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Gap analysis is a statistical method that estimates the space between a company’s actual performance and its desired performance, or between awareness of its products and its usage. In other words, it finds how far it is between where a company stands and where it wants to be. This “gap” can apply to anything from usage to product positioning. In the context of analysis, you could:

• Quantify a gap between current performance and desired performance on a variety of metrics.
• Track changes in the size of this gap over time.
• Use predictive modeling to determine the relationship between a variety of variables and changes in this gap.

This list is not comprehensive, by any means, but offers some idea of how gap analysis could be applied to data. For end users, the practical applications are equally diverse.

• Identify a market niche where demand for an offering outstrips supply,
  and restructure your approach to take advantage of the sales opportunities.
• Establish where your product should be, based on variables like consumer preference, supply and demand, and product attributes –and gauge the distance between this ideal and your current position.
• Nail down a plan to create the best product possible, drive sales and close the gap.
• Evaluate where your brand, product or company stands relative to competitors and develop a plan to overcome this “competitive gap.”

Because FGI takes a full-service approach to market research, we can design a study according to your specifications, field the study, collect and report data, and apply a range of anlytical techniques. We can even consult you on how to respond to your study results. Gap analysis is just one among a full menu of techniques that we offer.

Alternatively, we could apply our analytical methods to data that you have collected. The real advantage of a full-service approach is that we can do as much or as little as your business requires for its success. Whatever the case, we maintain our dedication to the values of customization and service that drive all of the research that we do.

To explore your options, contact a representative today.