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Opportunity Seeking Screening and Seizing

Opportunity seeking and seizing involves continuously evaluating potential advantages for a firm through innovation, creativity, and addressing issues in the marketplace. Opportunity screening uses criteria to evaluate ideas for compatibility with business objectives and viability. Skills like problem solving, communication, and commercial awareness are needed to seize opportunities. Sources of opportunities can come from within a company or externally from macro trends, targeted marketing, or challenges that create new perspectives. Opportunities can emerge from meetings, encounters, or by addressing problems at work.

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Azel Chua
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806 views19 pages

Opportunity Seeking Screening and Seizing

Opportunity seeking and seizing involves continuously evaluating potential advantages for a firm through innovation, creativity, and addressing issues in the marketplace. Opportunity screening uses criteria to evaluate ideas for compatibility with business objectives and viability. Skills like problem solving, communication, and commercial awareness are needed to seize opportunities. Sources of opportunities can come from within a company or externally from macro trends, targeted marketing, or challenges that create new perspectives. Opportunities can emerge from meetings, encounters, or by addressing problems at work.

Uploaded by

Azel Chua
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Opportunity

Seeking Screening
and
Chua, Azel
SeizingSay, Chester
Tan ,Kurt

Zhuang, John

Salonga, Alyssa
What is Opportunity Seeking?
The ongoing process of considering, evaluating,
and pursuing market-based activities that are
believed to be advantageous for the firm. Prior
experience informs the process, but it may also
limit it: opportunity seeking calls for continuous
reconsideration and adaptive learning.
Sources of
Opportunity
Internal Sources
Innovation Creativity

● The process of translating an idea or ● Creativity is the act of turning


invention into a good or service that new and imaginative ideas into
creates value or for which customers reality. Creativity is
will pay for. characterised by the ability to
perceive the world in new ways,
to find hidden patterns, to make
connections between seemingly
unrelated phenomena, and to
generate solutions
Facebook E-jeeps
External Sources
Macro Marketing: Micro Marketing: Irritants in the
Marketplace:
focuses on the a marketing
majority of strategy in which ● Deterrents,
consumers rather advertising efforts delays
than individuals. are focused on a ● Irritants
The goal is to ● Problems
small group of
determine how to ● Delays
highly targeted
reach a mass
consumers.
market. To do so,
Micromarketing
companies focus on
advertising, product requires a
features, in-store company to
availability and narrowly define an
packaging. audience
What is Opportunity Screening?
A process used to evaluate innovative product ideas, strategies and marketing
trends. Idea screening criteria are used to determine compatibility with overall
business objectives and whether the idea would offer a viable return on
investment.
12 R’s of Opportunity Screening
● Responsiveness ● Resources

● Reach Required

● Range ● Risk

● Revolutionary impact ● Relevance

● Returns ● Resonance

● Relative Ease of ● Reinforcement of


implementation Entrepreneurial
interest

● Revenue
Responsiveness
● customer’s needs and wants

Reach
● expansion through branches, distributorships, or franchise
outlets

Range
● tapping many market segments and creating a wide array of
product/service
Revolutionary Impact
● "game - changer", "the next big thing"

Returns
● low costs of production and operations sold at higher prices

Relative Ease of Implementation


● what obstacle to overcome
Resources Required
● fewer resources are more favourable

Risks
● Risks: high technological, market, financial, and people risks

Relevance
● Opportunity must be aligned with what you have as your personal vision,
mission, and objectives for the enterprise you want to set up
Resonance
● Must match the values and desired virtues that you have or wish to
impart

Reinforcement of Entrepreneurial
Interests
● The opportunity resonates with the entrepreneurs interests, skills

Revenues
● Sales opportunity; big enough market to nurture growth
What is Opportunity Seizing?
● Entrepreneur grabs or seize opportunities to continuously make sure the
business sustains for a long time in the industry.
Skills needed for
Opportunity
Seizing
Commercial Awareness- Prioritisation and Time
Management-
Commercial awareness is a term
that refers to a candidate's as a process, it means evaluating
general knowledge of business, a group of items and ranking
their business experiences (or them in their order of
work experience) and, importance or urgency.
specifically, their understanding
of the industry which they are
applying to join.
Problem Solving Skills Communication, Negotiation
and Persuasion Skills
● The process of working
through details of a ● Used to settle differences. It
problem to reach a is a process by which
solution. Problem solving compromise or agreement
may include mathematical is reached while avoiding
or systematic operations argument and dispute.
and can be a gauge of an
individual's critical thinking
skills.
Where Opportunities are Hiding
Challenges may be difficult but these Random Encounters with other people can
challenges can become opportunities by also open up new opportunities because
changing your perspective about it. there are reasons why we encounter them

Meetings with other people can bring At Work, there are a lot of opportunities
opportunity also found there that can help one become a
better individual, new opportunities to learn
and grow, etc.

BASICALLY OPPORTUNITIES CAN BE


FOUND ANYWHERE!!!

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