market-gap

Vocabulary Word

Definition

'Market-gap' describes a situation where there is a demand for a specific product or service, but no business is catering to it. It's like an opportunity waiting for someone to take advantage of.

Examples in Different Contexts

For product development, identifying a 'market gap' is crucial for creating innovative products that meet unserved or underserved consumer needs. A product developer might say, 'We've identified a market gap for durable, lightweight travel gear designed for extreme conditions.'

Practice Scenarios

Tech

Scenario:

The feedback we've received shows our users want a feature to customize their profiles better. This is something we should consider developing.

Response:

Indeed, a customization feature could address the market-gap we've identified from user feedback.

Business

Scenario:

It seems the local community really lacks specialty coffee shops. Something high-end yet cozy might fill a void.

Response:

Absolutely, opening a specialty coffee shop can fill a significant market-gap in our local community.