Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in PPT............................................................................................................................3
TASK 2............................................................................................................................................3
P2. Explain rational or market gap for specific entrepreneurial idea by using relevant tools &
techniques to support evidence....................................................................................................3
TASK 3............................................................................................................................................4
P3.Data required to support gap analysis and evaluate specific entrepreneurial idea.................4
P4. Interpret data properly and give data to market potential......................................................5
TASK 4..........................................................................................................................................10
P5. Evaluate SWOT analysis which support the entrepreneurial idea.......................................10
P6. Evaluate competitive and market environment where idea will be launch to assess
potential viability.......................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
Entrepreneurial opportunities are termed as the events and situations which assist
entrepreneurs to make actions for generating revenues (Clark and Ramachandran, 2019). These
are the linkage among ideas and thoughts of an individual which stimulates them to carry out
activities for launching own idea as innovative business. Tesco is chosen organisation for the
report which is multinational retailer having locations across the nation. It has headquarters in
England. United Kingdom where groceries along with general merchandise are offered to people.
The report explains about choices of particular entrepreneurial idea for investigation and market
gap which is addressed by it. It also covers use of primary and secondary data for identifying
potential market. At last, potential viability are assess with different tools.
TASK 1
Covered in PPT
TASK 2
P2. Explain rational or market gap for specific entrepreneurial idea by using relevant tools &
techniques to support evidence
In order to identify market gap, Tesco use Porter's Five Force Model to identify the
attractiveness of industry and market. Detoxify Drink is the new entrepreneurial idea of Tesco
Plc which helps the business to maximise its productivity as well as profitability.
Bargaining power of buyers: In retail sector, firm totally depend upon buyers, so
powers of customers in retail industry are high. In context of Detoxify Drink, buyers has huge
bargaining power so managers of Tesco need to highlight its features which attract consumers
and force them to buy (De Massis and et.al., 2018). Company need to adopt low pricing strategy
to raise product demand and it further increase number of buyers.
Bargaining power of suppliers: There are moderate number of suppliers who provide
raw material to manufacture Detoxify Drink. In result, there are high bargaining power of
suppliers for company, so Tesco need to find substitute material or suppliers to reduce their
power. In addition, they should build effective relations with suppliers which provide them
timely material without any delay because it can further affect the production level. Detoxify
Drink produce and supply to its target audiences.

Competitive rivalry: In the market, there are already huge drinks manufacturing
companies such as Cpress Chelsea, My detox Diet etc. These manufactures provide healthy
drinks but there are very less competitors which provide Detoxify Drink. Effective positioning of
products helps in making their drink more popular among market. Marketing helps Tesco to
increase competitive advantage to minimise the gap.
Threat of new entrant: In the UK market, economies of scale is quit difficult to
maintain for new company in retail industry. It will provide advantages to another organizations
such as Tesco, it is well know company of UK market which has capacity to sell new products in
the market. Detoxify Drink is prepare with juice of detox and it include smoothies which attract
those people who love to be live fit and healthy. There are low threat of new entrant and
opportunity for Tesco.
Threat of substitute: In the market, availability of substitute products are major threat
for the Tesco. In beverage industry, detox juice with smoothies are rarely available in the market
and which has low quality (Hjalager and Kwiatkowski, 2018). It is observed that, Tesco has low
threat of substitute for Detoxify Drink and it provide more business opportunity to grow in the
market or achieve their operational goals & objectives.
TASK 3
P3.Data required to support gap analysis and evaluate specific entrepreneurial idea