It is the gap between what is currently on the market and the possibility for new or significantly improved products that result from emerging trends
By observing trends, solving a problem, and finding gaps in the marketplace are the three general approaches entrepreneurs use to identify an opportunity.
A product opportunity gap refers to a situation where there is a discrepancy between customer needs or desires and the existing product offerings in the market. This gap indicates an unmet demand or an area where potential customers are not satisfied with current solutions. Identifying such gaps can help businesses innovate and develop new products or improve existing ones to better serve their target audience. By addressing these gaps, companies can enhance their competitive advantage and drive growth.
An opportunity gap is the difference between groups of people in their access to things like education, healthcare, employment, etc. So, for instance, if you look at low-income and high-income communities and their access to quality education, you will find an opportunity gap. Poor children don't have access to the same quality educational opportunities as their richer peers.
The gap between the cost and the price on a per product basis is known as the profit margin. This gap represents the difference between what it costs a business to produce or acquire a product and the price at which it sells that product. A larger gap indicates higher profitability, while a smaller gap may suggest lower profit margins or competitive pricing strategies. Understanding this gap is crucial for businesses to ensure sustainability and growth.
Approaches to opportunity identification include market gap identification through evaluation of potential competitors. Buying into an existing venture
gap
A Determinant Gap Map is a 2 Dimensional Gap map, which is plot between two most important attributes of any product, and all the other brands marketing that product are ranked in the Gap Map according to their rankings in those selected attributes.
Because when one produces one product, the opportunity cost of the other product increases. The concave represents the increasing opportunity cost with the production of a good.
The law of increasing opportunity costs states that the more of a product that is produced the greater is its opportunity cost.
opportunity costs
Shopping Opportunity in the Direct Sales Business, is when you are given the chance to shop for up to 50% off from the product line after learning about the business opportunity.
by producing a product with a lower opportunity cost