Opportunity, Innovation and Entrepreneurship

This report discusses the significance of opportunity, innovation, and entrepreneurship in business. It analyzes the business opportunity of Mainstreet Trading Company and explores creative and innovative ways to make the most of opportunities. The report also discusses the use of mega trends, such as Artificial Intelligence, and the implementation of the Porter's Five Forces Model. It further explores the STP model for effective segmentation, targeting, and positioning. The report concludes by highlighting the importance of innovation in driving business growth. Reference: Aydalot, P. and Keeble, D. (2018). High technology industry and innovative environments: the European experience. Routledge.

Opportunity,Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
Analysing the business opportunity Mainstreet Trading Company............................................1
Mega Trend used by the Mainstreet Trading..............................................................................2
Develop creative and innovative way to make most of the opportunities..................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
In order to keep up pace with intense competitive world, business organisation needs to
make use of mega trend and ensure sustaining the brand image in the markets. The present report
will be based on the small company named as Mainstreet Trading Company which is situated in
UK (THE MAINSTREET TRADING COMPANY, 2019). This is retail company operates as Cafe
and also deals in books. Mainstreet Trading company aims at providing quality products and
effective services to customers for enhancing their experience.
From last 10 years, Mainstreet Trading Company is focused on making innovative
products and services that leads to attract large number of customers. The company sell books
and offers cafeteria services at affordable prices to customers and it also provides comfortable
zone for the youngsters in order to improve their experience at the place. The present report will
describe about new products of company that is Robots through analysis of mega trend and this
is done for improving the company's performance. Report will also identify about the viability of
opportunities, it will also justify the proposal for the new trend.
Analysing the business opportunity Mainstreet Trading Company
Mega Trends describes the structural changes in society that describes the business
opportunity. All such opportunities and goals are the essential kind of working opportunity that
has been given the long lasting effect on the company development.
There are given some mega trends below :
Artificial Intelligence : Artificial intelligence is the most trendy and innovative
technologies that makes the business opportunity more challenging and effective. AI can help to
increase the company functional activities and saves the time extra expenses as well (Aydalot,
and Keeble, 2018).
Attention Economy : Attention Economy is the another mega trend that is the most
important concept of 21st century. It is the basis of a great many business models that company
can adopt for their business functions. However, this function motivates the building opportunity
and gain to be more effective and enlarging. This trend can help company in advertising, Content
marketing, Dynamic Storytelling etc.
Digital Twins : This is known as a virtual replica for a real world system that main aim is
to make the purpose or monitoring the consumer behaviour. In other words, By connecting the
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physical and the virtual world, data is transmitted seamlessly allowing the virtual entity. All such
factors can helpful for the company to meet out the company aims and objectives.
Augmented Analytics : this is the another trend for storing the big data by using
software and new technologies. This is the new opportunity for the business that can easily be
more specific and leading in the business opportunity and gain. This is the most effective and
enlarging most appropriate the most effective goals and objectives.
Mega Trend used by the Mainstreet Trading.
Among all tasks and results. Company should will be using Artificial Intelligence in
order to make the customer service more challenging and effective (Flyverbom, Deibert and
Matten, 2019). However, the study also explained about the facts that gained the different
opportunity and gain. All such function can be more flexible or also helps to reduce the company
risk. It also has been analysed that business competitive era. Using some advance technology
will helps a business to be more specific and leading. Apart from that, it also has been explained
and analysed that this is the most competitive era in which company has to focused on the
technological development. By the help of Artificial Intelligence, customer can also get
impressed with the fast services. It has been given the negative impact on the development that
makes the influencing business targets and also make the proper effective results.
Another benefit that company can get is performing productive employees by learning
from new technologies. This can help to develop the new opportunity and gained to be more
competitive (Frank, Dalenogare and Ayala, 2019). However, Mainstreet Trading company will
inventing the new customer service which is based on artificial intelligence and make the
customer more happy and satisfied. AI can also helps to assure the quality and purpose and
assure the competitive environment.
