Evaluate Marketing Opportunities Essay Example

  • Category:
    Marketing
  • Document type:
    Assignment
  • Level:
    High School
  • Page:
    2
  • Words:
    1454

Identification and Evaluation of the Marketing Opportunities

Introduction

In this report, the subject of marketing opportunities is discussed in details so as to bring a better understanding regarding the way business people may identify and evaluate a market opportunity. A market opportunity has been defined in different ways as the topic attracts many researchers and scholars. Sethna, Jones & Harrigan (pg.25) defined a market opportunity can be described as a potentially favorable condition that requires a business to capitalize the market due to increase in demand for a product. A market opportunity involves identifying a new demographic group of customers that business will use to gain competitive advantage (pg.25). More so, this report articulate about the topic of evaluation of the market opportunities. Both identifications of marketing opportunities and evaluation work hand in hand as they are the initial steps that an individual is required to take in entering into a new a market and introducing a new product in the identified market.

Identification of an opportunity to enter the market and opportunity to introduce a product in the current market

This report identifies franchise opportunity as the new opportunity to enter to the new marketplace. Introducing a current or either a new product in the market a business should consider the customers power as they are the leaders of the market (Kerin, Hartley, & Rudelius. pg. 28). Either obsessed customers or blind customers they are the key determinant of the business performance in the market. Therefore, as markets are predominantly service driven, for the success of the business franchising will make the business outdo competitors and become the leader in the market.

After identifying franchise as the new opportunity that the business will use to enter the new market, effective strategies are needed in the process of introducing the new product to the new market (pg. 30). The opportunities that will lead the business to introduce a new product strategically include technology growth, competence staffs and the location of the business.

The potential contribution of these opportunities to the business

The opportunities will be the shortcut to the success of the organization. The opportunities will contribute much to the organization, but mostly it will make the organization to have a broader customer base. With the franchise outlets, the organization will provide exceptional customer service and, therefore, the organization will have a wider audience. Above all, the opportunities will make the organization gain competitive advantage.

Their fit with the organization’s goals and capabilities

The goals of the organization are to gain profit and to have a wider market share. The organization has the capability and resources to bring together its ideas and venture into the new market with the identification of the new opportunity. The financial capability of the organization includes the money saved for the investment of any opportunity that is identified in the market (Adler pg.35).

The franchise business opportunity fit directly with the organizations goals and capability. Franchising outlets are inexpensive as the opportunity will only require the business branding. Franchising will ensure the business achieve its goal of making the profit and to have a wider market share. To a better understanding, the organization will become competitive in the new market and outdo its competitors.

Likely impact on the business and customers

Sethna, Jones & Harrigan (pg 38) Identification of the business franchise as the business opportunity and entering the new market will cause positive impact to the business as well as the customers. As a result, franchising will ensure that the business provide exceptional services to the customers and customers will buy quality products. Consequentially, the organization will become the market leader and more innovative in the market. On the other hand, entering a new market with franchising business activity will consequentially lead to customers’ satisfaction.

External influences on the financial viability of each opportunity

Venturing into new markets with the goal of making the profit will require the business to make sure that it has an effective plan regarding the financial viability. Financial viability refers to the estimated cost that the business will use to venture and implement the new product in the market (Kerin, Hartley, & Rudelius pg.43). The external influence that will affect the financial viability regarding the franchise business opportunity includes political, sociological, economic and legal factors.

Probable return on the investment

Investing on identifying the new market opportunity and entering the new market will eventually increase the business return. The probable return on the investment includes increased profitability, improved volume of sales and business growth.

Changes needed to the current operations

The opportunity the business has identified is much critical, and it requires various changes (Sethna, Jones & Harrigan pg.43). Franchising will involve the public directly as the prime customer of the business. Therefore, one of the change need under this business opportunity includes employees changing their perspective regarding the public. This will ensure that the business is a position to deal with new customers and the public. Other changes include business control whereby the franchisor will be in charge of carrying out the business tasks and sales obligations will change as the franchisor will operate the sales functions.

Change needed to maintain current quality customer service

With the new opportunity identifies, changes to retain customers and attract more customers are necessary for the business. These changes include designs and appearance of the product sold in the market. Franchisor will require renovation changes so as to retain the customer’s quality service.

Resources required to make the necessary changes

To exploit and make the necessary changes on the opportunity identified will require the organization to have adequate resources (Adler pg.56). The resources the business requires will be determined by its nature, size and the type of services and the product it sells. The resources the business requires to make necessary changes are financial resources such as money, human resources that include competence workers, technological and organizational resources.

Communication plans to communicate the findings

Communicating the findings will require one to use the technique and strategy. The audience is the stakeholders of the organization. The purpose of communicating the findings will be to inform the stakeholders regarding the findings that the marketing manager draws in the report.

Sethna, Jones & Harrigan (pg.65) highlights that the communication plan will involve the goals and objective for communicating the findings, the audience, the message to be delivered and the strategy to be used. With these steps, the marketing manager will explain the findings of the report to the stakeholders in a simple way and with the purpose of creating the understanding of the whole report.

Relevant legislation codes of practice and national standards affecting the marketing operation of the organization

In this case, the legislation, code of practice as well the standards that will affect the franchise business opportunity are the enforceable rules that are set by the government. Various codes in the world of business are developed so as to regulate the financial performance of the business. The codes and standard set by the legislature will require the business to act in a way that they follow the ethical rules that require the business to put the customer’s interest first. Statistical method used to evaluate the identified marketing opportunities

The statistical method that is appropriate and the one that the marketing manager used was qualitative research method. The technique is vital because data collected is relevant and meaningful (Adler pg.86). The information toward evaluating and identifying the information was gathered in depth through qualitative technique as human behavior was understood. As such, this allows the marketing manager to identify franchise as the marketing opportunity that will be essential be used by the business to control the customers buying behavior.

Conclusion

Conclusively, business marketing opportunity plays a vital role in determining the success and growth of the business. Besides, each opportunity that a business identify should be evaluated so as to determine the techniques and strategies that will be used to enter into a new a market. With business trading in different ways to have a wider market share and increased returns opportunities and ideas should be separated or incorporated together so as to identify one key business opportunity. For instance, a franchise is a business opportunity that can widely make the organization grow. However, the challenge faced by the business that make may hinders the identification of the franchise opportunity is the lack of effective strategies and adequate resources..

Works cited

Adler, Lee. ‘New Ways To Identify Business Opportunities’. Journal of Industrial Marketing Management 6.6 (2007): 404-409. Web.

Kerin, Roger A, Steven William Hartley, and William Rudelius. Marketing. Boston: McGraw-Hill/Irwin, 2009. Print.

Sethna, Zubin, Rosalind Jones, and Paul Harrigan. Entrepreneurial Marketing. Bingley, UK: Emerald Group Pub., 2013. Print.