Choose ONE of the following TEFL business areas. Base your responses for ALL sections of the assignment on the business area you choose: Option 1: Online TEFL students in Asia and/or Europe Option 2: In-person TEFL lessons for non-native English speakers Option 3: Specialist TEFL lessons for Business English and/or IELTS students TEFL 5 Business Skills Assignment 2023-2024 1 MARKET ANALYSIS (125 – 175 words, including SWOT) The market for online TEFL services in Europe is growing, with an increasing number of students seeking to improve their English language skills. Demand is driven by factors such as globalization, the increasing importance of English in the job market and desire for greater international mobility. The majority of demand comes from countries such as Poland, Turkey and Czech Republic. Internal factors like resources, operations and management can impact the ability to launch and grow the business. External factors such as industry conditions, technology and socioeconomic and demographic characteristics of the target market will affect the demand for the service. Compliance with laws and regulations is critical. Macro factors such as global economic, political, social environment, cultural and educational factors and technology integration will also impact the business success. New businesses need to navigate the competitive market and address potential challenges such as economic downturns and new technologies emergence