Question
Understanding areas such as excess production capacity, costs of supplies, new technologies, or excess demand can significantly enhance business strategy. It allows businesses to identify gaps and opportunities in the market. For instance, understanding excess production capacity can help a business to optimize its operations and reduce waste, thereby improving profitability. Similarly, being aware of the costs of supplies can aid in budgeting and cost control. Knowledge of new technologies can provide a competitive edge and open up new avenues for growth. Lastly, understanding excess demand can help a business to scale up its operations to meet customer needs, thereby increasing market share.
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Another tool to hone in on a specific type of gap is a market gap analysis. A market gap analysis helps you self-evaluate where your organization stands in relation to the rest of the market. Consider multiple areas of concerns, such as excess production capacity, costs of supplies, new technologies, or excess demand. (Slide 16)
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