Identify Entrepreneurial Opportunities

This document explores the concept of entrepreneurial opportunities and the sources of entrepreneurial ideas and innovation. It discusses the rationale and market gap for a specific entrepreneurial idea using relevant tools and techniques. The document also presents data to support gap analysis in the evaluation of the entrepreneurial idea.

Identify Entrepreneurial
Opportunities
1

Table of Contents
Identify Entrepreneurial Opportunities............................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Explain and evaluate various sources of entrepreneurial ideas ans innovation providing
specific examples........................................................................................................................4
M1 Evaluate sources of systematic innovation by giving examples...........................................6
TASK 2............................................................................................................................................6
P2 Define the rationale and the market gap for a particular entrepreneurial idea using relevant
tools and techniques to support your choice...............................................................................6
M2 Justification towards market gap by using several tools and techniques for gap as well as
competitive analysis....................................................................................................................8
TASK 3............................................................................................................................................9
P3 Present data required to support gap analysis in the evaluation of a specific entrepreneurial
idea..............................................................................................................................................9
P4 Interpret data appropriately to provide evidence of market potential..................................11
M3 Examine the data collection and specific sources and their relation with market potential.
...................................................................................................................................................18
P5 Use SWOT analysis to examine the entrepreneurial idea....................................................18
M4 Analyse idea of entrepreneur in context of competitive & market environment ..............20
P6 Analyse the market & competitive environments of business ............................................20
CONCLUSION .............................................................................................................................22
REFERENCES..............................................................................................................................23
2

INTRODUCTION
Entrepreneurial opportunities is considered as a situation in which product as well as
services of the business firm sold at comparatively high value. In addition to this, New start-up
focuses on various opportunities so that they can operate their business thoughts in well defined
manner (Aghajani Afrouzi and Alizadeh, 2017). They emphasised on executing their idea into
reality. Therefore, the newly start company require finance for implementing their business idea
into realism. In context of Virgin Money, it is one of the well established company of London
which offer financial services to its newly start-up company. In assistance of this, Virgin Money
focuses on offering fund to small business in order to execute the business ideas into reality. In
current report, small businesses emphasised on producing the new idea related to biodegradable
packaging. Along with this, Porter's framework as well as SWOT analyses is determined for
analysing the internal an external factor which directly impact on activities and functions of
business firm. Beside from this, it shows various methods to overcome from the risk that occurs
with executing the innovative idea is producing of Biodegradable Packaging.
TASK 1
P1 Explain and evaluate various sources of entrepreneurial ideas ans innovation providing
specific examples.
The entrepreneur need various opportunities for executing as well as implementing the
new plan with the purpose of earning more and more revenue. Therefore, the UK government
assists youth persons to show their ability and talent to accomplish their goals in suitable manner.
In current context, it has been examined that unique and specific goods and services are offered
to its customer for retaining them for a longer time period. The newly start-up company want to
grab opportunities so that their new plans implemented for gaining more revenue. Beside from
this, the government of UK helps the number of person that helps them in providing specific
good and services to its user (Al Mamun and Ekpe, 2016).Therefore, it assists the small
businesses to achieve goal and objective within given period of time. It has been analysed that ,
legitimate authority also offer finance, resources as well as learning platform to help youth
person for launching superior quality products and services for its user. In addition to this, Virgin
money offer fund to those firm who implement their business ideas into realism. Also these firms
uses finance in appropriate manner for the future success and growth of business organisation.
3

