BUS2403: Fundamentals of Innovation & Entrepreneurship
Added on 2020-04-21
6 Pages1641 Words106 Views
Running head: OPPORTUNITY ANALYSIS1Opportunity AnalysisStudent’s NameInstitutional Affiliation
OPPORTUNITY ANALYSIS21.Concept and Visions (10%)The theme of this report is to present an opportunity for developing a car garage in Abu Dhabi.The place has been identified with a shortage of the car parking facilities. The garage willprovide parking, repairing and events-holding services. The opportunity is promising since themarket competition is low as there is only one garage in the market – plaza. However, winningthe customers’ faith over the already existing plaza garage may pose a challenge. The profitmargin may also be low at the start of the business which may necessitate investing more capitalto maintain the services. The ability to maintain competitive edge in the market enables acompany enhances sustainability, growth, and development. A strong position in the marketmakes a company realize its goal of improving profitability.2.Generating Knowledge and Awareness (10%)The idea of investing in a garage came up through a brainstorming process which initiated me tothink of the business. I also carried out a survey of the market whereby I realized that there existacute traffic jams in the market as the vehicles line up to get a parking space in the Plaza garage.This led me to talk to some potential customers who after selling my idea to them showed aninterest in having an alternative garage facility (In Allen-Meares, 2017). Some said that having agarage near the malls will be advantageous. They also showed interest in having a garage thatwill offer the repairing services.3.Generating Ideas (10%)The brainstorming technique was a great approach to formulating the concept. I came up withseveral ideas which when I analyzed them, placed the garage setting idea on the top of the list(Coyne & Coyne, 2011). I also identified the need to fill the gap in the garage facilities in themarket. The plaza garage alone was not sufficient to facilitate the garage services consideringthe many cars in the UAE market. The increasing number of vehicles presented the parkingproblem which gave me the idea to grab such an opportunity. The traffic jams caused by theunavailability of other parking facilities slowed down the business operations in the market andthis gave me the business opportunity.4.Approach to Innovation (10%)
OPPORTUNITY ANALYSIS3I will establish the parking space and acquire the vehicle servicing machines. I anticipate to reduce traffic jams and also overloading of the vehicles in the existing plaza parking. I will use the disruptive innovation whereby the business will be creating a new market with various facilities (Keeley, 2013). This will pose a challenge to the existing industry. 5.Limitations (10%)Despite being a great opportunity to invest, the business may have some limitations such asfacing stiff competition from the plaza garage which has already established itself hence winningthe customers’ interests may be difficult. The customers are also used to the plaza parking and itmay take time for them to get used to the private one and its trends and this will mean losses tothe business (Girotra & Netessine, 2014). The rules for leasing may also be complicated which
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