GENTREP MODULE 4

An analysis and evaluation process that businesses use to understand their current environment.

Environmental Scanning

Consists of the internal and external factors that affect the functioning of a business enterprise.

Business Environment

The environment in direct contact with the business organization that can affect the business immediately.

Micro Environment

The environment that a company cannot directly influence or change.

Macro Environment

A tool for assessing internal and external factors impacting a business, focusing on strengths, weaknesses, opportunities, and threats.

SWOT Analysis

A framework used to analyze the competitive environment of a business.

Porter’s 5 Forces Model

A favorable set of circumstances that creates a need for a new business.

Business Opportunity

A thought or impression of a business venture intended to satisfy a need or solve a problem.

Business Idea

The process of detecting potential business ideas based on internal and external environments.

Opportunity Identification

Abundant, available, untapped materials and local skills that can be utilized for business opportunities.

Idle Resources

Assessing the viability of a business opportunity based on criteria such as attractiveness and durability.

Opportunity Evaluation

Market demand for the product or service must be present.

Attractive (Opportunity Criteria)

The idea must be practical and physically feasible to implement.

Achievable (Opportunity Criteria)

The opportunity must be viable and attractive long enough for successful deployment.

Durable (Opportunity Criteria)

The opportunity must add value to the market it enters.

Value-Creating (Opportunity Criteria)