to Follow the. Algorithm Below.
Before you start building A . diagram, you ne to determine what products you will analyze. These may. Be competitors’ products; the services they provide; the market segments they operate in. For each object, you ne to collect information, marketing list including features, benefits, price points, marketing strategies, and consumer feback.
Next, define the comparison criteria: what characteristics or features will be us to compare competitors’ products and your. Product. For example: price, quality. Unique features, availability and distribution. Consumer reviews, functional features. the seminar was held in The more criteria you cover, the more complete an idea of the competitive situation you will get.