Description of buyers

The buyers will dictate the level of demand of your product or service. On a Mind Map, you can use branches to explore the different avenues that the buyer could purchase from, such as a shop or online. Stick to keywords rather than phrases on your branches to help trigger more associations and a deeper analysis.
Start by looking at the strengths and weaknesses of each avenue, especially cost and availability. This will help you to determine where the buyers are most likely to purchase from. Further topics to explore on the Mind Map include the product itself, the concentration of buyers, price sensitivity and the choice available to the buyers.
Let’s take the example of custom made oak furniture. Buyers will be willing to pay more for this as it is not a widely available product. This gives the manufacturer, you, more bargaining power. However, if you look at a product such as washing up liquid, there are more readily available options to the buyer, and factors such as the price and quantity will play a pivotal role in the buyer’s decision.