Business opportunities are the positive external factors that Erica and Chris can use towards their business advantage. When evaluating these opportunities, it is important to keep some key factors in mind; customer satisfaction, their customer relationship management and their target market.
After reading the article provided regarding the SWOT process, I have gained a better understanding on the opportunities that Erica and Chris may have. The first step in creating opportunities for their business would be identifying their competitive advantage. Understanding their competitors and knowing their potential customers. A good market research will allow them to see the differences and what they would offer that appeals to the market segments.
Understanding their location will also help identity their customer’s needs and will increase their competitive edge. An opportunity for Erica and Chris would be to offer a free Wi-Fi service to their customers and have outlets at the tables so they could charge their devices while they are dining in their restaurant. This offer will appeal to both the target markets of “lunch time” business patrons as well as customers of all ages. With today’s technology, practically everyone has a means of getting onto the internet. Offering this Wi-Fi service and the ability to “plug in” would more than likely set them apart from other dining locations in the area.
Another opportunity that appeals to their target market is having a POS device at the tables. A point