For analysing the opportunities, the enterprises uses the STEEP model that is going to be
mentioned below:
Social: It is very important element which provide the opportunity to enterprises in make
high quality products and services to raise the standard of living of individual living in the
society. In context of Biodegradable packaging, the individual uses only those products in which
do not have a package of polythene. It includes different elements such as values, belief,
demographics, age, gender and so on (Rubleske and Berente, 2017). Through Biodegradable
packaging, the business firm attract the ample of customer in order to boost sales as well as
productivity level. The main purpose of business firm to provide product that helps them in
increasing standard of living of people living in the society. In addition to this, they do not prefer
plastic packaging for attracting large number of audience towards their products and services.
Technology: In present context, technology plays a very important role for success of
business organisation. In addition to this, the implementation of advanced technology imposes
direct impact on mindset of buyer. Due to execution of advanced technology, the entrepreneur
provide unique and specific products and services to its user. The production of Biodegradable
packaging by adopting latest technology that reduces the cost as well as boost future sales and
growth of company. The biodegradable packaging helps the company to protect their product at
affordable cost. In assistance of this, entrepreneur adopt different promotional tool in order to
maintain awareness of new product within market. Therefore, the execution of latest technology
helps entrepreneur to attract the ample of buyer within less time period. Along with this, the
entrepreneur use digital technology for promoting the new plan for enhancing its market share
that helps them in bringing stability of new idea within longer period of time (Ateljevic and Li,
2017). In addition to this,
the management team focuses on executive latest technology for offering unique as well as
innovative products and services to its buyer. It helps them in boosting future sales and growth of
company in effective manner.
Environmental: It is mandatory for company to manufacture product that does not harm
to its environment. In addition to this, for the success of business organisation it is necessary to
manufacture product which is eco- friendly in nature. Due to increase in the price of oil, there are
different companies change their preferences towards Biodegradable Packaging. It helps in
eliminating cost in comparison of some other packaging method. They provide opportunity to
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firms in order to execute innovative ideas for gaining success in the marketplace. Beside from
this, Biodegradable packaging imposes positive impact on the environment of the country which
provides benefits to entrepreneur.
Economic: There are various factor which includes exchange rate, inflation rate,
deflation rate and many more. In addition to this, these elements imposes direct impact on
activities and functions of business organisation in order to execute innovative idea within
marketplace. For example, the exchange rate raises the whole cost of importing products thus it
arise the price for entrepreneur which impact adversely on the profit of company (Buli, 2017).
Along with this, if entrepreneur offer their services at low cost it helps them in attracting firms in
order to boost sales and profit level. Due to increase in inflation, it imposes negative impact on
productivity as well as proficiency of company.
Political: The political stability is necessary for the success and growth of enterprise. It
involves different factor such as government structure, taxation policy, environmental law and
many more. It is important to stabilise political condition of UK which provide advantage to
entrepreneur in order to acquire leading position in UK market in appropriate manner. It build
positive brand image and reputation of company within marketplace thus it results future growth
and success of business organisation. In assistance of this, the company follow various taxation
policy as well as government structure that helps them in maintaining leading positing within
marketplace.
M1 Evaluate sources of systematic innovation by giving examples
Innovation is important in market because it introduces a change and which helps people
to be flexible and helps in adopting the change whenever there is requirement. An entrepreneur
should be always ready to accept the change. This results in continuity of business and exploring
new opportunities. So, to access more new opportunities STEEP analysis has been used in which
factors which affect the business are determined (Mrożewski and Kratzer, 2017). This
framework is also known as PESTEL both these frameworks helps in examining external factors.
TASK 2
P2 Define the rationale and the market gap for a particular entrepreneurial idea using relevant
tools and techniques to support your choice.
Rationale of the business idea
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The introduction of innovative ideas can be efficaciously launched in order to assess the
need and wants of buyer. In addition to this, it is essential for the enterprise to assess the market
trends and fashion before executing the innovative plan within marketplace (Capello and Lenzi,
2016). There are various factors which need to assess by entrepreneur such as location, finance,
available resources and so on in order to produce Biodegradable packaging. The business idea
related to Biodegradable packaging helps them in eliminating cost as well as defend the
environment. In assistance of this, it is vital for entrepreneur to assess concepts of marketing as
well as analyse the gap. After analysing the gap, it is necessary to take corrective decision that is
beneficial for company in future period of time. There are different factor for implementing
innovative business plan which is going to be discussed below:
Determination of opportunities: It is important for entrepreneur to assess those
opportunities which helps them implementing the new ideas into reality. For operating the
activities and functions of innovative idea , it is important for an entrepreneur to assess the
competitor product in order to achieve competitive benefits over rival firms. For implementing
the innovative idea related to Biodegradable Packaging which helps company to eliminate cost
and gain more and more profit. In addition to this, an entrepreneur can boost its profitability and
productivity level. The execution of Biodegradable packaging helps the company to reduce cost
and achieve more and more revenue for longer period of time.
Technological Opportunities: In present context, technology plays a vary essential role
for implementation of innovative idea within marketplace. Therefore, the use of latest technology
alter the buying behaviour of buyer because currently the customer need unique and specific
products and services. In assistance of this, technology helps the entrepreneur to attract ample of
customer in short span of time (Capps, 2017). By executing latest technology in order to
manufacture Biodegradable packaging , it eliminate the cost for entrepreneur as well as gain
more profit. It assists them to maintain leading position in the market as well as attain growth in
short span of time. Along with this, it is important to implement advanced technology for
offering innovative products to its customer. It helps them in retaining and sustaining them for a
longer period of time.
STP Model:
STP model is adopted by an entrepreneur to describe segmentation, targeting as well as
positioning of specific product in the market. The model start with segmenting market into
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different categories as well as target their customer and position the leading position of products
and services in market for attracting ample of buyer towards products and services. This model is
used for production of Biodegradable packaging which is going to be mentioned below:
Segmentation: It is vital for an entrepreneur to segment its market into different regions
in order to introduce innovative products and services within market. There are different factor
such as age, gender, religion, occupation, education and so on (Nieto and González-Álvarez,
2016).The buyer is segmented according to psycho-graphic, demographic,behavioural and
geographical factors. In relation to Biodegradable packaging , the entrepreneur focuses on
segmenting their companies according to the sizes as well as locations.
Targeting: After segmenting the market, the company targets its customer in order to
satisfy their need and wants. Along with this, the enterprise target a group of audience as well as
providing them innovative products and services for boosting their motivation level. It is
essential for entrepreneur to assess the market before implementing the new plan in marketplace.
Also, the entrepreneur identify the need and wants of small companies for targeting ample of
customer. Therefore, it helps them in boosting future sales as well as profitability level in
appropriate manner. Beside from all these, the company target right buyer for increasing future
sales as well as growth of company.
Positioning: After targeting its customer, the company focuses on maintaining good
image of their products and services in front of buyer. It is determined as the final step to assess
the market in effective manner. It is important for the enterprise to achieve trust as well as
loyalty of buyer in order to accomplish goal and objective within given period of time.
Therefore, it is vital for manager to build leading image of products as well as services in
mindset of consumer (Nijssen, 2017). The main motive of entrepreneur is to boost the reputation
as well as goodwill in order to increase future sales as well as growth of company in appropriate
manner.
M2 Justification towards market gap by using several tools and techniques for gap as well as
competitive analysis.
Ideas play vital role in business as new strategies and tactics are implemented with help
ideas. With help of ideas market analysis is also done in proper manner. A successful
entrepreneur always come up with new ideas and thoughts and is prepared to face the market
challenges. Exploring new opportunity become easy when new thoughts are developed in the
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business. Determination of opportunities, technological opportunities and STP model are used
by the firm for gap and competitive analysis. It is essential to analyse market gap and take
effective measures so that decision making is done in effective manner.
TASK 3
P3 Present data required to support gap analysis in the evaluation of a specific entrepreneurial
idea.
GAP Analysis of Virgin Money
Focus Areas Desired future
state
Current State Identified gap
(Difference
between desired
and current
state)
Action plan
Innovation Measured by-
At least 60 % of
Virgin Money
developers
resources
working on new
features of credit
cards
Virgin Money
has able to
introduce its new
flying cards in
UK.
40% They have hired
additional five
developers to
implement an
innovation check
point on all new
feature.
Focus Area Desired future
state- Their main
focus is on
development of
credit cards.
35.00% They are
developing both
new and old cards
with new
engineers.
The marketing research is described as a process in which collecting, assessing as well as
interpreting the data and information towards products and services prevailing in the
marketplace. Therefore, it is important for R and D Department of enterprise to make effective
strategies, policies and procedures for conducting appropriate research (de Lurdes Calisto and
8

