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CHAPTER 6: BUSINESS OPPORTUNITY ANALYSIS - Coggle Diagram
CHAPTER 6: BUSINESS OPPORTUNITY ANALYSIS
INTRODUCTION
Usually related to the entrepreneur work experiences hobbies, or social environment.
Can be found in many way and many places
Can exist on paper or in the form of idea
Many people see opportunity but only entrepreneur react acts upon them.
BUSINESS OPPORTUNITY ANALYSIS
Vital process for the growth of an organization and needs to be performed frequently.
A tool to detect and evaluate the desirability of a business opportunity
Establishing demand and competitive analysis and market condition.
SOURCES OF BUSINESS IDEAS AND OPPORTUNITY
PRIMARY SOURCES
Experiments
Interviews
Observations
Surveys
SECONDARY SOURCES
Available references
Mass media and electronic media
Reliable
TYPES OF BUSINESS OPPORTUNITY
Filling a Niche
Network Marketing
Distributorship or Dealership
Licensing
Buy a Franchise
RECOGNIZING CUSTOMER NEEDS AND WANTS
A need is something basic in life
Wants are something that is more than a basic need
An entrepreneur has to be sensitive in identifying the needs and wants of customers
CHOOSING A BUSINESS OPPORTINUTY
Competitors
Capital requirements
Legality
Risk
EMERGENCE OF OPPORTUNITY
The presence of unfulfilled needs and want or problems alerts the entrepreneur to the potential opportunity
The entrepreneur later creates a business that is able to fulfill the needs or want or solve the problems
When people decide they have certain needs and want to be satisfied, or when people discovered a problem of some kind that can be helped by a product or service
CONSIDER FACTOR
Market
Supplies or raw materials
Skill and interest
Man power
Available resources
Technology
The needs of the community
DIVERGENT THINKING MODE
To generate creative ideas
Typically occurs in a spontaneous, free flowing manner
Out of the box thinking
ANALYZING BUSINESS OPPORTUNITIES
TERRITORY DESIGN
Prioritize and make territories stable
Make more compact territories to reduce travel time and expenses
Identify overlapping districts and relocate effectively
benchmark performance
CUSTOMER SEGMENTATION
What product will specific niches
Compare markets
Where and how to market
Need to identify the best prospects are
Where to build
MARKET PLANNING
FIND LOCATION
Drive time
Sales value
Demographics
Where to build
ANALYZE MARKET
This is useful to help to enhance informed decision making by generating standard models and analysis
This SBDC may help in interpret information
GET STARTED
Representation of data (maps. graph, statistics)
Target customers
Sales
Market opportunity
MARKETING
Create memorable messages and advertisements
Deliver messages and advertisements through social media
Understand your targeted consumers
OPPORTUNITY IDENTIFICATION AND SELECTION (OIS)
Snap investigation
Evaluation in terms of OS, framework and short listing of ideas
Generation of ideas
Pre-feasibility studies
Development of OS (decision making) framework
Preparation for personal profile
opportunity selection
CONVERGENT THINKING MODE
Focused on coming up with the single, well established answer to a problem
It is oriented toward deriving the single best, or most often correct answer to question
Thinking that brings together information focused on solving a problem