Business Opportunity: Report on Identification and Development of Creative Ways for Making the Most of Various Business Opportunities

This report discusses the identification and development of creative ways for making the most of various business opportunities. It explores the relationship between business opportunity, entrepreneurship, and innovation, and provides insights on how to capitalize on these opportunities. The report also includes a PESTLE analysis and STP analysis to form effective strategies. The case study focuses on a new venture called 'Daily-Fit Juices' that offers innovative and healthy juice combinations.

Business Opportunity
Report

Table of Contents
INTRODUCTION...........................................................................................................................3
Meaning of business opportunity & relation with entrepreneurship & innovation................3
Identification of a opportunity viability & Development of a creative new product proposal,
venture and services activities in relation to trends................................................................4
Development of creative ways for making most of various business opportunities &
alternative opportunities for creative thinking.......................................................................6
CONCLUSION ...................................................................................................................11
REFERNCES.................................................................................................................................12

INTRODUCTION
The external environment of every business organisation is continuously changing and is
never stagnant. It consist of various forces such as those of society, political, economical and
social environment that is posing a effect on development of various business opportunities.
Three sectors of a economy consist of primary sector, secondary sector and last is tertiary sector.
In manufacturing sector there has been a significant growth that can be observed in past few
years (Amankwah-Amoah, Osabutey. and Egbetokun, 2018). In present scenario there has been
a trend following in economy of UK that is related to growth of beverage industry that has been
of 17%. as it has grown from dollar 654 million in the year 2017 to dollar 768 million trill year
2018. there is a innovation in terms of a new combination of fruits for innovative recipes of
juices. A entrepreneurial opportunity is present as people who are having more preference for
health consciousness are willing to have minimum calorie juice. For this a venture named as
“Daily-Fit Juices” is being started to solve the problem of people willing to have something
healthy and innovative.
Meaning of business opportunity & relation with entrepreneurship & innovation
Business opportunity: Opportunity in every business sector is very common and can be seen and
availed by solving a problem being faced by people. The solution usually lies in form of a new
product development (Guo, Su. and Ahlstrom, 2016). In the present scenario, there is a new
brand that is “Daily-Fit Juices” that will be dealing in some innovative & unique juices
combination with no calorie content.
Innovation & Entrepreneurship: Innovation is associated with growth that takes place in terms of
launching of new products & services (Jordan, 2016). Innovation can be done in existing
product or services or in terms of launching something that is completely different from other
similar products.
Mega trends that are changing very fast in a business is providing various entrepreneurial
opportunities to budding entrepreneurs or people who are looking for a attractive business
opportunity. It mainly consist of those ideas that are helping in solving problems and at same
time implementation of creativity & innovation in their new product. According, to name of this

new venture that is “Daily-Fit Juices” juices it has been built up after taking into consideration of
healthy requirements of people.
Identification of a opportunity viability & Development of a creative new product proposal,
venture and services activities in relation to trends
For understanding the viability of identified business opportunity there is a requirement
to some basic business models and then further apply them to make a detailed assessment of the
present opportunity (Mäntymäki, , Salmela and Turunen, , 201). This assessment of business
opportunity is discussed below:
PESTLE analysis:
There are variety of macro economic factors that can posses a impact on business opportunity
that are prevailing in external business environment as discussed below:
Political: It includes factors that are related to government interferences and government
policies. Present BREXIT scenario, is impacting directly all trade agreements. Such as for
“Daily-Fit Juices” agreements with their suppliers for raw material supply are some of activities
that will be getting affected because of such political referendum.
Economic: Economic factors are those that consist of economy of a country. In present
scenario, “Daily-Fit Juices” is being launched in London and economy of UK is market
oriented and highly developed (Mattia, and Antonio, , 2018). Such economic Conditions will
help in growth of juice and beverage industry that is going to impact “Daily-Fit Juices” in a
positive manner.
Social: It Consist of various factors that are having relation with changing customers
needs and preferences. The opportunity identified by “Daily-Fit Juices” is result of people having
a need for some low calorie juices that are absolutely healthy and great in taste.
Technological: It consist of factor related to new and innovative ways of production that
can be adopted for reduction in cost, such as new machines that will be used for serving
customers very fast and reduction of waiting time (Mueller,. and Shepherd, , 2016). As in
present context, “Daily-Fit Juices” will be serving only fresh juices for initial some time and
after according to demands they will making packed juices category in their outlet.
Legal: There are different regulations that are regulation overall functioning of beverage
industry. In present context, “Daily-Fit Juices” will have to consider all legal laws such as health
related laws have to considered mainly as they are dealing in this industry.

Environmental: It consist of various factors that are related to use of natural ingredients
that are fruits and vegetables. In this way there must not be any harm to environment. So it must
be made sure that no damage is being done to the environment.
So from above discussed points it can be related to that all external factors make it easy for
“Daily-Fit Juices” to strategy their venture as these macro factors are changing and in preset
scenario they are in favour of beverage industry.

