What is the purpose of creating an opportunity analysis plan? How does it differ from a business plan?
What will be an ideal response?
The opportunity analysis plan is a detailed investigation of the idea and the market that an entrepreneur is considering. It outlines the details of the product or service that will be offered and then identifies and examines the market that has been identified for entry. It looks at potential competitors in the market, examines the demographics and potential customer segments that could be targeted, and the methods by which to do so. It also includes a section on the skills and background of the management team. It concludes with a section on the necessary next steps in order to transform this into a suitable business venture.
The opportunity analysis plan differs from the business plan in that its focus is on the market, not the venture itself. It does not go into the financial depth the business plan does nor include projected financial statements. It is also generally much shorter in length than the business plan. Of 100 opportunity analysis plans that are created, generally three are actually good enough to be turned into business plans.
You might also like to view...
Toss, a chain of sports equipment retailers, plans to invest in a retail operation in a foreign country. Which of the following categories of investments does this belong to?
A. Portfolio investment B. Philatelic investment C. Direct investment D. Alternative investment E. Inventory investment
Which of the following can be a challenge when setting up a blog?
A) Accurately defining your target audience B) Preventing viral marketing C) Increasing employee engagement D) Monitoring the blogosphere E) Finding long-term content
Qualitative research is an unstructured, exploratory research methodology based on small samples that provides insights and understanding of the problem setting
Indicate whether the statement is true or false
Which of the following is NOT a way in which managers use the production cost reports to make decisions for their companies?
A) evaluating performance B) identifying the most profitable products C) controlling period costs D) preparing the financial statements