How do businesses conduct a gap analysis in product portfolios?

Businesses conduct a gap analysis in product portfolios by comparing their current product offerings to market demands and competitor offerings.

To conduct a gap analysis, businesses first need to identify their current product portfolio. This involves listing all the products they currently offer, along with their features, benefits, and market performance. This provides a clear picture of what the business currently offers and how well these products are performing in the market.

Next, businesses need to identify the market demands. This involves researching and understanding what customers in their target market want or need. This could be done through market research, customer feedback, or analysing market trends. Businesses should also consider the future needs of the market, as this can help them to identify potential gaps in their product portfolio.

Businesses also need to analyse their competitors' product portfolios. This involves identifying what products their competitors offer, their features and benefits, and how well they are performing in the market. This can help businesses to identify any gaps in their own product portfolio, as well as opportunities to differentiate their products from their competitors.

Once businesses have identified their current product portfolio, market demands, and competitor offerings, they can then conduct a gap analysis. This involves comparing their current product portfolio to market demands and competitor offerings to identify any gaps. These gaps could be products that the business does not currently offer but are in demand in the market, or products that their competitors offer but they do not.

Finally, businesses need to develop a plan to fill these gaps. This could involve developing new products, improving existing products, or repositioning products in the market. By conducting a gap analysis and developing a plan to fill these gaps, businesses can ensure that their product portfolio meets market demands and gives them a competitive edge.