Question

Discuss environmental factors that influence identifying opportunities gaps?

Answer 1

Answer:

dentifying Product Opportunities: The SET Factors

Family and work patterns (for example, the number of single parents with two jobs or the number of double-income households with flexible hours)

Health issues (for example, people living longer with more active lives)

Use of computers and the Internet.

Political environments.

Successful products in other fields.

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Answer 2

Answer:

Environmental factors that can impact identifying opportunities gaps include, Economic conditions, Technological advancements, Legal and regulatory environment and Social and cultural factors.

Explanation:

1) Economic conditions: The state of the economy can affect the types of opportunities that are available to entrepreneurs. During a recession, for example, there may be fewer opportunities for businesses to grow, while during a period of economic growth, there may be more opportunities for new businesses to emerge.

2) Technological advancements: Technological advancements can create new opportunities for entrepreneurs by creating new markets or improving existing products and services. Entrepreneurs need to stay up-to-date on new technologies and innovations to identify opportunities gaps.

3) Legal and regulatory environment: The legal and regulatory environment can also influence opportunities gaps. Changes in laws and regulations can create new opportunities for businesses, while also closing off others.

4) Social and cultural factors: Social and cultural factors can also influence opportunities gaps. Changes in consumer preferences, attitudes, and behaviors can create new opportunities for businesses, while also making existing opportunities less attractive.

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