Ways to Identify an Opportunity Essay
Ways to Identify an Opportunity
What are the three ways to identify an Opportunity? Give two real world examples for each.
First of all, the opportunity is a set of circumstances with uncertain outcome to create new business, product or service. The Three ways of identifying an opportunity :
1- Observing Trends:
For example, now a days people become more concern with health, wellness and fitness. Delta Marketing Co. takes an advantage of the opportunity and opened Delta Fitness Authority in Yanbu city. They provided a training programs in Aerobics, Karate, swimming, dancing for men and women. And it succeeded. Another example, lately many companies like NIKE, Adidas and others have launched a power balance bracelets and watches which was founded by an athletes. This power balance bracelet designed to work with the body`s natural energy field that increases the ability to tap into the body’s energy to improve balance, strength and flexibility. One more example is that in Saudi Arabia there will be a rule of forcing kids to join a preliminary school before entering the primary school. This will make an opportunity to open more preliminary schools and to make a books for this stage.
2- Solving a Problem:
Before many years, people faced a problem in saving their money, gold, important papers from being lost or stolen. Then, banks came to solve all these problems. Any person can just have an account in the bank to save his precious belongings. Another example is the refrigerator, people was suffering from rotting foods and not having cold water in summer at all.
3- Finding a Gap in the Marketplace:
Sport club designed for disabled people. Another example, Lefty’s store in USA, it produces products and some tools specially for the left-handed people.