Opportunity Hunt
This is something people create for themselves because the existing options do not work particularly well.
Workaround
This term refers to an advantage that large businesses often have where buying or producing more can lower the cost per unit.
Economies of scale
A similar offer serving the same core customer within realistic reach is a...
direct competitor
What is benchmarking?
learning one useful capability from another business
Which of the 4 places where opportunities often hide is illustrated here?
After a major employer shifts many employees to remote work, businesses near residential neighborhoods begin seeing new weekday demand.
change
This describes a market w/ many competitors, but no clear market leader.
Fragmented
Customers can always choose this instead of spending money at all.
No purchase / do nothing
Same business. Different occasion. Different competitive ______.
radius
“I want to create an app that organizes family schedules.” This gives us one of these, but it does not yet tell us who has the problem, when it occurs, or what people currently do.
solution/idea rather than an opportunity
A focused customer group or need that broad-market companies may not serve well is called...
a niche
If customers can solve the same need in a completely different way, that option is this type of competition.
substitute
On a competitive map, a confident guess should be denoted this way...
unknown
Repeated complaints about something slow, difficult, or inconvenient may signal this.
frustration
This is a small-business advantage allows an entrepreneur to respond to customer needs or market changes more quickly than a large company with established systems.
flexibility/speed
Clean facilities and accurate orders may matter, but doing them well usually only gets a business to this level.
The expected (minimum)
The purpose of a competitive map is to show...
trade-offs
This term describes customers are being overlooked because of their schedule, location, budget, or circumstances.
Underserved customers
Long leases and hard-to-sell equipment can make leaving an industry difficult. They can be classified as...
exit barriers
Entrepreneurs can innovate by redesigning this even when the product itself already exists.
business model
A business has a feature that no competitor offers, but customer research shows it has almost no effect on which option customers choose. What does that mean for the feature?
It's not a meaningful competitive advantage