I agree with all of the above however I would like to add that in certain cases where similar products exist in the market, if the project team spends so much time in that phase it might take longer than needed. By the time the project is ready to initiate, the market gap it had to fill might be taken over by some other company or a project. A market gap depends on market research and the need for that specific product in the market. The gap can vary in terms of affordability of the project, or a feature it may add that others don’t have.