What is the meaning of Market Gap

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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

Yes, you are right! It gives more chances for the businesses to develop and offer products or services that cater to this unfulfilled need.

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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?

  1. Assess your strength
  2. Research Niche Market
  3. Identify unsolved problems
  4. Keep an eye on your competitors
Verginiya Patrick Answered question August 23, 2023
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