Recognize this opportunity correctly ducker et al

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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 Page | 7
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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 Page | 8
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business opportunity in a specific space usually depends on market size. The management
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