Opportunity Spotting and

Assessment: Scanning the Marketing

Environment and the 3S
Scanning the Environment
 This is the starting point of any new venture
 Itinvolves the intricacies of the macroenvironment,
microenvironment, and internal environment
 With this process of scanning the general environment, an
entrepreneur can recognize various opportunities
 At the same time understand thoroughly the arena where
the future business will operate
 Thegeneral rule is to find the opportunity first before
coming up with a new product or service
Seeking, Screening, and Seizing
 The3S of Opportunity spotting and assessment is the framework
that most of the promising entrepreneurs use to finally come up
with the ultimate product or service suited for a specific
opportunity
 Anopportunity is an entrepreneur’s business idea that can
potentially become a commercial product or service in the future
 Theentrepreneur serves as a catalyst of creating a value for
customers
 Asa reward entrepreneurs earns profits when the customer are
satisfied and delighted
S1: Seeking the Opportunity

Opportunity seeking is the first step and

is the most difficult process due to the
number of options that the entrepreneur
will have to choose from. It involves the
development of new ideas from various
sources as follows in the next slides.
MACROENVIRONMENTAL
SOURCES
STEEPLED
 This
is the mnemonic for sociocultural, technological,
economic, environmental, political, legal, ethical and
demographic factors
 This
represents the general environment where the
entrepreneur can identify business opportunities from
and where the future business is about to operate
 Anyexternal factors from these 8 environmental forces
can have a direct effect in opportunity generation and
business sustainability
INDUSTRY

This is the source of the

current trend on what is
happening in the industry
where future business will
belong to.
NEW DISCOVERY AND KNOWLEDGE

These are the new

trends that can be the
core business model of
a new venture.
FUTURISTIC OPPORTUNITIES

These are projected new

opportunities that can
possibly affect the new
business while it is running.
MICROMARKET
CONSUMER PREFERENCES, INTERESTS,
AND PERCEPTION
 These are the current needs and wants of potential
customers that should be discovered right away by a
budding entrepreneur
 A need is recognized when a customer believes that there
is a difference between his or her current situation versus
his or her desired condition
 A want, on the other hand is recognized when customer
believes that there is a specific product or service that
can perfectly suit the need
COMPETITORS

Recognizing and understanding potential

competitors will aid the entrepreneur to develop a
product or service that is unique and will surely
stand out from the competition
The 4Ps of marketing (product, place, price, and
promotion) will be competitively positioned if the
entrepreneur is familiar with his or her competitor
UNEXPECTED OPPORTUNITIES FROM
CUSTOMERS
 Oftentimes, the most brilliant ventures come from
the unexpected from the most unexpected
opportunities. It may happen in unlikely situations,
unlikely places and unlikely people
 Bottlenecksoften give rise to an unexpected
opportunity. What Entrepreneurs usually do is to be
on top of the situation and change the market’s
perception of the product or service or build a new
market
TALENTS, HOBBIES, SKILLS AND EXPERTISE
IRRITANTS IN THE MARKETPLACE SUCH AS
DETERRENTS, PROBLEMS, COMPLAINTS, AND DELAYS
LOCATION
Opportunity Sources Findings Potential product or
service
Demographics There are many OFW Remittance Center,
families in our Barangay Cellphone load business