NEW VENTURE CREATION
CASE STUDY: OPPORTUNITY RECOGNITION AT OPHL
Why did the recognizing a new business opportunity was important for OPHL?
It is very crucial for OPHL in recognizing new business opportunity especially when the company is realize the business turning to be unusual, thus effected the profit. In order OPHL to sustain in the industry, the company must seek a new business opportunity which promises a huge profit for short and long term, thus create values to the stakeholders. OPHL is facing turbulent business environment and it requires the company to be more aggressive and creative to ensure the sustainability of OPHL. The importance of recognizing new ...view middle of the document...
Opportunity 1: Expanding the firm microbiology services into the food industry.
The first main opportunity identified by OPHL was from the discussion between Mrs Rahmah and food analysis advisor, Ms. Amna. Mrs. Rahmah get an idea about expanding the firm microbiology services into the food industry. The target clients were the food manufacturers inclusive Satay Samuri, Kentucky Fried Chicken, Ramli Burger and Prima Agri. As food manufacturers, they are required by the Ministry of Health Malaysia and Department of Veterinary Services to engage a third party quality controller on a regular basis to analyze the foods’ quality and safety. In terms of monitoring due to the enforcement, the officers from the departments would come down to the site and conduct audit on firms’ quality and safety policies for every six months.
Opportunity 2: Partnership in commercializing the new technology, rapid test kits developed by MARDI’s Biotech Research Centre.
While Mrs. Rahmah was keen to pursue this new business idea, Mrs. Rahmah got to know about a new rapid test kit developed by MARDI’s Biotech Research Centre at a bio-business exhibition. Mrs. Rahmah very impressed with the technology and foresee a high potential for rapid tests kits in the market. Rapid test kit is a device used in screening pesticide residue in vegetables and this new technology had won several medals in local and international innovation competitions. The product is ready to be commercialized and the technology generator was looking for a business partner to commercialize this new technology.
Categorize the opportunity in Q 2 to the 3 approaches in identify business opportunity.
The 3 approaches in identifying business opportunity consists of observing market trends, solving the problem and finding gaps in the marketplace.
Relates to the opportunities in Question 2, Mrs. Rahmah get an idea in expanding the firm microbiology services into the food industry by finding a gap in the marketplace. Mrs. Rahmah realized that OPHL can expand the services into the food industry by filling another niche market using its existing equipment. This idea will only need the existing service OPHL and then, create a new category suitable for food industry to fulfill the demand of different target market (food industry main players).
The second opportunity is to commercialize the new rapid test kits developed by MARDI’s Biotech Research Centre. This opportunity was under solving a problem approach which MARDI recognized the problems and find ways to solve them. These problems could be recognized by observing the challenges that people (farmers / retailers / clients) encounter especially in screening pesticides residue in vegetables. This experience led MARDI to explore, develop and create a special device with full of advance technology in order to solve the problems.
Analyze Mrs. Rahmah’s personal characteristics in the process of...