Porter's Five Forces Model:
This is a strategic tool that can be used by the marketing managers of Mainstreet Trading
Company for analysing the competitive environment of the industry (Mathooko and Ogutu,
2015). The Porter's five force model helps and assists the marketing manager to analyse the
effectiveness of business environment in which it operates the business.
Threat of new entrant: The threat of new entrant is low. Within the retail industry, threat of
new entry us low because this sector requires large capital investment. The small business
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organizations may not be capable for investing huge amount of investments and funds, thus for
the Mainstreet trading Company threat of new entrant is quite low.
The Mainstreet Trading company have the capability and strengths for entering into new
markets and launching new products i.e. Robot. In the initial stage of the product development
and its launch, Mainstreet Trading company needs to the price of the product relatively low
(Carraher, 2018). This will allow the company for establishing effective position in marketplace.
Implementation of low pricing strategy at the initial stage or the product launch stage, allows the
company to attract large number of customers. The another strategy or tactic that needs to be
implemented by Mainstreet Trading company is establishment of high quality standards and this
will assist the business for creating hurdles for the new entrants in the industry.
Threat of rivalry and competition: The industry in which Mainstreet trading company operates
its business activity and operation is intense competitive. There are various large companies in
the industry who have already achieved large market share. Those competitive organizations has
also gained loyalty and trust of customers. Therefore, it leads to create threat for the Mainstreet
trading company and this may also lead to create problems and issues while launch of the new
product i.e. Robot.
The marketing manager of Mainstreet Trading company needs to conduct thorough
analysis of the markets prior to launch the Robots or new products in the intensively competitive
markets (Mathooko and Ogutu, 2015). The result of market analysis can help the marketing
manager for identification of innovative and creative way for the introduction of new products
into markets and attract customers. Innovative marketing strategies implemented by Mainstreet
Trading company can help and assist the marketing manager for effectively and successfully
launch the new products into marketplace. The word-of-mouth promotional strategy can also
lead to bring great benefits for the Mainstreet Trading company as this strategy will greatly help
in advertising of the new products.
Bargaining power of customers: The bargaining power of customers is relatively high for the
Mainstreet Trading Company in the retail industry. This is because there are many companies
operates in retail industry (Kharub and Sharma, 2017). The switching cost for the customers is
quite low due to the large number of companies available in the same industry. This makes the
relatively high force in the hands of customers and high bargaining power as well.
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Mainstreet Trading Company may focus on reducing the bargaining power of customers
and their force as well. This can be done by offering additional features and characteristics in the
products to the target customers. Additional features in the products can attract the customers
and it also leads to reduce their force and bargaining power. This will also help the company to
increase the market share, sales and profitability as well.
Bargaining power of suppliers: In the context of Mainstreet Trading company, bargaining
power of suppliers is relatively low. This is because the company has maintained good and
effective brand image in the marketplace and various numbers of suppliers have the willingness
for selling the products of those company having good brand image. Good brand and reputation
of Mainstreet Trading company allows the company to bargain on prices (Zhao and et.al., 2016).
The company has the force for reducing the raw-materials prices in relation to suppliers.
Threat of substitutes: The Mainstreet trading company operates in retail sectors having large of
companies that provides similar and substitute products as Mainstreet offers. This leads to make
the threat from the substitute a high and strong force. There are many organizations in the retail
industry that are financially capable and have valuable resources that enables them for producing
quality products and offer effective services (Lewis, 2017). Competitors of the Mainstreet
Trading company can launch the substitute products in the marketplace. This may lead to affect
the product prices of Mainstreet Trading company as it has to reduce the prices for product and
this may further lead to affect the profitability of company.
Mainstreet Trading company may focus on reducing the threat of substitute products by
concentrating on providing high value proposition and high quality products to the customers.
The Mainstreet Trading company may also focus on making effective relationship with the
customers by providing them timely services as this will help to attract customer over substitute
products. The company may focus on implementation of Artificial Intelligence system to provide
timely and effective services to customers and reduce the threat of substitute products.
