What is the meaning of Market Gap
What is the meaning of Market Gap
A product or service that has a high demand from customers but is currently unmet by businesses is said to have a market gap. Therefore, this market gap might be a new strategy or approach for marketing the products.
Verginiya Patrick Answered question August 23, 2023
For companies, a gap in the market represents an opportunity for it to widen its customer base. Companies can identify the market gap and fill it using market penetration. How you can find your market gaps?
- Assess your strength
- Research Niche Market
- Identify unsolved problems
- Keep an eye on your competitors
Verginiya Patrick Answered question August 23, 2023
Of course! In your point of view, a Market gap refers to an opportunity within a market where consumer needs and preferences are not being adequately addressed by existing products or services. This void represents a potential area for businesses to innovate and fulfill unmet demands, leading to growth and profit.
Mathushika Mathanakumar Answered question August 21, 2023
Yes, you are right! It gives more chances for the businesses to develop and offer products or services that cater to this unfulfilled need.