Words of the Week – whitespace
Whitespace is an undeveloped product category or business market that reveals opportunity for new ventures. For example, if your company was analyzing a new product launch and found Competitor A in the low price/low service segment, Competitor B in high price/low service and Competitor C in the high price/high service segment, you could explore the whitespace of low price/high service for your offering. If it works from a profit perspective, it could be highly valuable in attracting and retaining new customers. Personally, I felt like there was whitespace in helping international students plan and maximize their US MBA experience; that’s why I started this blog!