Business CIE Model Layer One: Opportunity Part - Essay Example

Opportunities Forces creating opportunity Technological evolution, organizational environment and demand characteristics are the major forces creating opportunity (Crawford & Benedetto, 25). Stereographs were the dominant technological product design between 1850 and 1930. However, large businesses enhanced economies of scale and heightened the barriers to entry. Increased competition led to the closure of opportunities in the market and many firms stopped producing as technological advancements generated new products.

Nevertheless, there is still a large client base that is interested in the old technology that the initially dominant businesses no longer offer. This has created an opportunity to re-introduce the antique technology in to the market. The organizational environment also presents a significant opportunity as there are no direct competitors to the business. On the other hand, the venture is not absolutely new as it was in the market earlier and quite a number of potential customers know about it.

Moreover, the museum community continues to create demand by trying to engage people in stereographs hence creating awareness. The demand characteristics indicate a prevailing opportunity, based on the feedback from potential customers in various exhibitions. Moreover, stereo photographers are likely to become part of the TwinScope’s market share once they realize the need to frame and exhibit stereographs. Key success factors Key success factors include the proficiency to matt and frame the stereographs for display in a public museum.

Information will reach potential customers through testimonials of those who see the display in the public museum. TwinScope will also reach out to potential customers through other public exhibitions. Target market The target market comprises museums and institutions that are the main clients of stereographs, stereograph club members as well as corporate and individuals. Barriers to entry Economies of scale will be a major barrier to entry at the inception stage as TwinScope cannot produce in large scale to lower the cost of production leading to a high price of products.

The high degree of brand loyalty for stereoscope firms will require TwinScope to spend money on advertising the new ideology of a ‘hanging art piece’ to develop its own brand loyalty. Access of the products to museums is a challenge as it involves authorization. Competitor’s strengths/weaknesses Jeffrey Kraus-Antique photo curator is a strong and major competitor for TwinScope. The firm has a well established online platform with a large market share. However, the firm has not been in a position to market its paintings at the local level to institutions and museums, which presents a major opportunity for TwinScope.

Size and growth potential of market The market for stereographs is large and unexploited. There is high growth potential for TwinScope that will be accomplished through constant innovations. The global market has a high potential for growth especially with the technological advancements in e-commerce. Future outlook In future, TwinScope will present its own exhibitions and represent photographers who make stereographs. This year will see the firm coming up with two sets of exhibitions, one with twin and other night series put into a box set as well as standardization of products and prices.

Profit opportunity The opportunity for profit is founded on the target market comprising stereo photography enthusiasts. Many potential customers have reliable disposable income and are willing to purchase the trending 3D-related product. Fit between opportunity/concept There is a strategic fit for TwinScope based on the presence of a strong resource base that will be used to promote business strategy. The entrepreneurship venture is founded on unique photography capabilities and skills which will supplement the resource base to enhance attainment of business goals.

Window of opportunity There is a window of opportunity in the collectors and stereo photographers who need to be transformed from the current secondary market in to TwinScope’s primary market by shifting their mindset to framing and exhibiting stereographs. Customer loyalties and switching costs TwinScope will initially be focused on establishing customer loyalty by enhancing satisfaction through premium pricing. TwinScope will be positioned as high quality premium brand that signifies status.

Switching costs will be applied afterwards when a large customer base is accomplished to enhance profitability while maintaining business growth. Work Cited Crawford Merle. & Benedetto Anthony. New Product Management, Upper Saddle River, NJ: McGraw Hill, 2008. Print.