Business Opportunity Identification - Essay Example

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This essay stresses that wrist watches are being used by the people for decades. In the past few years the people became more aware in spending more in watches. Different type of watches came into the market expanding and diversifying the range of the wrist watch. …
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Business Opportunity Identification
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Download file to see previous pages 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 group 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. ...Download file to see next pagesRead More
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