Group work on opportunity seeking: What Opportunities Exist? Group should choose a market and identify a BIG
Question:
Group work on opportunity seeking: What Opportunities Exist?
Group should choose a market and identify a BIG PERVASIVE PROBLEM customers face.
Brainstorm some products or services to solve those problems
Share ideas with larger group
Questions to evaluate an opportunity:
What is the need you fill or problem you solve? (Value proposition)
Who are you selling to? (Target market)
How would you make money? (Revenue model)
How will you differentiate your company from what is already out there? (Unique selling proposition)
What are the barriers to entry?
How many competitors do you have and of what quality are they? (Competitive analysis)
How big is your market in dollars? (Market size)
How fast is the market growing or shrinking? (Market growth)
What percent of the market do you believe you could gain? (Market share)
What type of business would this be? (Lifestyle or High potential, Sole proprietorship, Partnership or Limited Liability Company)
How much would it cost to get started? (Start-up costs)
Do you plan to use debt capital or raise investment? If so, how and what type? (Investment needs)
Do you plan to sell your company or go public (list the company on the primary market) one day? (Exit strategy)
If you take on investment, how much money do you think your investors will get back in return? (Return on investment)
Develop operational strategy for your business opportunity based on the following competitive strategy:
Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value. Operations strategy is concerned with setting broad policies and plans for using the resources of a firm to best support its long-term competitive strategy. An operations strategy involves decisions that relate to the design of a process and the infrastructure needed to support the process.
Use the following major competitive dimensions that form the competitive position of a company:
Cost- “makes it cheap”
Product quality and reliability- “make it good”
Delivery speed – “make it fast”
Delivery reliability- “delivers it when promised”
Coping with changes in demand- “change its volume”
Flexibility and new product introduction speed- “change it”
Other product-specific criteria- “support it”
Technical liaison and support
Expert Answer:
Opportunity Identification 1 What is the need you fill or problem you solve Value proposition We aim to address the need for efficient and ecofriendly transportation solutions in urban areas where tra... View the full answer
