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

What is a potential outcome of failing to identify market gaps accurately?  A. Increased competition in saturated markets  B. Lower production costs  C. Enhanced brand reputation  D. Reduced customer loyalty

Which method can be used to identify market gaps?Group of answer choicesSWOT analysisCompetitor analysisFinancial projectionFeasibility study

A _______________ market is a small, more narrowly defined market that is not being served well or at all by mainstream product or service marketersGroup of answer choicesdefinedNicheNarrowbroad based

The existence of many competitors in any one market segment may indicate:Group of answer choicesthe market is saturated.no one firm has differentiated itself within that market.a market that has already been tried without success.an untapped market niche.

Which of the following conditions generally raise the barriers to entering an industry?Multiple Choicelow levels of brand loyalty on the part of customers and the presence of more than 20 rivals in the industryrapid market growth, low buyer switching costs, and weak brand preferences and customer loyaltyproduct offerings that are pretty much standardized from rival to rivalhigh capital requirements, difficulties in building a network of distributors-retailers and securing adequate space on retailers’ shelves, and the likelihood that industry incumbents will strongly contest the efforts of new entrants to gain a market footholdThe industry is not characterized by scale economies and/or sizable learning or experience curve effects, and few firms in the industry hold key patents and/or possess significant proprietary technology not readily available to a newcomer.