COMM 320 Lecture Notes - Lecture 2: Niche Market, Brainstorming, Isight

• School: Concordia University
• Department: Commerce
• Course: COMM 320
• Professor: Robert Nason

Document Summary

Chapter 2 recognizing opportunities and generating ideas. Opportunity: favourable set of circumstances that creates a need for a new product/service/business. Recognize problem/opportunity gap and creates a business to solve/fill. Common mistake is to pick an existing product/service and build a business around a slightly better version of it. Essential qualities of an opportunity: attractive, timely, durable, creates value. O(cid:271)se(cid:396)(cid:448)i(cid:374)g t(cid:396)e(cid:374)ds i(cid:373)po(cid:396)ta(cid:374)t to disti(cid:374)guish f(cid:396)o(cid:373) fads. O(cid:272)ial t(cid:396)e(cid:374)ds: de(cid:373)og(cid:396)aphi(cid:272) (cid:272)ha(cid:374)ges, (cid:449)hat people thi(cid:374)k is (cid:862)i(cid:374)(cid:863), (cid:272)ultu(cid:396)al t(cid:396)e(cid:374)ds, education level and income distribution: ex: groupon really popular during recession. Economic trends: state of economy, level of disposable income, spending patterns. Technological trends: new/emerging technologies, new uses of old technologies. Ol(cid:448)i(cid:374)g a p(cid:396)o(cid:271)le(cid:373) re(cid:272)og(cid:374)ize p(cid:396)o(cid:271)le(cid:373) a(cid:374)d fi(cid:374)d (cid:449)a(cid:455)s to sol(cid:448)e it. What bugs you, what is a challenge, Fi(cid:374)di(cid:374)g gaps i(cid:374) the (cid:373)a(cid:396)ketpla(cid:272)e pote(cid:374)tiall(cid:455) (cid:448)ia(cid:271)le (cid:271)usi(cid:374)ess oppo(cid:396)tu(cid:374)ities. Recognized need that is not yet satisfied. Taking existing product/service and targeting completely new marker; create gap & fill it.