STP
Segmentation:
It is the segmentation is basically the best activity of dividing market into in the wide market into
small segment. The main street trading company is use demographic segmentation strategy
which is considered age, gender and income, education and size for target peoples at the time of
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lunching product and services (Camilleri, 2018). According to that firm will able to divide group
of customers on the basis those aspects.
Targeting:
It is the activity which is involved the group peoples who are target of peoples for sale products
and services at market place. The main street trading company is target to children and youngster
for selling the new product or services which are lunched at market place. This involves money,
differences and size of customer needs (Pyo, 2015). It will be consisted the effectiveness and
earn profit by targeting peoples.
Positioning:
Product position is very important and effective for the business and its growth factor. Most of
the peoples are attracted towards the brand with the respected position of company. The main
street company is keep prices of product and services at low cost at initial stage in effective
manner (Venter, Wright and Dibb, 2015). This is the best and effective strategy positive
influencing peoples to buy specific good.
With the help of STP model company is able to manage all the things which are important and
beneficial for the company in effective manner. By this, manager of main street trading company
know about the segment, targeting and positioning of company at marketplace.
Develop creative and innovative way to make most of the opportunities.
In the context of main street trading company employees are very eligible and effective
for work and give their hard contribution to achieve goals and objectives of company. The man
force of company is help to bring the new ideas of product and services lunches. Additionally to
that, management in the main street trading company is need provide and forecast with the open
market and communication. They have need to communicate with the various channels to
employees and promote that by using effective communication channels. It is very important to
get ideas and in terms of explore new business opportunities and strength in market. Marketing
research is also best and conducted by an entrepreneurship to explore business and its
effectiveness at marketplace. Marketing is the best way of doing things in manner to achieve
goals and objectives of main street trading company.
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CONCLUSION
From the above report it had been concluded that the with the help of innovation
companies has able to promote their product and services at marketplace in effective manner.
The other fact which has been discovered from the report is that is emergence of the new trend
which significantly influences in the business decisions, plans and strategy of firms in effective
manner.
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REFERENCES
Books and Journal
Aydalot, P. and Keeble, D., 2018. High technology industry and innovative environments: the
European experience. Routledge.
Camilleri, M. A., 2018. Market segmentation, targeting and positioning. In Travel Marketing,
tourism economics and the airline product (pp. 69-83). Springer, Cham.
Carraher, S. M., 2018. An examination of an instrument to measure Porter’s Five Forces Model.
In International Journal of Arts & Sciences Conference at Harvard University.
Flyverbom, M., Deibert, R. and Matten, D., 2019. The Governance of Digital Technology, Big
Data, and the Internet: New Roles and Responsibilities for Business. Business &
Society.58(1). pp.3-19.
Frank, A. G., Dalenogare, L. S. and Ayala, N. F., 2019. Industry 4.0 technologies:
Implementation patterns in manufacturing companies. International Journal of
Production Economics. 210. pp.15-26.
Kharub, M. and Sharma, R., 2017. Comparative analyses of competitive advantage using Porter
diamond model (the case of MSMEs in Himachal Pradesh). Competitiveness Review: An
International Business Journal. 27(2). pp.132-160.
Lewis, R., 2017. Porter's Five Forces of competitive advantage.
Mathooko, F. M. and Ogutu, M., 2015. Porter’s five competitive forces framework and other
factors that influence the choice of response strategies adopted by public universities in
Kenya. International Journal of Educational Management. 29(3). pp.334-354.
Pyo, S., 2015. Integrating tourist market segmentation, targeting, and positioning using
association rules. Information Technology & Tourism. 15(3). pp.253-281.
Venter, P., Wright, A. and Dibb, S., 2015. Performing market segmentation: a performative
perspective. Journal of Marketing Management. 31(1-2). pp.62-83.
Zhao, Z. Y. and et.al., 2016. Competitiveness assessment of the biomass power generation
industry in China: A five forces model study. Renewable Energy. 89. pp.144-153.
Online
THE MAINSTREET TRADING COMPANY. 2019. [Online]. Available through:
<http://www.mainstreetbooks.co.uk/>
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REFERENCES
Books and Journal
Online
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