How do markets create opportunity
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Answer:
In today’s business environment, sustaining growth and profitability is never a guarantee. Technological and scientific advances shorten life cycles of products and services, business models change and new competitors appear from outside the industry. This constant instability makes it necessary to seek new business opportunities. How do you identify market opportunities in these conditions?
First, you need to define a framework to help search for opportunities. To do this, it is necessary to understand your company’s business direction and to have knowledge of the resources, strengths and capabilities of your company.
Once you have a good understanding of company goals and areas of expertise, the next step is to analyse the market, assessing consumer needs and how they are being met by companies today. In order to identify market opportunities, the business model as a whole must be evaluated by identifying consumers and companies and other factors such as brand value propositions, direct and indirect competitors, supply chains, existing regulations and the general environment. Let’s examine how to analyse these factors in detail below.