Identifying Business Opportunities PDF

lesson 2 identifying business opportunities Presented by Group 2 PRESENTATION OUTLINE MARKET RESEARCH AND ANALYSIS IDENTIFYING A NICHE MARKET (BENCH MARKING) EVALUATING BUSINESS IDEAS SCANNING YOUR ENVIRONMENT introduction Opportunities for a business involve a...

lesson 2 identifying business opportunities Presented by Group 2 PRESENTATION OUTLINE MARKET RESEARCH AND ANALYSIS IDENTIFYING A NICHE MARKET (BENCH MARKING) EVALUATING BUSINESS IDEAS SCANNING YOUR ENVIRONMENT introduction Opportunities for a business involve a specific product, service, or niche that has the potential for profit. Identifying business opportunities involves recognizing gaps in the market, emerging trends, consumer needs, or areas where there is room for innovation and improvement. buliboli  market research and analysis INTRODUCTION TO MARKET RESEARCH TYPES OF MARKET RESEARCH Qualitative Research Quantitaive Research delos santos methods of data collection for market research In-Depth Interviews Online Surveys Rich Qualitative Wide reach and Insights cost-effective Time-Consuming Quick data collection and Resource- Potential response Intensive bias Limited Sample Size delos santos methods of data collection for market research Observational Research Real-time behavior observation Potential observer bias Ethical Considerations delos santos data analysis techniques Statistical Analysis SWOT Analysis Trend Analysis delos santos understanding customer needs Surveying Customer Preferences Analyzing Buying Patterns Studying Demographic Data delos santos assessing market competition Competitor Analysis Market Share Evaluation Identifying Market Trends delos santos identifying a niche market (bench marking) 1. Define your Niche Market 2. Identify your Competitors 3. Select your metrics and data sources 4. Choose your Benchmarking Method 5. Analyze and Visualize Your Data cruz  define your niche market To define your niche market, you can use criteria such as demographics, psychographics, geography, behavior, or values. You can also conduct surveys, interviews, or focus groups to gain deeper insights into your audience. cruz identify your competitors Indirect competitors Direct competitors are those who offer different are those who offer the products or services to the same or similar products or same niche market as you, services to the same niche or the same or similar market as you. products or services to a different market segment. cruz  select your metrics and data sources Metrics are the quantitative or qualitative indicators that measure your progress, results, or impact. cruz  choose your benchmarking method There are three main types of benchmarking methods: internal, external, and best practice. Internal benchmarking is when you compare your performance across different time periods, campaigns, or platforms. External benchmarking is when you compare your performance with your competitors or industry averages. Best practice benchmarking is when you compare your performance with the leaders or innovators in your niche market or related fields. cruz  analyze and visualize your data Process of interpreting and presenting your findings in a clear and compelling way. You can use tools such as spreadsheets, charts, graphs, dashboards, or reports to organize and display your data. cruz  EVALUATING BUSINESS IDEAS When you have a business idea, it's important to evaluate it carefully to help you determine its viability. A business idea evaluation typically involves studying market conditions, establishing a target market and analyzing the projected costs of the new venture. delos reyes  DETERMINE A TARGET MARKET A target market is a group of people who are likely to purchase a company's products or services. They're the consumers you believe can benefit most from your business idea. It's important to learn what you can about this group so you can better form your idea and later market to them successfully. Age Profession Gender Marital Status Geographic Location Education Level Income Level delos reyes  CREaTE a Buyer persona As you gather information about your target market's demographics, you can establish buyer personas, which are characters who represent the members of your target audience. Rather than being real customers, personas are fictional customers you create to help guide your business decisions. delos reyes  CREaTE a Buyer persona What are their personal beliefs or values? What challenges are they seeking to resolve? How do they learn about products or services in the marketplace? What other types of products or services do they buy regularly? How does cost factor into their purchasing decisions? delos reyes  conduct a market analysis A market analysis is an assessment of market factors, which may include economic details, consumer buying patterns, trends, forecasting and the competition in a market. delos reyes analyze your competitors It's important to know more about potential competitors so you can see what they've done to find success and make sure you can supply a unique or higher-quality product or service. delos reyes understand your finances Part of evaluating a business idea is being able to understand the finances associated with its launch. Even if your idea doesn't require a lot of overhead costs to get started, this analysis can help you gauge your financial outlook. delos reyes understand your finances How can I get the necessary funds to start my business idea? How much money do I plan to invest in the beginning? What are my projected income and expenses? What's my total earning potential in the first month? Three months? One year? How can I realize sustained profits? delos reyes  GET FEEDBACK Once you've completed the other steps, you likely have an effective understanding of your business idea's feasibility. At this stage, it can still be helpful to get feedback from others who can provide insights or ask questions you may not have considered. delos reyes  SCaNING your ENVIRONMENT Careful monitoring of an organization's internal and external environment for detecting early signs of opportunities and threats that may influence its current and future plans. if you don’t adapt, you don’t endure. caÑedo components of environmental scanning 1. Internal Environmental Components - within the organization 2. External Environmental Components - fall outside the business organization Micro-environmental - competitors, consumers, markets, suppliers, organizations. Macro-environmental - political, legal, economic, cultural, demographic and technological factors. caÑedo techniques of environmental scanning 1. SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) 2. PEST Analysis (Political, Economic, Social, and Technological) 3. ETOP (Environmental Threat Opportunity Profile) 4. QUEST (Quick Environmental Scanning Technique) caÑedo importance of environmental scanning 1. Strength, Weakness, Opportunity, and Threats 2. Best Use of Resources 3. Survival and Growth of the Business 4. Planning for Long Term caÑedo  quiz 1. The 2 Types of Market Research. 2. It recognize gaps in the market, emerging trends, consumer needs, or areas where there is room for innovation and improvement. 3. A group of people who are likely to purchase a company’s products or services. 4. At this stage, it can still be helpful to get ____ from others who can provide insights or ask questions you may not have considered.  quiz 5. A concept to offer products or services to customers for financial gain. 6. The one who offers different products or services to the same niche market as you, or the same or similar products or services to a different market segment. 7. The careful monitoring of an organization's internal and external environment 8 - 10. Give 3 main types of benchmarking methods. Thank you!