Upon completion of this chapter, you should be able to
- explain the purpose of the opportunity analysis;
- analyze an industry, its customers, and its competitors;
- identify and define a target market;
- design a questionnaire and conduct a market research study to determine the perceptions and needs of a target market; and
- analyze results of the research study and make recommendations based on the findings.
Purpose of the Opportunity Analysis
The purpose of the opportunity analysis section of the business plan is to determine the probability that a business concept will be successful in the marketplace. It also describes the group of customers that will be the focus of a firm’s endeavors. This chapter ...