It is necessary to be aware of what potential
competitors are doing at present, opening a business that simply replicates
another good or service would be unwise in a small marketplace. A business directory (e.g., Yellow Pages) can be used to
identify what competitors are offering and where.
By marking competitors on a map it may become obvious that one area is
under served by a particular good or service, this is called market mapping.
Market mapping can also be used in a non-geographical
manner. This will provide an
analytical tool that can lead to a gap being identified in the market.