Business Opportunity Matrix - Assignment Example

Assignment 1 Due Date: Workshop 3 Name: Student ID: Business Opportunity Matrix Contested Market Uncontested Market Opportunity Recognition Parallel Opportunities 1. A hair dressing salon in an area with existing salon businesses. 2. A new hotel in a town with other hotel businesses 3. A motor car garage in a place with similar businesses 4. A computer and technology retail store in a town operating similar businesses New Market Opportunities 1. An internet café franchise in an area with no competitors. 2. Real estate investing in a developing town with no competitors 3. A petrol/filling station in an developing town with no other similar business Opportunity Creation Product/ServiceOpportunities 1. Introducing mobile phones with improved features such as three slots for sim cards. 2. A universal mobile money transfer services working across all mobile phone networks. Radical Opportunities 1. Nanny software that protects children from viewing inappropriate internet content. Parallel Opportunities: 1. A hair dressing salon in an area with existing salon businesses. Due to higher prices and low quality of salon services by existing businesses in the area, the new business intends to offer quality services at lower prices. The targeted customers are the middle class earning individuals who wish not to spend extra costs at the existing salons (Fulbright, 2011). The business will deliver beauty salon services and superior haircuts to consumers in the given area. This business idea was identified through a market analysis to determine the customers’ feeling about the existing salon services. 2. A new hotel in a town with other hotel businesses A busy town with numerous people may need many hotels where they can take their meal. The market analysis in the area indicates a high demand for hotel services in big towns (Stevens, Sherwood & Dunn, 2010). Thus, opening a hotel business in such a place can significantly fill the shortage so that the demand for catering services cannot outstrip the supply. The business idea was derived as a result of the market pull for more services in the hotel sector. 3. A motor car garage in a place with similar businesses The analysis of current motor vehicle garages indicate that they do not offer sufficient spare parts for all car problems. In addition, they do not use the latest technologies to diagnose car problems but just make assumptions on what the problem could be. This takes time and at the end the customers may incur a lot of expenses for a problem that could have rather been solved with less money. The new business intends to use latest technologies in repairing the vehicles in attempts to cut down the cost and thus offer better services to the customers at lower prices (Massetti 2010). Besides, almost all the spare parts will be sold and therefore there is no need to go looking for them at other places. 4. A computer and technology retail store in a town operating similar businesses. Due to the current increasing demand in technology, more customers are looking for computers, laptops as well as other electronic devices to satisfy their needs. According to Filho (2004), there is a growth in demand for technology in both developed and developing countries. Establishing a retail business that offers these technology products and services will serve to meet the customer demands. This profitable retail industry therefore attracts attention and besides the business will intend to lower prices as a differentiation strategy to ensure its success. New market Opportunities: 1. An internet café franchise in an area with no competitors. The incredible growth of the internet globally can fuel the establishment of an internet café business which offer products and services in uncontested market with no competitors currently operating. The business may serve a variety of customers including those who wish to relax by checking their emails, or simply play games, students who use the internet to study or doing their work, business people who take the opportunity to research information, write reports or do their general work away from office interruptions (Filho 2004). Writers may also find a conducive and provoking environment different from their own. This idea was due to the technological push in the economy. 2. Real estate investing in a developing town There is a great demand for houses in a developing town either to serve the businessmen or the employees working within the town. With real estate investing, houses are constructed and sold to the customers and thus serving those who may be interested (English & Moate 2009). This idea is just a dream that can actually be the fastest and better way to invest money since there are no other competitors offering these services in the area. 3. A petrol/filling station in an developing town with no other similar business To save motorists the time and distance they take to find a nearby filling/petrol station, developing one in their area of proximity will greatly assist. This can actually be a good business opportunity because it offers services that the motorists need without incurring extra costs (Stevens, Sherwood & Dunn 1993). The market analysis in the area indicates lack of these services and employing one can serve the interests and demands of the customers. Other services such as car wash will also profit the business as well as the vehicle owners. Product/ Service Opportunities: 1. Introducing mobile phones with improved features such as three slots for sim cards. The current mobile phones have one or two slots for sim cards that limit individuals with three sim cards from various network providers from staying online at the same time with only one phone. This idea was derived from the analysis of the current trends in mobile technologies found in the internet (mobiles.com.au, 2011). This business opportunity target businessmen with the intention of keepingall their customers who prefer different networks. 2. A universal mobile money transfer services working across all mobile phone networks. Since various mobile phone networks currently operating in the market offers money transfer services from one phone to the other within a similar network, customers may find it difficult to transfer money to a different network operator. The M-money facilities revolutionize money transfer to different outlets globally at a cheaper and convenient means (msnbc. com, 2011). The new universal mobile money transfer will offer services across all networks and thus, one will not need be a client of the mobile service provider for him to transfer money to an individual in that network. Radical Opportunities: 1. Nanny software that protects children from viewing inappropriate internet content. Due to the existing problem of children viewing pornographic material which affects their behaviour, the newly developed software, Nanny, can greatly help to protect or hinder them from this inappropriate content at their age ((English & Moate 2009). Current research indicates that children are addicted to the internet and they are taking most of their time viewing pornographic materials (Hughes 2001). Besides, the software can help track the websites that an individual visits. References English, J & Moate B 2009, Discovering New Business Opportunities, Allen & Unwin, Australia. Filho, WL 2004, Supporting the development of R & D and the innovation potential of post-socialist countries, IOS Press, Australia Fulbright, 2011, How to Start a Hair and Salon Business [online]. Available at: [Accessed 02 August 2011]. Hughes DR 2001, Protect Your Kids [online]. Available at: [Accessed 02 August 2011]. Massetti, R 2007, Is Your Business Right for Franchising? Lulu.com, London Mobiles.com.au, 2011. Mobile Phone Technologies [online]. Available at: [Accessed 02 August 2011]. Msnbc.com, 2011, Cell phone money transfer service unveiled [online] available at: [Accessed 02 August 2011]. Stevens, RE., Sherwood, PK & Dunn JP 1993, Market analysis: assessing your business opportunities, Routledge, New York, NY. Read More