Recognizing business opportunities
- Using untapped business opportunities
- Developing channels for commercial initiative
Description
Recognizing business opportunities involves systematically identifying unmet needs, market gaps, or emerging trends that can be addressed through innovative products or services. This strategic process requires active market observation, customer feedback analysis, and competitor assessment to pinpoint viable prospects. Its practical intent is to enable organizations or individuals to act swiftly, allocate resources effectively, and develop solutions that address specific problems, thereby creating value and gaining a competitive advantage in the marketplace.
Claim
There are three keys to business success: (1) Test fast. (2) Fail fast. (3) Adjust fast. (Tom Peters).
Broader
Facilitates
Facilitated by
Problem
Value
SDG
Metadata
Database
Global strategies
Type
(D) Detailed strategies
Subject
Commerce » Business enterprises
Commerce » Commerce
Development » Development
Economics » Resource utilization
Transportation, telecommunications » Telecommunications
Content quality
Yet to rate
Language
English
1A4N
U0219
DOCID
13102190
D7NID
212456
Editing link
Official link
Last update
Jul 30, 2021