BUSINESS OPPORTUNITY AND RELATED FACTORS

what is a business Opportunity?

• the branch of knowledge concerned with the production, consumption, and transfer of wealth.

• is an idea for a product/ service that may be used to start a business and generate money.

• an organization or enterprising entity engaged in commercial, industrial, or professional activities

Successful business opportunities are based on .....

what is the IMPORTANCE OF ASSESSING NEEDS AND DESIRES

• help you identify markets and geographical areas where you can expand to

• is a vital element when developing your marketing strategy. When done correctly it can help to enlighten your marketing activities

• You have a guaranteed market if you notice a need that isn't being addressed.

....is the systematic collection, recording, and analysis of data concerning the marketing of goods and services is known as market research.

it is important to do market research because...

• it is easy

• Every need and desire may be turned into a business opportunity.

• Gathers data and views in an objective manner to find out what goods and services people want to buy.

...... and ......are the types of research instruments.

what is the protocol for conducting a research

• influence the interviewees answers

• If the research is being performed within a company, it must first be approved.

• show up at any time for the interview

When considering a business idea, make sure it follows the following guideline:

• The product or service should not be free of harmful substances.

• it is harmful to the environment

• it violate certain laws

• The product or service should not be harmful to the health of the individuals who use it.