Business Opportunity Identification Essay Example | Topics and Well Written Essays - 1500 words

Business Opportunity Identification - Essay Example From this discussion it is clear that  innovation forms the basis of any business opportunity. There are various factors that need to be analyzed before implementing an innovative idea. UK market is the main focus in this study due to its economic stability. Any new business start up should encompass such product or services that can cater hidden customer demand. Affordability or purchasing power is another aspect that plays a vital role while designing a new business plan. The business opportunity which has been identified is in the wrist watch sector. Watches are highly in demand in consumer market and there is more inclination towards branded items. Branded watches are usually preferred by customers due to its unique designs that are inimitable. In this segment there lies high opportunity in context of offering unique design wrist watches to upper middle and lower middle segment.This report outlines that the highly competitive UK market has different segments and middle income g roup shall initiate required profit margins for the retail company. Wrist watches are mostly preferred by adults and youth, and this is the business opportunity for the retail company to be launched.  An entrepreneur starting a new business needs to take into consideration wide array of factors. These factors are related to financial and operational aspects of the new start up business. Financial factor is a major component during designing a new business.

2.4 Consumer Behaviour & Holidays Case Study Example | Topics and Well Written Essays - 1000 words

2.4 Consumer Behaviour & Holidays - Case Study Example The regular elements that basically impact the holiday decision-making process are levels of contribution, situational variables, expectation, sentimentality and fantasizing. Then again, this is altogether different from customary decision-making process that is generally sequenced and organized. In this model, the requirement for a particular administration or item is distinguished and data pursuit and different choices are assessed. The consumer is further headed towards acquiring an item and there in the wake of setting a buying decision (Moore & Simmons, 2010). In the conventional consumer decision-making, the technique for hunting down data is generally organized and it is either outer, interior or both of them. Data gathering process in the holiday decision-making is a continuous and nonstop process. The data is gathered throughout and after the holidays experience and it is generally memory based than outer based. Holiday decision creators are low data searchers and data is ac cumulated in a non-reason way. Then again, in conventional consumer decision-making, get-together data is exceptionally vital and the data is seen as the main impetus in the consumer decision-making process. Under this model, the consumers are sharp data searchers and they complete a genuine research before settling down on a specific item (Weiss & Wenger, 2002). The interviews conducted in the case shows the different behaviour of the two persons who were deciding on going for a trip. The first issue talks about a situation where the decision maker is confused about finally going on a holiday or not in spite of the fact that they had already decided on two destinations for their holiday. This clearly shows a confusion in the decision making process. Thus as a holiday service provider it will be very difficult to assess whether or not to consider them as a consumer. The next scenario talked about is a