Assessing Market Competition
Market potential is also affected by the number of establishments supplying and serving your target customers. This process would determine how saturated the market is in the given area of coverage. The more suppliers...
Segmenting the Market
Using a set of demographics (e.g., gender, age, place of residence, income class, etc.) will be the most basic approach in determining the target segment. Keep in mind that some general statistics for these...
Market Potential and Prospects
Market potential is based on the estimated number of possible customers who might avail of the product or service. For a more realistic number, it would help to narrow down your estimation to the...
The Pre-Feasibility Study
The ultimate goal of doing the opportunity screening matrix is to narrow down the many opportunities into one or two most attractive ones. The next step is to conduct a pre-feasibility study to ascertain...
The 12 Rs of Opportunity Screening
After opportunity-seeking comes to the rigorous process of Opportunity Screening. Because of the many opportunities possible for the entrepreneur, it is important to come up with a shortlist of a few very promising opportunities,...
Different Sources of Entrepreneurial Opportunities
As an opportunity seeker, the entrepreneur will surely discover other sources of opportunities. Unexpected successes (or failures) can lead to good opportunities.Another potential source of opportunity is the entrepreneur's own set of skills or...
Consumer Preferences, Piques, and Perceptions
Consumer preferences, piques, and perceptions can be sources of opportunities. Consumer preferences refer to the tastes of particular groups of people. Some examples are the clothes people wear, the food they eat, the music they...
What is a Micromarket?
Micromarket refers to the specific target market segment of a particular enterprise. These are the target customers that represent the immediate customers of an enterprise, meaning those who are currently buying the goods or...
Market Sources of Opportunities
The entrepreneur must also be able to measure the actual demand and supply as well as the potential demand and supply of the industry that the enterprise belongs to. Equally important is the monitoring...
Industry Sources of Opportunities
After the macro environment, the next biggest sources of opportunities are the industry and the market. One of the most difficult aspects about industry analysis is defining what constitutes an industry in the first...