COMM 320 Chapter Notes - Chapter 3: Baby Boomers, Capital Intensity, Product Differentiation
Document Summary
Sensing, evaluating and exploiting are the most critical elements of the entrepreneurial process. They scan the environment for market gaps created by unmet customer needs. Traits and skills allow them to recognize opportunities in these gaps and develop ideas to satisfy customer"s unmet needs. Opportunities are spawned because of market gaps created by unmet customers" needs. Environmental forces which influence the demand for products and services: technological, social, economic and political. Opportunities arise because of the chaos and confusion created in a particular industry by these forces. Large numbers of women have entered into many sectors of the workforce. Immigration has brought many new cultural groups to canada / quebec / montreal. Concern for the environment, personal health & wellness, and natural products is growing. De-regulation of industries, free trade agreements and new legislations. Economic growth promotes consumer spending thus increasing demand. Economic recession reduces consumer spending thus decreasing demand.