Recognize this opportunity correctly ducker et al

recognize this opportunity correctly ( Ducker et al., 2020).
Changes in Perception
In present days, the perception of people has changed substantially for technological
development. Perception of people are evolving, and these developments are happening now
more than it has ever been due to technological progress and the impact of social media
( Markland, Nivenand Markland, 2020). The customers can change their opinion immediately
with a view to different products, brand and industries. Perception developments are opening
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the way for organizations to reinvent and to create innovative products following the
current perspective of buyers.
New Knowledge
New information has been used as creative ideas. Scientific and technological advancements
are the root of creativity that corporations cannot ignore ( Ducker et al., 2020). Companies
which feel obliged to adjust to new discoveries-inspired change do not succeed. But in all
aspects of the business, new knowledge could be implemented–from awareness of consumers
through analysis to an expansion of the value chain to attracting the external talents.
LO2. Demonstrate the preference of a particular entrepreneurial research idea and its
market disparity
P2. Enlighten the market gap in regards to the specific entrepreneurial thoughts
Gap analysis refers to the technique of assessing the output gaps within information systems
or applications of a corporation to evaluate if business specifications are being satisfied and,
then, what steps need to be incorporated to ensure the business objectives (Bezanilla et al.,
2020). Identify the gap of a business is essential to recognize the organizational requirement
easily that will help management to run the organization smoothly. In order to recognize the
market gap Softech IT solution can use different strategies such as Trend Analysis, identify
the strength and weakness of competitors, proper survey, gather feedback from customers etc.
conduct survey with potential customers will also help management to identify the major
gaps of markets. It will help the key people of Softech it solution to enhance the decision
making process. Market gaps provide companies with the opportunity to increase
understanding and create special offers or marketing campaigns to attain the emerging market
that leads to improving organizational sales as well as financial position (Shepherd, Williams
and Patzelt, 2015). All the business has specific objectives so that the entrepreneur needs to
analyze the trends of the current market to recognize both financial and organizational
performance. It will help management to make an effective decision leads to make
sustainable development in the workplace.
M2. Describing the ways of filling up the market gap through the innovative
entrepreneurial thoughts
Filling up the market gap is essential for all the business entity in order to recognize the
significant deficiency of business that can hamper the regular business operation leads to
shutdown of business ( Su et al., 2020). Market size is one of the critical factors because
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business opportunity in a specific space usually depends on market size. The management