Sarkar, 2017). The management team of newly start company to do research for understanding
the need and requirement of buyer whether they like the products or not. An effective marketing
research assists new start-up to understand the market situation in order satisfy the need and
wants of buyer in an effective manner. In addition to this, it is essential for entrepreneur to build
appropriate strategies that helps them in doing marketing research effectively. Therefore, the
marketing research for the innovative Biodegradable packaging which is going to be described
below:
Secondary research: In this research, it is vital for enterprise to understand the strategy
which is followed by its competitor. In addition to this, the secondary data are those which are
already collected by any other investigator. The researcher focuses on collecting the given data
for positive outcome. There are different sources used by investigator to gather data which
includes newspaper, books, internet and so on. This kind of data contain different research for
analysing the report as well as other documents. The gathering of secondary data take less time
in comparison of collecting primary data. Also, it is beneficial for business firm to collect
secondary data because it is economical in nature. Therefore, the researcher collect those data
which is collected by any other researcher within marketplace (Decker and Jørsfeldt, 2017).
Primary research: In primary research, the researcher collect those data that are not
collected by any other investigator for further process. In addition to this, the researches collect
first hand data and information for making effective outcomes. Through this research, the
company know the need and wants of consumer in order to satisfy them. There are different
methods which is used for primary research that involves surveys, interviews as well as
questionnaire and many more. The research undertaken by company is time consuming and
costly process (Ratten, 2017). In addition to this, the data collected through this research is more
reliable in comparison to the data collected by secondary research (Foss, and Klein, 2018).
Therefore, the information gathered through primary research is more effective and efficient. The
primary research related to Biodegradable packaging which is going to be discussed below:
Questionnaire
Name:
Gender:
Age:
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Address:
Q1 Do you understand what is biodegradable packaging?
Yes
No
Q2 Deteemine the period in which biodegradable package is retaining?
Long term
Short term
Q3 Will you prefer biodegradable packaging over packaging coated by plastic?
Yes
No
Q4 How can the price of biodegradable packaging be eliminated?
By selecting cost-effective raw material
By producing alteration in the processes
Q5 How can biodegradable packaging aid assistance to xyz within business premises?
Yes
No
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P4 Interpret data appropriately to provide evidence of market potential
Interpreting data is important because it helps in getting accurate information and which
results in analysis without error (Goel, and Jones III, 2016). Market potential determines the size
of a particular product in the market and market research helps the business to evaluate the
values and figure in proper manner. Data interpretation is used so that information which has
been gathered is verified and reliable data are used in the research so that market potential is
examined in proper manner. In context to Virgin Money they use the data interpretation in an
effective manner. Research team of the firm use primary and secondary and then interpret the
data in appropriate manner. Also, data are confidential and can also be used as feedback from the
public. It is important for organisation to properly use the data interpretation so that information
is reliable and is used in effective manner. Data interpretation as well as research requires a
capital and time (Saemundsson and Candi, 2017).
Virgin Money is able to provide quality of services to their customers and their potential
market is UK and they target customers on basis of demographic variables. 80% of end users use
company's products on basis of the certain variables such as income, family size etc. Also, they
have been to provide appropriate use of credit cards with better interest and charges which also
increases their market growth and size.
Q1 Are you in favour of biodegradable packaging? Frequency
Yes 19
No 1
Q2 What is the time period of biodegradable packaging? Frequency
Short term 13
Long term 7
Q3 Will you choose process of biodegradable packaging over the plastic
packaging?
Frequency
Yes 18
11

