What Are Market Gaps, How To Discover Market Gaps, How To Fill Market Gaps As An Entrepreneur, And The Benefits Of Discovering Market Gaps (ePub)

This essay sheds light on what are market gaps, demystifies how to discover market gaps, expounds upon how to fill market gaps as an entrepreneur, and reveals the benefits of discovering market gaps. Succinctly stated, market gaps are opportunities in markets in which there are unmet needs for products or services among customers. Market gaps exist in markets as a result of there being sizeable unmet demand for products or services among customers that companies have not assuaged. Market gaps also exist due to customers having unlimited desires for products and due to companies not having been able to assuage all of their customers' desires for products as of 2023. Companies have the latent potential to create new product markets by ushering in new innovative products into the world that customers yearn to purchase. Market gaps are abound and are ubiquitous throughout the world since customers have unlimited desires for products which companies have been unable to entirely fulfill as of 2023. Market gaps are prevalent throughout the world also because an exorbitant amount of companies do not comprehensively understand customers' desires for products. The more comprehensively companies can understand customers' desires for products, the more seamless it will be for them to develop desirable product offerings. Filling in marketing gaps is simply a matter of companies furnishing customers with the opportunity to be able to buy the specific product offerings and specific service offerings that they desire to purchase. Just because a company develops a new product offering or develops a new service offering does not necessarily denote that customers will desire to purchase it in the imminent future when it is released into the market. Market gaps can also exist in contexts in local markets in which there are no local companies providing the services and/or products that customers desire to procure. Examples of market gaps existing in local markets encompass certain local markets lacking a supermarket, lacking a dodgeball league, lacking a tennis league, and lacking a video game store. The existence of certain market gaps in a local market can be attributable to companies forecasting that there will not be enough aggregate customer demand in a local market for them to be able to yield a positive return on investment if they were to fill certain marketing gaps in a local market. Market gaps provide opportunities in untapped markets for companies to avail themselves of by entering into these untapped markets and by subsequently furnishing products and/or services to customers of these untapped markets. Companies are often reticent about entering into untapped markets for the prospect of providing products and/or services to customers of these untapped markets since the values of untapped markets are enigmatic. If a company for instance were to create a highly innovative product that was innovative enough to be able to concomitantly elicit a new product market upon the highly innovative product being released into the market, then it would not be able to forecast the future value of the new product market with unalloyed accuracy. A company does not know the value of a new product market prior to the advent of it being formed. Even if a company anticipates that the market size of a new product market is aptly poised to be sizeable once the new product market is brought to fruition with the release of the company's highly innovative product into the market, then there is however no guarantee that the prospective buyers of the new product market will purchase the highly innovative product and become the company's customers.