BSBESB301: Investigate business opportunities Assessment answers

Course: TAFE

Assessment Type: Practical

With the growing economy and technology, there are endless opportunities to grow your business. This assessment explores different ways you can use to explore these new options for business growth as well as what you need to consider before making a decision.

Exploring new business opportunities is a critical part of running any successful company. However, many people don’t know how to properly investigate their options and end up making mistakes that could have been avoided if they had just done some background research before taking action. If you are thinking of starting a new business, or have just started one and want to avoid some potentially costly mistakes, read on.

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In this section, we are describing some tasks. These are:

Assessment Task 1: Identify potential opportunities for business

Identifying potential business opportunities is essential for any company hoping to sustain or improve its competitive edge. By exploring new markets and understanding customer needs, businesses can formulate effective strategies that capitalize on current trends and maximize profitability.

There are a number of ways to identify potential business opportunities. One approach is to track industry trends and monitor the activities of your competitors. You can also solicit feedback from customers or conduct market research to understand customer needs and desires. Additionally, you can identify opportunities by looking at current market gaps or identifying niche markets that have not yet been saturated.

No matter how you identify potential business opportunities, it is important to do your homework and thoroughly assess the potential risks and rewards associated with each option. It is also important to have a clear understanding of your company’s strengths and weaknesses before moving forward with any new venture.

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1. Source and analyze market information for potential opportunities

Once you have identified some potential business opportunities, the next step is to do some market research. Depending on your industry, there are various ways that this can be done effectively.

For example, if your company is in retail clothing, you could visit local shopping malls and observe what customers are wearing. This will allow you to better understand customer preferences and fashion trends. It will also give you an idea of what types of clothing are selling well in your area and which ones may be potential opportunities for growth.

2. Analyze information and list details of business ideas and opportunities

The world is full of opportunity. But, not all opportunities are created equally and it’s important that you know what your priorities are before jumping in headfirst without understanding the risks involved with each choice. However tempting it may be; don’t make any decisions right now.

The most crucial step when starting a business can sometimes feel daunting because there isn’t one perfect answer – every option comes with its own set (and often big) pros/cons list so weigh them carefully before taking action.

Start by writing down a list of all the ideas you can think of. Once you have brainstormed as many potential opportunities as possible, it’s time to start analyzing and sorting them. You can do this by evaluating each opportunity based on your personal strengths and weaknesses, as well as how well it aligns with your company’s mission and vision.

Another important factor to consider is the potential risks and rewards associated with each opportunity. For example, if you decide to open a new restaurant, the potential rewards could be high but so are the risks involved. You need to be prepared for things like licensing and permitting requirements, hiring and training staff, menu planning, and dealing with competition.

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3. Identify and describe products and/or services that match business ideas

We are in the golden age of products and services. The last few decades have seen huge advances when it comes to how goods are designed, created, packaged, merchandised, distributed, presented to consumers, advertised to consumers.

What is really fascinating is that most advances are largely indistinguishable from magic. Not just because they’re new but mostly because they’re so familiar and/or elegantly designed that we forget how strange, arduous and incredible the process was.

As a business owner, you need to think about these processes as something that needs to happen in your business too. You are responsible for bringing the best products or services to your customers. Or rather, matching them with new products or services.

A service can be something as simple as delivering milk to your customers’ homes, but it really comes down to finding out what your customers want. There are even companies that provide research and analysis of consumer habits to help you determine which products or services would best suit their needs.

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4. Identify and analyze available business, financial, digital technology, consumer, and technical factors related to the potential opportunities

As a business owner, you need to be as informed as possible about what’s going on in your industry and beyond. You will find yourself working more efficiently and staying one step ahead of the competition if you keep up with the latest trends and happenings within your industry.

Generally speaking, there are five factors related to any given opportunity that should be analyzed before making any decisions. These five factors are business, financial, digital technology, technical, and consumer (market) factors.

Business Factors: These tend to be more internal factors that need to be considered when choosing between opportunities. Some of these key business factors include the potential return on investment (ROI), market size/opportunity, company strengths and weaknesses, and target market.

Financial Factors: Financial factors usually have to do with the potential money that can be made or lost in a given opportunity. Important financial factors include start-up costs, overhead costs, break-even analysis, and estimated profits/losses.

