Solved: my product is shoe count steps 1) what is Prior Knowledge

my product is shoe count steps

1) what is Prior Knowledge and Information Search (More knowledge ensures entrepreneur starts from a position of less ignorance and less time is spent on information search)
2) what is Window of Opportunity (the period of time when the environment is favorable for entrepreneurs to exploit a particular new entry)

Expert Answer

1. Prior knowledge in the field of research for undertaking a new line of business means that certain sets of tools are employed in the research to examine the current market scenario before venturing into the market place with a new product. It helps to analyze the market environment in relation to the external opportunities and threats and also helps into introspecting the internal strengths and weaknesses of the organization. With prior knowledge of the environment, an entrepreneur stands in a better position to analyze the new business line rather than been ignorant about the same. Better Corporate strategies could hence be formulated on the base of prior knowledge about such business lines. Moreover, upon taking such a venture, lesser time and efforts would be required to undertake various researches since the prior knowledge would anyway help to form a foundation stone to the new business.

2. The Window of Opportunity is a period or scope for an Entrepreneur to position its product in the new or existing markets. Various reasons for the development of ‘Window of Opportunity’ could be the absence of substitute in the market, withdrawal of a product from the competitors in the market, obsolete technology making it essential to bring up a revolutionary product in the market, change in Government policies which may now be more favorable to the firm’s activities, Globalization opportunities giving an option to expand the business into the world platform, etc. When such a Window of Opportunity exists, it shall be prudent on the part of the Entrepreneurs to analyze all the pros and cons before exploiting a particular new entry into the market, the reason being, often the decisions made in haste to capture the window period may backfire if not executed well, keeping in minds both, negative and positive effects of the same in long run.

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