One must be aware of both then internal and external environment and identity potential opportunities that others have not recognized. This week’s discussion has two parts. Your response should answer the following:
What opportunities, emerging markets, trends, resources, etc. are in the market now for new business products and/or services? Why? Reversely, what ideas and/or services are becoming extinct and what market characteristics have contributed to this?
Full Answer Section
- The increasing demand for sustainability: Consumers are becoming more aware of the environmental impact of their purchases. This is creating an opportunity for businesses to develop new products and services that are more sustainable. For example, businesses can develop products that are made from recycled materials, or that use less energy.
- The growth of the global middle class: The global middle class is growing rapidly. This is creating an opportunity for businesses to develop new products and services that appeal to this growing market. For example, businesses can develop products that are affordable, but that also offer high quality.
On the other hand, here are some ideas and/or services that are becoming extinct and what market characteristics have contributed to this:
- Traditional media: Traditional media, such as newspapers, magazines, and television, are losing market share to digital media. This is due to the fact that consumers are increasingly turning to the internet for news, entertainment, and information.
- Brick-and-mortar stores: Brick-and-mortar stores are also facing challenges from online retailers. This is because online retailers can offer lower prices and a wider selection of products.
- Traditional call centers: Traditional call centers are being replaced by self-service options, such as chatbots and online FAQs. This is because consumers are increasingly preferring to handle their own problems without having to wait on hold.
The market characteristics that have contributed to the decline of these ideas and services include the increasing availability of technology, the changing preferences of consumers, and the rising cost of doing business.
Sample Answer
here are some opportunities, emerging markets, trends, resources, etc. that are in the market now for new business products and/or services:
- The rise of artificial intelligence (AI): AI is rapidly changing the way we live and work. There are many opportunities for businesses to develop new products and services that utilize AI. For example, AI could be used to develop self-driving cars, personalized healthcare, or even new forms of entertainment.
- The growth of the Internet of Things (IoT): The IoT is the network of physical objects that are connected to the internet. This is creating a massive amount of data that businesses can use to develop new products and services. For example, businesses can use IoT data to track the location of their products, monitor the health of their equipment, or even predict customer behavior.