Identifying Potential Market by Interpreting Data

This presentation discusses the process of identifying potential markets by interpreting data. It focuses on the entrepreneurial opportunity of Virgin Money and provides examples of sources of innovation and entrepreneurial ideas.

IDENTIFYING POTENTIAL MARKET
BY INTERPRETING DATA
P3 & P4

An entrepreneurial opportunity is considered as a procedure in which business
firm sold their products and services at relatively higher price. In addition to this,
the newly started enterprise wants to grab more opportunities for conversion of
business plan into realism. This report discuss about Virgin money. They offer
fund to the new start-up that assists them in executing their business plan into
reality. In this report, there are various sources of innovation as well as
entrepreneurial idea is given with example.
INTRODUCTION

QUESTIONNAIRE
In this method of Primary Research, the
questions related to a specific field are
illustrated to be answered by the persons.
Thus, the entrepreneurs prefer questionnaire.

INTERPRETATION- On the basis of above pie chart, it has been
examined that from 20 respondents, there are 15 persons who understand
the idea of Biodegradable packaging. On the other hand, 5 persons do not
understand the concept of Biodegradable packaging and its advantages.
Q1 Explain what biodegradable packaging is? Frequency
Yes 15
No 5

INTERPRETATION- On the basis of above mentioned diagram, it has
been analysed that out of 20 respondents, there are 13 persons believe
that biodegradable packaging has long term duration as well as 7 persons
believe that there is a short term duration of this kind of packaging.
Q2 What is the time duration of biodegradable
packaging?
Frequency
Long term 13
Short term 7

INTERPRETATION- : It has been examined form the above
given pie chart, the person select the biodegradable packaging rather than
plastic packing. More than 75% persons prefer the biodegradable
packaging.
.
Q3 Will you select biodegradable packaging in excess
of plastic packaging?
Frequency
Yes 16

INTERPRETATION- From the above mentioned diagram, it has been analysed
that, out of 20 people, 12 persons who believe the price of Biodegradable
packaging can be decreased by choosing economical raw material. Whereas, 8
respondents believes that by alteration in the procedure will minimize the cost.
.
Q4 How can the price of biodegradable packaging be
decreased?
Frequency
By selecting economical raw material 12
By making alterations in the procedures 8

INTERPRETATION - : It has been examined that out of 20 respondents,
there are 13 persons who believes that new idea will assists them in
boosting sales as well as profitability level..
Q5 Can biodegradable packaging assists John
packaging to gain profit as well as money?
Frequency
Yes 13
No 7

CONCLUSION
On the basis of above discussion, it has been analysed that
entrepreneur make effective research for analysing the customer
need and wants in order to implement new ideas at marketplace.
In assistance of this, STEEP model is used to assess the external
environmental factor which imposes direct impact on the
innovative idea of business firm. Apart from this, Porter five
force model is used to achieve competitive position over rival
firm.

REFERENCES
Books & Journals-
Dheer, R. J., 2017. Cross-national differences in entrepreneurial
activity: role of culture and institutional factors. Small Business
Economics. 48(4).pp.813-842.
Hjalager, A .M. and Kwiatkowski, G., 2018. Entrepreneurial
implications, prospects and dilemmas in rural festivals. Journal
of Rural Studies.63.pp.217-228.
Long, D. and Dong, N., 2017.The effect of experience and
innovativeness of entrepreneurial opportunities on the new
venture emergence in China. Journal of Entrepreneurship in
Emerging Economies.
Miocevic, D. and Morgan, R. E., 2018. Operational capabilities and
entrepreneurial opportunities in emerging market
firms. International Marketing Review.