What is a market gap?Group of answer choicesAn unmet customer needA declining market trendAn area with no competitionA highly saturated market

Definition of a Market Gap

A market gap refers to a situation where there is an unmet customer need or demand that is not currently being addressed by existing products or services in the market. It indicates an opportunity for businesses to create new offerings or improve upon existing ones to satisfy that need.

Analysis of Options

1. An unmet customer need: This option aligns with the definition of a market gap, as it highlights the existence of demand that has not been fulfilled.

2. A declining market trend: This does not describe a market gap. A declining market trend usually indicates a decrease in demand or interest in a particular segment.

3. An area with no competition: While this may seem similar to a market gap, it's not necessarily true that a lack of competition indicates a gap; it could also suggest that there is no market potential.

4. A highly saturated market: This refers to a marketplace where many competitors exist, which is contrary to the concept of a market gap.

Conclusion

Based on the analysis, the correct answer is "An unmet customer need," as it most accurately describes the essence of a market gap.