Development of creative ways for making most of various business opportunities & alternative
opportunities for creative thinking
For development of various creative ways there is a need for use of STP analysis as a tool
to form strategies as discussed below:
STP analysis: STP is a tool that is commonly used in various business organisation for the
purpose of making
Segmentation In this strategy, the market that has to be
approached by “Daily-Fit Juices” will be
identified after that it will be divided in various
segments (Muff, , Kapalka, and Dyllick, 2017)
. There is use of behavioural segmentation
where customers are divided based on their
eating habits and lifestyle. Such as three
segments have been formed under behavioural
segmentation such as first consist of those who
are drinking juice for fun & taste. Another
segment consist of health conscious people
who are developing a preference for something
with low calorie content. And last segment is
of those who are preferring outside available
beverages as they find it more easy and
convenience. So according to these segment
further product will be placed in market by
“Daily-Fit Juices”.
Targetting In this strategy there is selection of a market
where people are targetted based on above
formed segments. So in this case of “Daily-Fit
Juices” mainly people who are having high
level of care for their health and are gym freaks
will be targetted. For this purpose a strategy

has been formed to lay outlets near gyms,
parks so that people who are prospective
customers will be only approached.
Positioning In this step there will be efforts made for the
purpose of creation of position that is totally
different from all established outlets offering
similar products (Paladini, and George, 2019)
. Such as “Daily-Fit Juices” will be focussing
on their unique feature of fruits combination
that can be used for purpose of making their
target customers realised its importance.
Above discussed STP analysis can help “Daily-Fit Juices” in formation of some effective
Strategies in order top approach their customers apart from that marketing mix can also
be used for the purpose of increasing their overall sales:
Basis Product
Product There are different product categories that will
be stared by “Daily-Fit Juices” such as unique
combination of fruits that are rich in nutritional
value and at same time low in calories. Such
combination includes Papaya & Avocado,
Cucumber, pear and kale, Dragon fruit, mango
and cherry, lemon, pineapple and papaya etc,
these are some examples of the different
combination's that will be used by “Daily-Fit
Juices” as these are juices that are very healthy
and at same time good in taste.
Pricing The price must always be according to the
value offered to customers. It helps in
increasing satisfaction level of customers by

enhancement of utility provided in a product.
In present scenario, “Daily-Fit Juices” has to
make suer that they are using price penetration
as a strategy so that they can have a
competitive advantage in terms of all other
competitors.
Place “Daily-Fit Juices” is placing their products to
those places where they will be easily approach
their target customer such as those having a
preference for some healthy and unique
combination of juices. Such as outside areas of
gym, contacting such type of people ion social
media sites etc. are some of the strategies that
can be used by “Daily-Fit Juices”.
Promotion Promotional strategy for a new venture has
always to be very strong enough so that it can
posses a positive impact on their prospective
customers (Ram, 2018). Such as there is a
requirement of creative tool of digital media
where attractive pages on sites such as
Facebook, Instagram that can help in
approaching customers of such mind set.
Physical evidence In the initial stages of “Daily-Fit Juices” there
will be more first on adoption of attractive
promotional strategies. So, for some period of
time to test the success of product there will be
ways develop to test how product can be
reached to their customers with minimum
transaction cost. Such as there will be physical
outlets only for some time and after of product

will be then there will development of e
commerce websites for helping easy
availability of products.
Processes The manufacturing process of “Daily-Fit
Juices” that is related with getting raw material
supplied on time to the whole complete process
of mixing ingredients and then offering
product to customer has to be completely
transparent. Such as there will be open kitchen
so that customers can have a full view of how
product is made from only fresh fruits and no
use of chemical or any artificial ingredients is
used. It will also lead to getting a
differentiation for their customers.
People It include target customers who have to be
approached by “Daily-Fit Juices”, that mainly
consist of only one segment from all three
segments that have been divided by this brand.
Such as includes people having their health as
first priority (Zykov, Gromoff and Kazantsev,
2018). All marketings strategies will be
revolving around such category of people only.
Along with this “Daily-Fit Juices” is a new
venture so they are making lot of efforts in
keeping a satisfied workforce by taking care of
needs of their employees. Customers and
employees are two major stakeholders that are
considered very significant for long term
survival of “Daily-Fit Juices”.

SWOT analysis:
Strength Weakness
The strength of the new brand “Daily-Fit
Juices” will be that the unique combination of
fruits and vegetables that have been combined
together by this brand for the purpose of
increasing the health content of juices offered
by this brand.
In initial starting period of “Daily-Fit Juices” it
will be very difficult to attract more customers
as it is a completely new brand and it is not
possible to compete with existing big juice
brands. So, there is a requirement of extensive
promotion of this brand to attract more
customers.
Opportunity Threats
The changing preference of people and their
shift towards a healthy lifestyle has created a
need for customers. “Daily-Fit Juices” will
have further opportunity of expansion in
coming period of time that will lead to more
earning of revenue and providing competition
to existing brands of beverage industry.
The existing big brand will be posing a huge
threat on the success possibility of “Daily-Fit
Juices” as it takes time for people to accept a
new brand when it comes to food and drinks.
From above discussed points it can be said that mega trend are a part of external
environment of every business that helps them in availing of various business opportunities
(Sandberg, 2017) . Such are related with problems are being faced by people and those can be
further converted into a opportunity.

CONCLUSION
From above discussion it can be said that a business opportunity si directly are related
with the various mega trends that are flourishing in the business environment. There are various
different types of problem that people might be facing such problems lead to creation of a
attractive opportunity for entrepreneurs. These innovation in terms of new product development
is helpful in serving the society in a better way and also studying the needs of their target
segment of customers. Various business models such as STP analysis, marketing mix, PESTEL
analysis are very commonly applied framework that can be adopted for the purpose of formation
of attractive strategies to attract more customers and enhance overall profit percentage.

REFERNCES
Books & Journal
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