A Business opportunity consists of four integrated elements all of which are to be present within the same timeframe (window of opportunity) and most often within the same domain or geographical location, before it can be claimed as a business opportunity.

These four elements are:

• A need • The means to fulfill the need • A method to apply the means to fulfill the need and • A method to benefit

With any one of the elements missing, a business opportunity may be developed, by finding the missing element. The more unique the combination of the elements, the more unique the business opportunity. The more control an institution (or individual) has over the elements, the better they are positioned to exploit the opportunity and become a niche market leader.

A market opportunity product or a service, based on either one technology or several, fulfills the need(s) of a (preferably increasing) market better than the competition and better than substitution- technologies within the given environmental frame (e.g. society, politics, legislation, etc.).

Look for events or changes that could trigger a need for a new type of product or service, for example:

New legislation can create opportunities for business consultants or advisers

Two organizations may be merging - providing a great deal of opportunity for all types of services and trades

Once you have identified new business opportunities, narrow the list down to those customers that you think are potentially the most lucrative. Using a more targeted approach will prevent you spreading your marketing budget and time too thinly. Monitor your competitors: Identify areas they don't operate in and find out who they sell to - these are potential customers for your business as well.

In a company, with a more open involvement, anyone and everyone can signal the marketing manager/Salas manager/Customer manager about a perceived Opportunity. The user has to just login to ACE Contact Manager CRM and schedule an event of event type “Opportunity” and assign it to the marketing manager to qualify.

Following is a list of opportunities visible on ACE Contact Manager CRM screen.