It’s your turn to host lunch this year – an opportunity to show off your culinary skills and cook an unforgettable, indulgent feast. It’s Christmas.
A group of family members you haven’t seen in years is flying in to spend the festive period with you. For Christmas day, you’ve planned a roast turkey with all the trimmings – bread sauce, stuffing and gravy, followed by Christmas pudding, brandy butter and custard.
Your relatives arrive. Only then do they confess – a little embarrassed and not wanting to fuss – two members are vegetarian, two can’t eat wheat or gluten, and the three little ones are allergic to dairy products.
Suddenly your feast is looking less appealing. Worse, your hard-earned money, time and effort are about to disappear down the waste disposal unit.
The problem was, you spotted the opportunity, you planned the delivery, the timing was perfect, but – for a reason you hadn’t considered – the product simply wasn’t right for your audience. You didn’t properly consider the needs of the people you were hoping to impress.
In marketing, opportunity analysis prevents these kinds of problems. Chances are you’ve already identified an opportunity for a new product or service in 2014. So far, your analysis has identified a gap in the market and you’re on your way. But opportunity analysis is not just about finding opportunities. You need to know if market conditions support the product you’re launching. And, importantly, do you fully understand the risks?
When considering your business opportunities for 2014, there are three main risk factors…
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