Business Opportunity

Business Opportunity

Section A: Concept and Vision
Business opportunity refers to the predicted potential size of one sale and market. A
business opportunity necessitates estimating the number of customers or enterprises that make up
the targeted market and the number of potential sales that person may generate from that market.
My idea is to look forward to solving the issue of business opportunities through conducting
deep market research. The idea is focused on identifying and listening to the prospective
consumers of the business products, analyzing market trends, and identifying competitors. The
idea is distinctive since it covers all aspects of a market. I want to license the business idea to
grab the business opportunity in vending machines. The idea has been tested and has worked for
several people. The individuals who applied the idea of the vending machine were successful
since it has a ready market. The idea is still attractive since many people fear taking a risk, which
is all about risk.
Section B: Market Analysis
My idea is to focus on the food and beverages sector of the economy. The market is
attractive since it has a constant flow of customers. It also has few legalities; hence easy to
always stay in business. However, I am only focusing on the production of snacks soft drinks. It
is always important to conduct a quantitative reach to improve and describe the market in such a
market. Quantitative research is general and can give a clear view of the market compared to
qualitative research. Over the past five years, there have been five million machines. The
worldwide vending machine market, which was anticipated to be worth US$134.4 billion in
2020, is expected to expand to US$146.6 billion by 2027, with a CAGR of 1.3 percent between
2020 and 2027 (Sai et al., 2021). Data from another product already on the market, or one that

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existed previously, can be utilized to estimate the projected growth pattern of a new product. The
potential size of my opportunity is steadily rising, and the growth of the opportunity is at its
peak.

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Reference

Sai, A. V., Reddy, K. D., Ruthvik, N. S., Rohith, A., Reddy, G. P., & Rao, N. S. (2021,
September). IoT-based Quotidian Grocery Supply by Vending Machines. In 2021 2nd
International Conference on Advances in Computing, Communication, Embedded and
Secure Systems (ACCESS) (pp. 56-60). IEEE.