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BSBMKG501BIDENTIFY AND EVALUATE MARKETING OPPORTUNITIES PRESENTATION 4
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PRESENTATION OUTLINE
At the end of this presentation you will know about:
• Marketing opportunities
• Innovation
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MARKETING OPPORTUNITIES
“[A marketing opportunity is] a potentially favourable condition in
which a business can capitalize on a changing trend or an increasing
demand for a product by a demographic group that has yet to be
recognized by its competitors. For a market opportunity to exist, a
company must be able to identify who its potential customers are, the
specific needs that need to be met, the size of the market, and its
capacity to capture market share.”
- InvestorWords
• The aim of marketing is to attract customers
• Good information is the foundation for good marketing
• In the real world, marketers collect and analyse data to understand
the requirements of their markets and find products to match them
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MARKETING OPPORTUNITIES
• By finding new markets, organisation can improve their:
• Sales volume
• Growth
• Market share
• Profitability
• However, they need to thoroughly research the new market and
balance the potential advantages against the risks inherent in
entering the new market.
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MARKETING OPPORTUNITIES
• Marketers subdivide the whole market into groups or segments,
whose members have something in common marketers can use
• There are many ways to segment the market, and the final choice
for any organisation will depend on that organisation’s products
and culture
• Most marketers make a fundamental division between business
markets, which buy goods and services to use in a business or to
re-sell, and consumers, who buy goods and services for their own
personal use
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MARKETING OPPORTUNITIES
Example of segmentation:
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MARKETING OPPORTUNITIES
• Organisations seeking to penetrate new markets must first define
the market and then research its characteristics
• They must then find new or existing products which match the
requirements of this market
• Alternatively, an organisation can start with a product and find
new markets for it
• Organisations sometimes create new opportunities by entering a
market with deliberate intentions of changing it. E.g. Apple
introduced the iPad into the personal computer market with the
intention of changing the market
• An organisation will only make the decision to enter new markets
if the benefits outweigh the risk
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MARKETING OPPORTUNITIES
• The risk versus benefit analysis must be part of any research into
a new market
• 4 main areas are considered -
– Sales Volume– Growth– Market Share– Profitability
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INNOVATION
• Entrepreneurs have ideas and see opportunities which they
develop into businesses
• Anyone can adopt an entrepreneurial approach to their marketing
by developing their ideas and being alert for new opportunities
For Example:
• In 1938 Heublein purchased the U.S. rights to Smirnoff vodka
• At that time, sales were slow until they changed the product to
use whiskey corks
• In Kentucky, sales rocketed as the distributor started marketing
Smirnoff as “white whiskey, no taste, no smell”
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INNOVATION
• Entrepreneurial ideas come from creative thinking
• A number of things can help in generating entrepreneurial ideas:
• Brainstorming
• Looking at an organisation’s competitors
“What are they trying to achieve, and how can we do it better?”
• Customers, sales representatives, other personnel and
suppliers
• These and other sources foster ideas that have the potential to be
turned into marketing opportunities
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INNOVATION
• Once an organisation has explored entrepreneurial, innovative
ideas it must then develop them into marketing opportunities. This
requires them to:
• Identify the market and its requirements
• Specify the product if a new product is being developed
• Plan the marketing campaign
• Test the marketing plan
• Refine the marketing plan
• Implement the marketing plan
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PRESENTATION SUMMARY
Now that you have completed this presentation you will know about:
• Marketing opportunities
• Innovation
