Identification of potential new products or services that may lead to promising businesses
Opportunity Recognition
Entrepreneurial Alertness
Readiness to act on existing, but unnoticed, business opportunities
Good Investment Qualities
Products that serve clear and important needs
Products that customers know about
Products that customers can afford
A good idea is not the same as a good opportunity.
A good ideas is the same as good opportunity
Involve new ideas, involve new technology, centered around providing customers with a new product.
Type B
Type A
Type C
Are centered around providing customers with an existing product not available in their market.
Are centered around providing customers with an improved product.
Unanticipated events lead to either enterprise success or failure
The unexpected
The incongruous
Process needs
What is expected is out of line with what will work.
Structural change
Current technology is insufficient to address an emerging challenge.
Changes in technology, markets, etc., alter industry dynamics.
Shifts in population size, age structure, ethnicity, and income distribution impact product demand.
Changes in perception
Demographics
Perceptual variations determine product demand.
New knowledge
Learning opens the door to new product opportunities with commercial potential.
what are the Industry Factors?
The unexpected The incongruous Process needs Structural change
Demographics Changes in perception New knowledge
What are the Human and Economic Factors?
The incongruous Structural change Process needs
A plan of action that coordinates the resources and commitments of an organization to achieve superior performance.
Strategic Decision
Strategy
A decision regarding the direction a firm will take in relating to its customers and competitors.
A value-creating industry position that is likely to endure over time.
Sustainable Competitive Advantage
