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Gap In The Market - GCSE Business Definition

Reviewed by: Steve Vorster

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A "gap in the market" refers to an opportunity where consumer needs are not currently being met by existing businesses. In GCSE Business , it means identifying demand for a product that is not currently available or is underserved. This allows a new business to enter the market or an existing business to expand its offerings. Spotting a gap in the market can lead to a competitive advantage, as businesses can differentiate themselves and attract a loyal customer base by fulfilling unmet needs effectively.

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Steve Vorster

Reviewer: Steve Vorster

Expertise: Economics & Business Subject Lead

Steve has taught A Level, GCSE, IGCSE Business and Economics - as well as IBDP Economics and Business Management. He is an IBDP Examiner and IGCSE textbook author. His students regularly achieve 90-100% in their final exams. Steve has been the Assistant Head of Sixth Form for a school in Devon, and Head of Economics at the world's largest International school in Singapore. He loves to create resources which speed up student learning and are easily accessible by all.

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