BUSI 1600 Lecture Notes - Lecture 1: Competitive Advantage
21 Feb 2017
School
Department
Course
Professor
Document Summary
Opportunity assessment framework: used for assessing business ideas for the rest of course, key entrepreneurial skill. Important to understand that it is not for assessing a business that is already started. Framework has 3 components: market (m, resource requirements (rr, entrepreneur (e) Purpose is to ensure we are systematic and thorough when reviewing & considering the info available to us before making a decision to pursue the business: need to examine each item carefully. If there is no market, no need to continue. If yes, we continue: how big is the market, need to answer who and where is the market, who. Good to make as specific as possible. Some variables include: age, gender, education, income, lifestyle, etc. Involved developing a demographic profile of target customers: where. Geographic locations where target market is concentrated: growth potential, potential growth for the future. If it does you need to identify where this growth would come from.