No 2
Q4 How the cost of biodegradable packaging will be minimised? Frequency
Through cost-effective raw materials 16
Through modification in the process 4
Q5 Do you think biodegradable packaging is effective measure? Frequency
Yes 13
No 7
THEME 1
Q1 Are you in favour of biodegradable packaging? Frequency
Yes 19
No 1
12
19
1

INTERPRETATION- Environment is getting affected by waste of resources and use of gases
and plastic goods. With help of biodegradable bacteria which are included the products are
removed or decomposed. So, biodegradable is essential to adopt and should be used by all the
organisation so that environment remain safe and bacteria free. From the above shown graph it is
seen that 19 respondents are in favour of biodegradable packaging and who are not in favour of
biodegradable packaging are not socially active. So, it is crucial for organisation to adopt the
biodegradable packaging in effective manner.
THEME 2
Q2 What is the time period of biodegradable packaging? Frequency
Short term 13
Long term 7
13

INTERPRETATION- Biodegradable is important for business because it helps to remove the
fungi which affect the products at wider level. When biodegrading the product time period is
essential which is need to be considered. Time period of biodegrading is not specific it can be
either for short or long term period. The above displayed graph shows that most respondents are
in favour of short period because when process of decomposing is adopted it has to be done as
quick as possible so all the bacteria and fungi are removed permanently. So, organisation should
be done the process of decomposing within proper time period.
Q3 Will you choose process of biodegradable packaging over the plastic
packaging?
Frequency
Yes 18
14
13
7

No 2
INTERPRETATION- Plastic packaging and biodegradable packaging both play important role
in environment safety at wider level. Biodegradable packaging is used for short period of time
15
18
2

whereas plastic packaging are used for longer period of time. The above stated graph depicts that
most respondents are in favour of plastic packing this is because its time durability. Organisation
uses plastic packaging so that time is saved and packaging of the product is done in appropriate
manner.
Q4 How the cost of biodegradable packaging will be minimised? Frequency
Through cost-effective raw materials 16
Through modification in the process 4
16
16
4

