productspace
Productspace refers to the conceptual multidimensional space where all possible products can be located. Imagine a graph with axes representing different attributes or features of a product, such as price, quality, size, functionality, design, and target audience. Each product can then be plotted as a point within this space, based on its specific characteristics.
The concept of productspace is useful for understanding market dynamics and competitive landscapes. Companies can analyze
For example, in the smartphone market, axes could include screen size, battery life, camera resolution, and price.