Digital Technology Factors: This includes both the potential for using and/or creating digital technology as well as the potential costs and benefits of those technologies. Digital technology factors include software, hardware, cloud computing, and mobile devices.

Technical Factors: These kinds of factors center more on the technical side of things such as human resources, equipment needs and availability, training considerations, manufacturing capabilities, and more.

Consumer (or Market) Factors: The final factor that should be considered when choosing between opportunities is the potential target market. Some questions to consider are who will use your products or services, how much demand is there for them, and what other products or services already exist in the same market?

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5. Identify customers for the products and/or services

Once you have a good idea of which products or services to offer, you need to identify your target market. This is the group of people that you will be selling your products or services to.

There are a few key things to consider when targeting a market. First, it’s important to know what needs and wants this group of people has. You’ll also want to know as much as possible about their demographics (age, sex, income, education level, etc.), psychographics (lifestyle, values, interests), and behavior (purchasing habits, where they get information about products/services, etc.).

Assessment Task 2: Investigate market needs and factors affecting the market

Now that you have a general understanding of what needs to be considered when choosing between business opportunities, it’s time to investigate the specific needs of the market for your products or services.

One way to do this is by conducting market research. This involves gathering data about who your target market is, what their needs and wants are, and what factors influence them the most. To do this, you can conduct a survey or focus groups, among other things.

Another way to get information about the market is to look at industry trends. This can help you to see what needs and wants are growing and changing in the market, and it can help you to better understand your competition.

Finally, you can also look at factors affecting the market as a whole. This includes things like economic conditions, technological developments, and social changes. By understanding these factors, you can better anticipate how they will impact your target market and adjust your marketing strategy accordingly.

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1. Collect, investigate and analyze business and market information, trends, and developments from primary and secondary sources to identify market needs related to business opportunities

The digital age has led to a shift in the way consumers receive and process information. In fact, it’s changed the job of marketers from simply putting out a product or service to gathering customer insights that can be used to shape their marketing strategies.

This has been referred to by some as “marketing science,” which is essentially an ongoing cycle of research and analysis that helps to identify customer needs, develop products and services to meet those needs, and then track the results of the marketing campaigns to see what’s working and what needs to be tweaked.

In order to gather the data needed for marketing science, you’ll need to use both primary and secondary sources. A primary source is any data that you collect directly for the purposes of your research, like surveys and focus groups. A secondary source is an information that has already been collected by someone else and is available to the public, like government documents or published reports.

When collecting data, it’s important to be as thorough and accurate as possible. This means reviewing all of the sources available to you and making sure that your data is representative of your target market. It also means analyzing and interpreting the data correctly so that you can draw meaningful conclusions from it.

Once you have collected and analyzed your data, it’s important to keep up with changing trends in the market. This means regularly reviewing industry reports and news articles, as well as keeping an eye on your competition. By doing this, you’ll be able to adjust your marketing strategies as needed to stay ahead of the curve.

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2. Identify ethical and cultural requirements of the market

When doing business in another country, it’s important to be aware of the ethical and cultural requirements of the market. This includes understanding things like the local business culture, what is considered acceptable or taboo, and how to conduct yourself in a professional manner.

It’s also important to be aware of any legal requirements that may apply to your business. This includes things like registering your company with the local authorities, getting the appropriate permits and licenses, and complying with any labor laws.

Failing to comply with the ethical and cultural norms of a market can be damaging to your business, and it can even lead to legal penalties. So it’s important to do your research before entering any new markets.

By understanding the ethical and cultural requirements of your target market, you can avoid any potentially costly mistakes and build a successful business in that market.

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3. Identify projected changes in population, economic activity, and other macro external factors that may impact business opportunities

Another factor that business owners need to keep their eye on is the projected changes in population, economic activity, or other macro external factors. This can be especially important when doing business in a developing country where things are constantly changing.

For example, if you’re trying to open up brick and mortar stores in another country, it may not be successful if the population is projected to decline in the next few years. Or, if the economic activity is projected to slow down, that may have an impact on your sales figures.

By keeping tabs on these macro external factors, you’ll be better prepared for any potential changes that may occur in your target market. This will help you to stay ahead of the competition and maintain a successful business in that market.

