Report on Identifying Entrepreneurial Opportunities for Virgin Money

This report offers a comprehensive analysis of entrepreneurial opportunities within the context of Virgin Money, a financial services company. It begins by introducing the core concepts of entrepreneurship, market gaps, and the importance of identifying customer needs. The report then delves into the tools and techniques used to assess these opportunities, with a specific focus on market segmentation, including behavioral, demographic, and geographic segmentation strategies. It examines how Virgin Money identifies potential customers and tailors its products and services accordingly. Furthermore, the report applies Porter's Five Forces model to evaluate the competitive landscape, assessing competitive rivalry, threats of new entrants, bargaining power of buyers, the threat of substitutes, and the bargaining power of suppliers. The analysis aims to provide insights into how Virgin Money can leverage market opportunities, address competitive pressures, and achieve sustainable growth in the financial industry. The report concludes by summarizing key findings and emphasizing the importance of strategic planning and market research for entrepreneurial success. This report is available on Desklib, a platform providing past papers and solved assignments for students.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

TABLE OF CONTENTS
PART B
Introduction
Explain the rational and market gap through using right tools and
techniques
Porters five force model
CONCLUSION
REFERENCES

INTRODUCTION
Entrepreneurs are those individuals who run their business with new and
innovative business idea by bearing risk aspects of market.
Entrepreneurship refers to an exercise that is used to convert market
opportunities into a start-up through fulfilling customer needs and wants.
An entrepreneur leads with different situations that develops the process
for performing new products and services by understanding potential
business ideas and market conditions. This report is composed from point
view of Virgin money that perform its business in finance industry and
manage its among different countries to provide better services in
financial industry.

Explain the rational and market gap through using right tools
and techniques
 Entrepreneurial ideas are developed to achieve the target market by
identifying market gap with help of various tools and techniques.
From the perspective of Virgin money products and its services the
demand and need of market is analysed with help of entrepreneur to
match with requirements of customers.

CONTINUE…
Identify of potential customers
Entrepreneur are those persons who perform work with new and
creative idea that satisfies demands and needs of customers in proper manner.
There are various solutions present in market within form of services. With
implement of new ideas essential changes are implemented in organisation
which helps company to improve overall performance. Along with this to
enter in a certain market it is essential for organisation to conduct right
survey in market which is leading management of Virgin money to gain more
opportunity in market. Example- age group and qualification perform an
important role for making monetary transaction at global level.

CONTINUE…
Market segmentation
It is one of the most effective processes that assist an
organisation to segment customers on different basis. Customers are
divided into different segment on the basis of their potential market.
Virgin money implement market segmentation effectively as it helps
them to understand needs of customers on global basis. some types
of market segmentation are mention as below:

CONTINUE…
 Behavioural segmentation- According to this segment
the market is divided by the entrepreneur through
understanding behaviour of people. Buying behaviour of
consumer is monitor by management and it leads
company to generate more value in products for
understanding brand loyalty in all market of organisation.
Example- to understand behaviour of individuals by
understanding consumer needs and there product
consumption.

CONTINUE…
 Demographic segmentation- With the demographic segmentation
process individuals are divided on basis of their age, religion,
family and gender. Financial institutions of an organisation are
related with large number of population. So Virgin money divide
it four different segmentation that are incomes, life-cycle stage,
gender and religion which helps to generate effective
segmentation of individual and its needs.

CONTINUE…
 Geographic segmentation- With geographic segmentation the market is
divided into on the basis of a specific area. The existing market
conditions defines various marketing strategies that is leading company
to make better strategies that is leading company for increasing there
market area. Example- Sales of services is directly increased as with
increase in market size.
 Products and services
 Tangible products- This refers to all those services or products
which are touch and managed by the buyer. Customers buy this product
by observing them and from perspective of virgin money tangible
products are utilised by organisation to convert lead into customer.

CONTINUE…
 Intangible products- The intangible aspect demonstrate the
services which are provided by organisation to its
consumers. This undertakes price, brand accessibility, value
in products and services and many more. For virgin money
it is used by organisation to make better beliefs among
consumers towards their products.

PORTER’S FIVE FORCE MODEL
It refers to the model which is used by organisation for
make strategic plans that leads organisation to sale
company services in effective manner. In context of
Virgin money it is used by company to expand their
business into other markets. Factors of Porter’s five force
model are mention as follow:

CONTINUE…
 Competitive rivalry- This refers to the force which defines the
number of competitors and rival organisation in market. From the
perspective of financial industry the competition at international
level is low. Therefore, the competition force is low for Virgin
money and leads company to generate better results from its
operations. It also leads company to perform all operations with
competitive edge in market. As organisation is managing business
in service sector as financial market is confident aspect. So it is
low in market because customer does not switch to other
companies due to its trust factor.

CONTINUE…
 Threats of new entrants- Virgin money is operating there business
in finance industry from a longer period of time. This also defines
that with right task it is easy for management to make possible
outcomes which is leading organisation to complete all work in
proper manner by using their experience. The force of new entrants
is low because it is complex to manage monetary business and
transactions at global level. Moreover, this approach leads to make
success by utilising forces that leads to achieve success through
completing work by using previous experience. Example- Virgin
money face up and down in market relate with financial work.

CONTINUE
 Bargaining power of buyers- This is too high in market so to make success
organisation perform work according to current market conditions. Example-
Virgin money provide financial service according to international market. So
better position is gained at global market. It influences the valuing and the
costing of the organization as they additionally need a great deal of assets so as
to deal with their activities. Market has a ton of purchasers and they direct the
evaluating methodology in the market. Purchasers has a tremendous control on
this factor as they has colossal choice to get switch their administrations with the
other organization.

CONTINUE…
Threat of substitutes- Large number of competitors are present in
market which helps an organisation to perform all work by satisfying
needs and demand of buyers. To gain success with aspect of
substitute management perform all work with considering
competitive factors to increase product value. This also refers that
the force of substitute is high in context of Virgin money. Therefore,
Virgin money must perform its work by performing all operations
properly through managing its task as per cost that leads to earn
more amounts of profits by providing more beneficial products to
customers as compare with other organisation.

CONTINUE
 Bargaining power of supplier- Right now attempts to make the offset
relationship with the providers so as to deal with the persistent
improvement in their own item and administrations. So it is a challenging
situation and customers also face complexity to deal with supplier power.
As this force is high because supplier are bank and financial institution it
create challenge because information provide by organisation is
confidential.

CONCLUSION
In the last, with the above report it is identified that there are various task
performed by management so it is essential for organisation to conduct an
effective research for performing all operations and functions in appropriate
manner. Along with this there are various opportunities also exist in the
market and business environment that leads company to identify for
accomplishing desired outcomes. With the increase in competition of market it
is identified that all task must be designed to gain sustainability in market.

REFERENCES
 Audretsch, D., 2012. Entrepreneurship research. Management
Decision. 50(5). pp.755-764.
 Clark, K. and Ramachandran, I., 2019. Subsidiary
entrepreneurship and entrepreneurial opportunity: An institutional
perspective. Journal of International Management, 25(1), pp.37-
50.
 Ezeahurukwe, N.L. and Ameh, A.O., 2018.
ENTREPRENEURIAL OPPORTUNITIES AVAILABLE IN THE
OFFICE TECHNOLOGY AND MANAGEMENT
PROGRAMME. Nigerian Journal of Business Education
(NIGJBED), 4(2), pp.357-367.