A market opportunity is a situation in which a product, service, etc. that is potentially wanted or needed by consumers is identified by a business as not being supplied sufficiently by rival companies. It is an identified need, want, or demand trend that a firm can exploit because it is not being addressed by the competitors. In our context this does not necessarily mean that it is not supplied by competitors but that there might be a gap in the market.
Market Opportunity Format
Once we have identified a market opportunity we will then issue a "discussion paper" to discuss whether there is in fact a worthwhile opportunity to exploit. If we decide that there is an opportunity, we will establish a "working group" to guide the opportunity further.
If we do not establish a working group this just not mean that there is no opportunity it just means that there is not one big enough that would warrant establishing a working group. If the member so pleases they can take advantage of the opportunity themselves.
For us to establish a market opportunity working group a certain criteria must be met according to the terms of reference (scope and limitations) of that opportunity.
First we spot the opportunity, issue a discussion paper, then we scrutinise it to see whether it meets our terms. Then we establish a working group.
Each market opportunity must meet certain criteria
Free Market (anybody needs to be able to take advantage of it)
Must be able to be started with sweat equity, equity, debt, no grants, no subsidies etc.
It needs to meet viability parameters
Is there an opportunity here and how big?
If these conditions are met,
We will then issue a discussion paper to weigh the opportunity. If it is to be decided then a
working group will be established to guide the idea in the community.
Frequently Asked Questions
Q: What is a discussion paper?
A: A document that puts forward some ideas or opinions that might form the basis of a discussion of a market opportunity.
Q: What is a working group?
A: A group of people working together to study, report on a market opportunity with the goal of achieving specified goals and make recommendations based on its findings.