Which method can be used to identify market gaps?Group of answer choicesSWOT analysisCompetitor analysisFinancial projectionFeasibility study
Question
Which method can be used to identify market gaps?
- SWOT analysis
- Competitor analysis
- Financial projection
- Feasibility study
Solution
All of the methods mentioned can be used to identify market gaps, but they do so in different ways:
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SWOT Analysis: This method involves identifying the Strengths, Weaknesses, Opportunities, and Threats related to a business or project. By doing so, you can identify gaps in the market that your business or project could potentially fill.
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Competitor Analysis: This involves analyzing your competitors to identify their strengths and weaknesses. By doing so, you can identify gaps in their offerings that your business could potentially fill.
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Financial Projection: This involves forecasting future revenues and expenses. This can help you identify potential market gaps by showing you areas where demand is expected to exceed supply.
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Feasibility Study: This involves evaluating the practicality and potential success of a proposed project or business. This can help you identify market gaps by showing you areas where there is a need for a particular product or service that is not currently being met.
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