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

In market research, a 'market gap' identifies a need or opportunity in the market that is not currently being met by existing products or services. A market researcher might note, 'Our study has revealed a significant market gap in affordable, eco-friendly packaging solutions.'

Practice Scenarios

Startup

Scenario:

The educational system is always behind when it comes to adopting new tech tools. Many schools lack the necessary resources for modern learning methods.

Response:

That's an excellent point. Providing accessible and updated tech tools for schools could address a crucial market-gap in education.

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.