Define the phrase ‘identifying a business opportunity’ and explain its importance.
Answers
Answer:
Listen to your potential clients and past leads. When you're targeting potential customers listen to their needs, wants, challenges and frustrations with your industry. ...
Listen to your customers. ...
Look at your competitors. ...
Look at industry trends and insights.
importance
The most important thing in this process is to evaluate whether an idea is a business opportunity. Business opportunity is the initiator of business venture and it consists of a series of circumstances in the market that enable turning a business idea into a business venture.
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Answer:
Identifying business opportunity is a feature of business environment.
Explanation:
Business environment includes all the factors which are outside the control of an organization but affects its working.
Identifying business opportunity means taking a step to know and understand the environment in a better way.
Opportunities are the positive trends or changes that help an organization to perform better.
Every organisation understands and observes its environment to take the best opportunity to grow and earn profits.
This leads to taking the first mover advantage.
For example :
•Suppose its a cloudy day. You found that it could rain soon. So you took up the advantage and fried some snacks for yourself to enjoy the weather.
Here, you observed the environment and took the first mover advantage.
• Another example is that, Maruti Udyog identified the need of small cars in the market for middle class and lower sections of the society. So, it took the first mover advantage to launch low priced cars in the market.
This helped them to grow and earn profits.