1D - Sources Of Buisness Oppitunity

Question 1

What are the different sources of business opportunity?

Answer 1

Innovation, market opportunities, changing customer needs, research and development, technological development, global markets

Question 2

Innovation

Answer 2

Involves creating an implementing new ideas by improving upon an existing good service or creating something something new.

innovation is a source of business opportunity as it attracts customers that are looking to purchase specific services.

Question 3

Market opportunities

Answer 3

Is a want or need that is not currently being met by any business.

Market opportunities may be created when there are changes in the business environment that causes a gap in the market.

Market opportunities acts as a are source of business opportunity as addressing a gap in the market, can attract new customers away from competitors.

Question 4

Changing customer needs

Answer 4

Are the transitions in the desires of consumers.

For business to operate successfully in sells goods or services that continually meets societies changing needs.

If a business can predict what customers will want in the future can modify or create goods and services before competitors.

To meet changes and custom needs business owners should constantly monitor purchasing trends as well as any customer comments or complaints.

These trends and services and reviews can indicate opportunities for a business to sell new or modified products to better satisfied customers.

Therefore changing customise axis business opportunity as business continuously makes sales and track new customers.

Question 5

Research and development

Answer 5

Involves directing resources such as money towards discovering creating and introducing new products and processes.

If the product idea is determined to be attractive to potential customers, businesses may begin to sell the product to the public.

A business may also complete research and development to improve existing products.

Conducting research and development acts as a source of business opportunity as new or improve products and processes can more accurately meet customer needs.

Question 6

Technological development