“Opportunities” Discussion 1
For this week’s discussion, we will expand on the non-alcoholic beverage business you began developing in the Week 1 discussion. As part of your business plan, you will be required to conduct a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) in Assignment 2.
For this week’s discussion, please respond to the following:
1. Discuss three OPPORTUNITIES you can identify for your NAB business. Briefly describe each and clarify how your business can grow by pursuing each opportunity.
· You will use this week’s information in Assignment 1, question 7.
To help you get started see the example
Number each opportunity and describe each in a separate paragraph clarifying how your business can grow by pursuing that opportunity.
- What good opportunities can you spot?
- What interesting trends are you aware of?
· Useful opportunities can come from such things as:
- Changes in technology and markets on both a broad and narrow scale.
- Changes in government policy related to your field.
- Changes in social patterns, population profiles, lifestyle changes, and so on.
- Local events.
Another example- SWOT analysis for Honest Tea Company – check out the opportunities’ section
- *Strengths, weaknesses, opportunities, and threats (SWOT) analysis based on Honest Tea’s business plan (PDF).
Provide a response to the two peer answers of the above assignment. It must be a minimum of 75 words of substantive content. (Do not write a whole page) No copying and pasting of work that was previously done for someone else.
Peer 1. (provide a response)
Three OPPORTUNITIES you can identify for your NAB business would be the following:
- Having a family owned business in general location.
- Having a Smoothie Shop in a small town with a nice size college campus is another opportunity.
- Providing a fresh fruit beverage that helps improve daily diets.
By pursuing the following opportunities Soonie Frozen Drinks will grow because it’s a family owned business in a general location of a somewhat small town. This is an opportunity for my NAB because it will allow a lot of foot traffic in the frozen drink shop. It’s also an opportunity because all the family can tell their friends, coworkers and extended family such as in laws. There are so many benefits of having a big family and knowing a lot of people. Another way Soonie will grow is because of the location and having a nice sized college campus. Lots of students look for places to study outside of the student center and where else other than the local frozen drinks shop. It will be quiet and relaxing (I will give that credit to the fresh fruits). Lastly providing fresh fruit beverages that help improve daily diets. This is an opportunity because everyone has a goal to becoming healthy and finding ways that won’t break the bank to improve daily diets.
Peer 2. “Opportunities”(provide a response)
For this week’s discussion, we will expand on the non-alcoholic beverage business you began developing in the Week 1 discussion. As part of your business plan, you will be required to conduct a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) in Assignment .
One of the first opportunities for my new company is the product demand in my area for natural, functional, and convenient products like mine that can deliver nutritional benefits without sacrificing taste. Based on current market research analysis, nutritional infused antioxidant drinks have become a popular meal option due to conscientious dietary habits of millennial on-the-go consumers and their positive functional attributes (Moloughney, 2016). Approximately 35 percent of Americans have agreed that they do not take care of themselves due to their busy lifestyle. Research has noted that 58 percent of consumers currently use nutritional and performance drinks as a meal replacement, and 48 percent, compared to the 20 percent who used nutritional drinks as a meal supplement in 2012 (Moloughney, 2016).
Another opportunity Tumi’s Beverage company is Public Relation (PR). It would be the most cost-effective way of marketing my new business, especially if I find myself on a limited budget to publicize and advertise my products. PR is not as expensive as traditional advertising; instead, PR marketing raises awareness, letting people know that my company exists while building general awareness of Tumi’s products and brand (WalkerSands, 2019). Using a Public Relations strategy increases direct marketing and advertising efforts and assists in raising my website rank in Google, allowing easy access to my company, products, and who and what Tumi Beverage is all about. A PR strategy entices investors by generating positive media coverage allowing a more significant negotiating position and potential stockholders for Tumi Beverage Company. Further, such a strategic approach will allow my company to seem more extensive and more established, which will help me to secure partnerships and funding (WalkerSands, 2019)
Thirdly, a great opportunity is market segmentation. This strategy focuses on targeting a specific portion of the total market geographically. There are many competitive advantages in attracting a smaller, more focused market, such as attracting consumers that can help my company quickly gain visibility and credibility (Adams, 2014). Further, targeting a smaller market creates opportunities in developing specialized expertise and experience. For instance, focusing on a specific segmentation with obesity and health issues can eventually attract at least 89 to 90 percent of that geographical location (Adams, 2014).
It is necessary to keep in mind, any strategic approaches that have been decided upon can have negative impacts, or they may produce both a negative and positive effect at the same time. For example, if a company chooses to use a low pricing strategy and does not implement any operational efficiencies to reduce costs, the company can fail against competitors with higher profit margins (Adams, 2014).
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