INTERPRETATION- No matter what, using of biodegradable removes the bacteria but
process of decomposing is expensive. Whereas plastic packaging is not expensive and is mostly
used by every organisation. Entities when using biodegradable focus on cost of decomposing
process. In the above graph it depicts that mostly people or respondents support that cost of
biodegradable is minimised by using cost effective material. The other 4 respondents use
modification process because of new ideas and thoughts.
Q5 Do you think biodegradable packaging is effective measure? Frequency
Yes 13
No 7
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INTERPRETATION- There are many process and measures through which decomposing of
raw material is done. The above graph depicts that biodegradable is most effective measures
which is mostly used. The rest 7 respondents use other process of decomposing depending upon
the cost and time. Decomposing should be done to remove the fungi in the products and it
depends upon the organisation to choose which types of process.
18
13
7

After a brief analysis of above data it is concluded that data interpretation is essential so
that information is used in proper manner. Graphical representation makes easy to do the
interpretation in proper manner.
M3 Examine the data collection and specific sources and their relation with market potential.
Gathering of information is important because data and figures helps in determining the
market potential (Kier and McMullen, 2018). Marketers or researcher use various types of data
collection method such as primary, secondary etc. Data can be obtained from different sources
and reliable information is used within the firm. Market potential refers to product size in the
entire market. Potential market is determined by sales volume. By determining sales volume of
the product, firm is able to evaluate the actual position of product in particular market.
P5 Use SWOT analysis to examine the entrepreneurial idea
Competition in market is rising at rapid level and which results in more use of resources,
manpower and technology. Many organisation use various tools, methods and techniques to
identify the competitors and rivals in the market. Business and firm implement strategies and
tactics to overcome the challenges in market and to adopt competitive advantage. Virgin Money
use this analysis so that market situations and changing trends are examined and determine in
proper manner. It is a time consuming and requires effective decision making so that results and
outcomes are positive. Other than SWOT, Organisation also use PESTEL depending upon the
market situation. Framework is elaborated as strength, weakness, opportunity and threats. Virgin
money prepare this Analysis with help of marketing team and superiors who play vital role in the
organisation (Larios-Hernández, 2017).Entrepreneurial ideas are flexible and changeable which
and which results in conflicts and errors. It is important for firm and entrepreneurs to have ideas
so that new changes can be done in effective manner. With help of research, information and
brainstorming new ideas as well as thoughts are generated and best alternative is chosen for the
implementation. Virgin money generates the ideas for business by group discussion as well as
brainstorming.
SWOT ANALYSIS:
STRENGTH
 Main strength of Virgin Money is that
it is owned Richard Branson and it is
WEAKNESS
 Virgin money is not registered and
listed in stock exchange and thus it
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old and trustable company(Léger-
Jarniou and Tegtmeier, 2017).
 Virgin money every year introduce new
financial products and services through
they attract more customers.
 Virgin Money provide financial service
to mostly corporates and this results in
acquiring high level of interests.
become difficult to raise the fund or
capital from the market.
 Due to operating in less countries
Virgin Money is unable to achieve the
goals and objectives in proper manner
and does not gain much profit and sales
revenue.
OPPORTUNITY
 Providing financial services at
affordable rate Virgin Money has the
opportunity of expanding business to
international level.
 Virgin Money have the chance of
joining with other banks or say
strategic alliance can be adopted with
banks or financial institutions who
provide the financial services and this
can be done by using joint venture,
franchising etc.
THREATS
 Trusted bank such as world bank,
HSBC, Deutsch bank etc. makes it
difficult for Virgin money to have a
value in the market.
 Due to low wages provided by Virgin
Money, efficient resources are utilised
by competitors and rivals.
 Virgin group is expanding its business
and due to unavailability of efficient
manpower as well as resources branch
in Australia not performing and which
might be problem for Virgin Money.
After a brief analysis of above SWOT analysis, it is stated that to prevent from challenges
and uncertain situations it is important to use this framework so that market and strategies as well
as tactics are implemented in proper manner (Long and Dong, 2017). It also helps in managing
the performance level of business and also increases the productivity of business. This
framework is essential because it helps to analyse the uncertain situation in proper manner.
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Entrepreneurial idea evaluation
Benefits
 It is profitable idea as entrepreneur is targeting larger size of market.
 Due to accessing of large market, it is easier to acquire resources for the idea.
Drawbacks
 It is a time consuming process and will distract others department of businesses.
M4 Analyse idea of entrepreneur in context of competitive & market environment
Ideas are essential in business because ideas helps the firm to grow and develop the
functions and operations at wider and broader level. It is essential to analyse and monitor the
environment within the firm as well as outside the firm. SWOT analysis helps the organisation to
overcome with its weakness and threats and identify the strength of business. Porter analysis is
the framework used by the marketers and firm to examine the factors which affect the
organisation process.
P6 Analyse the market & competitive environments of business
Market& competitive environment are important as they are important part of the firm. In
organisation, various techniques and methods are used to determine the value of business so that
organisation are able to cope up with changes and uncertain activities (Mandel and Noyes,
2016). So, Porter Analysis is used by Virgin Group, to determine the market share growth and
profit share growth rate. This framework is explained below-
PORTER ANALYSIS
Porter analysis is also known as competitive strategy in which factors and elements are
which affect the business productivity and growth. With help of porter analysis they are able to
perform in better way and and outcomes comes in positive manner. Virgin Money use this tool,
as a defensive strategies and this helps them to be active about market trends and changes. This
framework is used by organisation and their marketing team which adopt proper market research
and effective decision making so that all the factors which has a impact on business are
considered in proper manner. With help of this analysis, a strategies and tactics are implemented
to overcome with challenges and difficult situation( Smith and Gregorio, 2017).
This framework includes several factors which are mentioned below-
 Bargaining power of supplier: In organisation, raw materials, equipments, tools are
required at every phase. So, role of supplier become crucial and vital because without
21

