opportunity-analysis

Vocabulary Word

Definition

Opportunity-analysis is when you examine a situation, market, or technology to find if there's a chance to make a new business or improve something. It is based on research and real-world data.

Examples in Different Contexts

In business strategy, 'opportunity-analysis' is crucial for startups. A CEO might state, 'Before launching our new product, we conducted an extensive opportunity-analysis to ensure market readiness.'

Practice Scenarios

Business

Scenario:

We're seeing declining sales for our current product line. It's essential that we identify new potential markets.

Response:

Let's conduct an opportunity-analysis to examine potential markets for expansion.

Tech

Scenario:

I've noticed a prevalent trend in home automation, yet many systems on the market are expensive and complex.

Response:

I agree. An opportunity-analysis could clarify if there's a market for an easy-to-use and affordable smart home system.