1D Sources of Business Opportunity

Question 1

List the sources of business opportunity

Answer 1

Innovation
Market opportunities
Changing customer needs
Research and development
Technological Development
Global Markets

Question 2

Innovation

Answer 2

An innovation is when an entrepreneur creates an original good or service or improves on an already existing product in the market. Innovative products spark the interest of consumers and create demand.

Question 3

Market opportunities

Answer 3

Market opportunity is when businesses take advantage of ‘gaps’ in the market. This is for products that don’t currently exist or are inadequate.

Question 4

Changing Customer Needs

Answer 4

Changing customer needs is the way in which customers demand and expect products. Their needs are impacted by factors such as trends, economic condition and technology.

Question 5

Research and Development

Answer 5

Research and development allows
businesses to investigate opportunities and
develop products to meet customer needs. It aims to create new products or develop existing ones.

Question 6

Technological Development

Answer 6

Technological development refers to applications of knowledge that have changed people’s lives and changed the way in which businesses operate. It is the development of new products and processes creates opportunities for people with business ideas.

Question 7

Global Markets

Answer 7

Global Markets are an exchange between businesses and customers across the world. It allows trade to become more accessible and provides new opportunities for businesses.