Which of the following represents a gap in the market?

The identification of a gap in the market is best represented by the situation where there is a demand not currently met by existing products. A gap in the market indicates an opportunity for businesses to introduce new products or services that fulfill unmet needs or desires of consumers. This can arise due to changes in consumer preferences, technological advancements, or inadequacies in existing offerings.

When a particular segment of consumers is looking for a solution or a product that is not available in the current marketplace, it signals a gap. This is where innovation and entrepreneurship can thrive, as businesses seek to capitalize on the unfulfilled demand by developing new offerings that cater to those specific needs.

The other scenarios presented do not accurately represent a market gap. Excess product choices may overwhelm consumers but do not indicate a lack of options. An outdated product is simply not relevant anymore and does not highlight an unmet demand. A market dominated by a single supplier might show limited competition, but it does not necessarily mean that there is unaddressed demand for products; it could simply indicate a strong monopoly position. Therefore, the demand not currently met by existing products is the clear indicator of a market gap.