Gap in the market

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Gap in the market
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Gap in the market means that there is need for generating a new product or service in the market[1]. In other words, gap in the market is opportunity to develop new objectives and promote them[2].

Working towards gap in the market

On example of "A gap in the market: The conceptualisation of surveillance, security, privacy and trust in public opinion surveys", generally to start research if there is some gap in the market there are two steps necessary. Firstly, methology of research should be set up and secondly, results should be analyzed[3]. Jacobi E. S., Freund J., Araujo L. treats the gap in the martket as something that could be created by good marketing and good advertising. They are showing detailed steps of developing or discovering gap in the market[4]:

  1. Identification of the target audience - creating a consumer profile, describing the target audience (including social and cultural trends, insights about potencial customer's aspirations, desires, interests, dreams, passions), reviewing key competitors, developing potential propositions for future testing in focus group research.
  2. Laddering top-down with multiple approaches to planning - developing the propositions based on insights (motivation, essence, emotional background, rational benefit), market researching towards propositions might start,
  3. Identifying the product or service - for example playing with possible combinations of ingredients or functions, checking with lawyers,
  4. Laddering bottom-up - processing opposite dirction from top-down laddering (from consumer insight to product development) by following a bottomup logic which means to start this time with specific ingredients or functions of desired product and working up to the consumer insight.
  5. Comparing research versus planning - involving focus groups, working to solve any concerns about product,
  6. Identifying a gap in the market - basing on all data gained from previous actions,
  7. Creating a market in the gap - creating new ladder with new brand philosophy (mission) supported with necessary market analyzes and calculations.

Author: Patrycja Mikołajczyk

Footnotes

  1. Scallan P. (2003), p.35
  2. Ellis K., Keane J. (2008), p.50
  3. Watson H., Rachel L. Barnard-Wills F., Barnard-Wills D. (2017)
  4. Jacobi E. S., Freund J., Araujo L. (2014)

References