4. Review identified needs and factors and identify their potential impact on business opportunities

Once you’ve gathered all of this information, it’s important to review it and identify the potential impact on business opportunities. This includes things like the needs of the market, the projected changes in population and economic activity, and the ethical and cultural requirements.

By doing this, you’ll be able to get a better idea of the types of products and services that will be successful in that market, and you’ll be better prepared to take advantage of any business opportunities that may arise.

By regularly reviewing all of this information, you’ll be able to stay up-to-date on the changing trends in your target market. You’ll also be able to better prepare for any problems that may arise if any of the factors change. This will give you a competitive advantage over other businesses that don’t make it a priority to keep their eye on the trends.

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5. Investigate marketing and promotion activities and strategies for identified products and/or services

Once you have identified the needs of your target market and improved your knowledge of macro external factors, it’s time to investigate what types of marketing activities and strategies will be successful for identified products or services.

There are a number of different options when it comes to marketing, including things like online advertising, promotional campaigns, public relations activities, and viral marketing. You should also think about any additional promotional strategies that can be used to help promote your products or services, including things like trade shows and brand ambassadors.

Again, it’s important to keep up-to-date with the changing trends in marketing so you know what types of activities will be successful in the competitive market. There are many different marketing strategies available, so it’s important to choose the ones that will be most effective for your products or services.

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Assessment Task 3: Finalize investigation into business opportunities

Now that you have gathered all of this information, it’s time to finalize your investigation into business opportunities. This includes things like the needs of the market, the projected changes in population and economic activity, and the ethical and cultural requirements.

By doing this, you’ll be able to get a better idea of the types of products and services that will be successful in that market, and you’ll be better prepared to take advantage of any business opportunities that may arise.

By regularly reviewing all of this information, you’ll be able to stay up-to-date on the changing trends in your target market. You’ll also be able to better prepare for any problems that may arise if any of the factors change. This will give you a competitive advantage over other businesses that don’t make it a priority to keep their eye on the trends.

Now that you have a better understanding of the needs of your target market and the potential impact of macro external factors, it’s time to investigate marketing and promotion activities and strategies for identified products and services. This will help you to better understand how to reach your target market and sell your products or services.

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1. Review personal factors against business opportunities and identify their impact on opportunities

There are a number of different factors that can impact your business. This includes things like the availability of financial capital, the personal strengths and weaknesses of owners or key employees, company policies or procedures, management style and structure, marketing activities, and even the types of products or services offered by competitors.

When you’re conducting your research into business opportunities, it’s important to take all of these factors into consideration. This will help you to better assess the potential for success and identify any possible problems that may arise.

It’s also important to remember that these personal factors can change over time, so it’s important to regularly review them and make sure they are still in line with your business objectives.

The four macro external factors that you should investigate are economic activity, population demographics, political structure, and legal system. It’s also important to regularly review these factors, as they can change over time. This will help you to stay up-to-date on the changing trends in your target market.

Now that you have investigated your business opportunities, it’s time to finalize your research. This includes things like the needs of the market, the projected changes in population and economic activity, and the ethical and cultural requirements. By doing this, you’ll be able to get a better idea of the types of products and services that will be successful in that market.

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2. Examine options to address and minimize negative impact and strengthen the positive impact of personal factors

There are a number of different ways to address and minimize the negative impact of personal factors on your business opportunities. This includes things like developing a strong business plan, training employees effectively, choosing the right team members, and establishing good company policies and procedures.

You can also strengthen the positive impact of personal factors by using them to your advantage. This includes things like leveraging your personal strengths, targeting your marketing activities, and offering products or services that are in high demand.

When you’re conducting your research into business opportunities, it’s important to take all of these factors into consideration. This will help you to better assess the potential for success and identify any possible problems that may arise.

It’s also important to remember that these personal factors can change over time, so it’s important to regularly review them and make sure they are still in line with your business objectives.

3. Document outcomes of an investigation into a business opportunity

When you’re investigating a business opportunity, it’s important to document your findings. This will help you to better understand the potential for success and identify any possible problems that may arise.

It’s also important to remember that these personal factors can change over time, so it’s important to regularly review them and make sure they are still in line with your business objectives.

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