MANAGEMENT

Detailed explanation-1: -Expert-Verified Answer. A business opportunity is created by a consumer problem, need, or desire. Whenever there is one of this situations, there are new opportunities and tools that help you to start a new business.

Detailed explanation-2: -It is a series of activities fashion businesses undertake so that customers will buy products from them instead of their competitors. What is Marketing Concept? The idea that businesses must satisfy customers’ needs and wants in order to make a profit.

Detailed explanation-3: -Which of the following statements best distinguishes between consumer needs and wants? Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person’s knowledge, culture, or personality.

Detailed explanation-4: -One of the most important factors when evaluating a business opportunity is market size.

Detailed explanation-5: -The five things to consider when evaluating a business opportunity are customer demand, competition, timing, money, personality and skills.