ABS210 Economics|Secondary Data

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On successful completion of this assessment, students will be able to: a)Analyse information and data from real market situations to identify venture opportunities.b)Apply creative thinking skills to develop potential response opportunities to identified scenarios.c)Develop a business case utilising real information to validate identified opportunities.d)Apply business models which underpin innovative and sustainable business venturesEntrepreneurs identify opportunities by recognising gaps in the market or emerging needs. This often involves deliberate research and analysis of industries, markets, and consumer trends as well as new possibilities offered by emerging technologies or changes in regulations.For this assignment, select an industry or market you wish to research and discover potential opportunities or gain an understanding of the context for an opportunity or idea you may already have. Then conduct a marco and micro analysis of the marketspace you wish to explore and identify potential opportunities. This research portfolio assignment requires you to research high-quality secondary data sources to provoke your ideas and assess the feasibility of certain markets and industries. Consider looking for a wide variety of research sources including leading academics in the literature, media reports that illuminate market or consumer conditions, trade journals providing research insights. If your idea is heavily trend-driven, you should include relevant newspaper articles. Don’t be afraid to use unconventional secondary resources such as forums or social media to highlight certain trends or consumer mindsets. These sources may be very applicable for your ideas that focus on niche markets. Your portfolio should include the following elements:1.Macro or Environmental AnalysisThis analysis will help you understand whether the timing is right for your business idea. Here you will focus on external factors which may impact your key industry. You should conduct the following:a.PESTLE Analysis – Identify the political, economical, social, technological, legal, and environmental factors.b.Porter’s 5 Forces Analysis2.Micro AnalysisThis helps you understand whether this will likely be a demand for your product or service and identify your competitors. You should conduct the following:a.Consumer Analysis and Summaryb.Competitor Analysis and Summary3.Identify Potential Areas of OpportunitySummarise what information your research has uncovered. This might include:a.Gaps within the market and unmet consumer needsb.Competitive weaknesses to be exploited c.Emerging opportunities – where is the market environment taking us?4.OpportunitiesIdentify two distinct opportunities you will evaluate in your next assignment. The opportunities must address different market needs, and pursuing either would mean not pursuing the other. For example, one cannot be an expansion of the other

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