Entrepreneurship Blog- Elizabeth Thompon

Thursday, February 6, 2020

identifying opportunities in Economic and Regulatory Trends

1) Find four opportunities. 
Economic: consumer spending is at an all time high, Digital advertising can boost economic development 
Regulatory: Flavored vaping ban, 2020 Food Safety 
List each opportunity, one at at time. 
1. Flavored Vaping Ban

A) https://www.nbcnews.com/health/vaping/federal-flavor-ban-goes-effect-thursday-many-flavored-vape-products-n1130466
B) Vaping is a practice that has become very popular in the younger generations, and there has been several case studies and proof that shows the dangers that vaping has on the human body. The flavors that attract people such as bubblegum, mint, blueberry, etc. are now being banned. I suspect that there is a solution to the problem, and a way to either create a healthy vape pen, an alternative that gives the same nicotine high that vaping gives, or eliminating vaping completely and coming up with something new.

C) High school and college aged students 
D) Difficult to exploit because it would need to compete with the big vape brands, and it would involve getting people to try the new version.

Why did you see this opportunity: When I saw this article, I immediately thought that there could be an opportunity here because it has become such an addiction for younger aged people.  A lot of my friends vape, and it bothers me to see the harm that they are doing to their bodies.

2. 2020 Food Safety Statement from the FDA

A) https://www.foodsafetystrategies.com/articles/710-fda-releases-statement-on-new-steps-to-strengthen-food-safety-program-for-2020-and-beyond

B) As consumers, it is important to understand the food that we consume on a daily basis. There are often challenges with globalization and technological advancements that can prevent proper food safety practices from being implemented. I think there is an opportunity for our major food companies to follow these regulations, and a way to make these regulations more uniform. The opportunity lies in food safety.

C) Major food companies such as McDonalds, Perdue, Tyson, etc.

D) This opportunity is easy to exploit because all food companies do need to follow the FDA regulated rules and regulations.

Why did you see this opportunity: I have always been conscience of my food and obsessed with healthy food. I am also one that takes an interest in food safety and knowing that the food I consume was handled in the proper way. Thinking of this opportunity was not difficult for me.

3. Consumer Spending is at an all time high

https://www.thebalance.com/consumer-spending-trends-and-current-statistics-3305916
A) This information shows that an opportunity can exist in the consumer spending sector. With consumer spending at an all time high, businesses can aggressively market more to their consumers and create the best products. I believe that this puts these businesses in a good position to succeed. There is an opportunity for business owners to create the best products and competitively price them.

B) American consumers and business owners

C) Relatively easy to exploit because we are all constantly buying things.

Why did you see this opportunity: As a consumer of many products and someone who likes to shop, I feel that it is important for businesses to be competitive in their pricing and the products that they present to consumers.

4. Digital advertising can boost economic development

A) https://aboutdci.com/2019/01/digital-advertising-for-economic-development-marketing/

B) For advertising agencies that would like to stay competitive in the market, it is important that they invest in more digital advertising because it can boost economic development. 
C) Advertising agencies in the US
D) This is easy to exploit because agencies are always trying to improve and stay competitive in the market. 
Why did you see the opportunity- I am very interested in digital communications, digital marketing, and advertising. From this perspective I was able to gather that with this trend, there is definitely opportunities for advertising agencies to participate in digital marketing practices. 
Posted by Elizabeth at 10:26 PM
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