Gap in the Market – An opportunity for a new business (or expansion) which may meet a need that is not being met, or a group of customers that are not yet purchasing a particular good/service
To remember what Gap in the Market means use the following mnemonic:
There was a gap in the market (gap in the market) stalls for a new business to meet a demand.
Note: The only way to make a lot of profit quickly is to sell a brand-new product that no one has thought of. It’s about spotting a gap in the market. Selling a similar product to everyone else that’s been around for 20 years is unlikely to make a lot of profit.