market-opportunity

Vocabulary Word

Definition

'Market opportunity' is like spotting a gap in the market where you could offer a product or service. It's about understanding customer needs and realizing your business can satisfy those needs.

Examples in Different Contexts

For business development, identifying a 'market opportunity' means finding a chance to expand business operations or offerings in a way that meets market demand. A business developer might discuss, 'Our analysis has revealed a market opportunity in the urban farming sector, where demand for local produce is growing.'

Practice Scenarios

Tech

Scenario:

Mental health awareness is on the rise, and many are turning to digital solutions. How can our tech startup cater to this?

Response:

Our market opportunity is evident here. Developing an app that supports mental well-being could significantly cater to this growing concern.

Design

Scenario:

Remote work is here to stay, and people are investing in their home offices. How does this impact our product range?

Response:

The market opportunity is sizable. We could design a unique line of home office furniture focused on comfort and productivity.