Market opportunities are defined as external areas where there are favorable demand trends, where customer needs and wants are not being satisfied, and where a company thinks it can compete effectively.
Customer needs are those factors that makes a customer to go for a certain product and willing to make payments in order to satisfy such desire. For a new business or a company that wants to start a new product, the market opportunities can be defined as the ability of the business to identify a new need or opportunity that the competitors in the market have not identified.
A good way that we c an see it is from the growth of a new technology in the world that can help to take care of the needs of people in the environment. A business that goes ahead to create a device or a technology that solves the issue has been able to create a market opportunity.
We can conclude that customer needs creates market opportunities and allows companies to compete effectively.
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