supplier it is impossible for the firm to acquire the resources for their business.
Bargaining power of supplier is high most of the times and some suppliers provide raw
and materials at affordable rate (Miller and Acs, 2017). Also bargaining power depends
upon two situations if the resource is rare than power is high and if resource is used by
every firm and is common than power is flexible. In context to Virgin Money, they take
the help of supplier such as financial institutions, business man who provide the capital
and assets to the firm. This help in maintaining relationship between other business also.
 Bargaining power of buyer: In this, buyers are bound to do bargain in market to get
goods as well as services at affordable rate. Buyers do the bargain and also expect quality
in the product. It is seen that bargaining power of buyer is mostly high and supplier
usually accept the bargaining power of buyers to earn the money for business. In relation
with Virgin Money, their bargaining power is low because they are still in a developing
stage and to acquire more customers and profit share growth it is essential for firm to
focus on business expansion rather than prices and rates. Keeping the bargaining power
low assists firm to grow in market at rapid level. Thus, bargaining power is source to
their profit.
 Threats of new Entrants- Market is dynamic in nature and there are many alternatives
of the same product. Besides this new companies are taking place in the market and
which is becoming a threat to the firm (Morris and James, 2017). In context to Virgin
Money, as they are at developing stage and expanding their business across the globe and
bank have many competitors such Deutsch bank, HSBC etc. So, to overcome with their
competitors they should implement new strategies as well as tactics so that business
remains continuous and all the functions and operations run smoothly.
 Threats of substitute products- Another factor which is important in porter analysis is
substitute products in which substitute products affect the profit and sales revenue of
business. There are ample number of substitute which are present in the market and this
affect the growth and development of business (Spigel and Harrison, 2018). In relation
with Virgin Money, they also have substitute of their product such as other banks,
business man who provide loans to the public. Due to this they are unable to generate
profit within the firm. Customers find the substitute and chooses the right product and
with affordable prices. Thus, it is important for firm to attract the customers towards their
22

product. Impact of substitutes affect the business at deep level and firm should be aware
about substitutes of product which can decrease the market share growth.
After a brief analysis of above matter it is stated that competitive and market environment
are broader and wider concept and are time consuming. Market research and information is
required to track and monitor the environment activities and its changes. Framework and theories
are important in business as they guides the management as well as enterprises to adopt the
environment in proper and easier way (Thursby and Berbari, 2016).
CONCLUSION
On the basis of above mentioned report, it has been examined that the entrepreneur is
those individual who generate the innovative ideas to implement into reality. They make
effective plan in order to bring new products within market. They have skill and talent to
implement innovation in marketplace in well defined manner. In addition to this, they can boost
sales as well as profitability level. Along with this, STEEP model is adopted by enterprise to
assess the impact of internal factor on newly start-up firm. Beside from this, this report shows
Porter's five force model for analysing the level of competition that occur in the marketplace.
Therefore, the manager focuses on making effective strategies, policies and procedures in order
maintain leading position in market in appropriate manner. In addition to this, the entrepreneur
emphasised on bring innovative ideas to implement into reality. It also helps them in gaining
competitive advantage over rival firm at marketplace. The main focus of enterprise is to earn
more and more profit by satisfying the need and wants of consumer.
23

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