Opportunity Analysis for Knowledge and Awareness -myassignmenthelp

Question: Discuss about theOpportunity Analysis for Knowledge and Awareness. Answer: Concept and Visions (10%) The theme of this report is to present an opportunity for developing a car garage in Abu Dhabi. The place has been identified with a shortage of the car parking facilities. The garage will provide parking, repairing and events-holding services. The opportunity is promising since the market competition is low as there is only one garage in the market plaza. However, winning the customers faith over the already existing plaza garage may pose a challenge. The profit margin may also be low at the start of the business which may necessitate investing more capital to maintain the services. The ability to maintain competitive edge in the market enables a company enhances sustainability, growth, and development. A strong position in the market makes a company realize its goal of improving profitability. Generating Knowledge and Awareness (10%) The idea of investing in a garage came up through a brainstorming process which initiated me to think of the business. I also carried out a survey of the market whereby I realized that there exist acute traffic jams in the market as the vehicles line up to get a parking space in the Plaza garage. This led me to talk to some potential customers who after selling my idea to them showed an interest in having an alternative garage facility (In Allen-Meares, 2017). Some said that having a garage near the malls will be advantageous. They also showed interest in having a garage that will offer the repairing services. Generating Ideas (10%) The brainstorming technique was a great approach to formulating the concept. I came up with several ideas which when I analyzed them, placed the garage setting idea on the top of the list (Coyne Coyne, 2011). I also identified the need to fill the gap in the garage facilities in the market. The plaza garage alone was not sufficient to facilitate the garage services considering the many cars in the UAE market. The increasing number of vehicles presented the parking problem which gave me the idea to grab such an opportunity. The traffic jams caused by the unavailability of other parking facilities slowed down the business operations in the market and this gave me the business opportunity. Approach to Innovation (10%) I will establish the parking space and acquire the vehicle servicing machines. I anticipate to reduce traffic jams and also overloading of the vehicles in the existing plaza parking. I will use the disruptive innovation whereby the business will be creating a new market with various facilities (Keeley, 2013). This will pose a challenge to the existing industry. Limitations (10%) Despite being a great opportunity to invest, the business may have some limitations such as facing stiff competition from the plaza garage which has already established itself hence winning the customers interests may be difficult. The customers are also used to the plaza parking and it may take time for them to get used to the private one and its trends and this will mean losses to the business (Girotra Netessine, 2014). The rules for leasing may also be complicated which may cost the idea a great deal of money and time before it gets implemented. The business may also risk having the taxes raised for the commercial area. Market Analysis. (10%) The business idea addresses the transport sector of and the market is attractive since the number of vehicles entering the market is increasing which facilitates the need for more garage facilities. Innovating in this business will also ease the overall business operations in the market since parking facilities will be made faster hence clearing traffic jams. A research on the causes and effects of the traffic jams on the business operations can be done to relate this market need. Only one industry plaza garage has been offering garage services to the market in the past three years. The industry anticipates to adopt the customer-centered approach and increase profitability by re-evaluating the business objectives. Having an increasing number of vehicles with only one garage industry illustrates the business opportunity. The industry is deemed to earn a considerable market share of about 80% as it has less distance from the malls. Customers and Customer Development. (10%) Most of the clients present a need for repair services so that as they park and go for other activities, they find their vehicles repaired as they come back to save on time. The less distance from the malls will also be beneficial especially if they have to carry some shopping to the vehicle. The customers use the plaza parking which is the only garage on the market. The customers are willing to use the facilities since it will solve most of the garage problems. I will use advertising approaches such as using the billboards to reach out to customers. Approaching the customers as they drive slowly in the jams is also another way to reach them. The use of proper language when dealing with customers makes them form a desire to the purchase the product on sale. Competition and Positioning. (10%) Plaza garage provides these services currently and VIP car parking providers may innovate in this business in the future. They have a good public image which serves as an advantage to them. However, the long distance from the malls presents a challenge to them. Plaza garage serves about 70% of the market while the VIP car parking serves 20% of the market. The sales of the competitors are steady and the probability of having the property rent contract violated may become a barrier to the entry of my business. Other competitors may be barred from entering the market by the increased taxes of the commercial areas (Boynton et al, 2011). My allies may help me through spreading the information of the new garage to other people so as to win more customers. Business Model and Lean Startup Philosophy. (10%) I will begin by acquiring the necessary licenses for my business and establish the facility. By offering fast and efficient services to win the customers trust will be my way to earn money. Approaching individual customers to test my services will also earn me money. The venture may start earning profits immediately after gaining the customers trust over the competitors. Making losses at the beginning is the greatest challenge that I will have to deal with. Further, the acquisition of intellectual property rights will be critical so that no competitor can use our services for their benefit. Learning and Adaptation (10%) In order to come up with a viable business idea, there is a need to do a thorough market research and do a SWOT analysis. Some challenges may pose concerning the idea, but having a brainstorming and strong innovative skills will overcome the fears. The idea of innovating in the garage industry is a true opportunity. A proper SWOT analysis ensures that the business is operating with accurate sensitivity on the market factors in order to enhance growth. Through SWOT, the threats a business is exposed to are tracked and the development of the right strategies to curb the same achieved hence improved performance by a business. References Arevalo, J. A., Mitchell, S. F., Edward Elgar Publishing. (2017).Handbook of sustainability in management education: In search of a multidisciplinary, innovative and integrated approach. 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