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Marketing opportunity & threat
- 2. MARKETING OPPORTUNITY • Market opportunity is your sizing forecast for a specific product or service, now and over the next several years. • A sales representative determines that there is an opportunity to sell to this individual or company.
- 3. HOW TO IDENTIFY MARKETING OPPORTUNITYANALYSIS • Consumer segmentation • Purchase situation • Direct competition • Indirect competition • Industry Analysis • Environment analysis
- 4. 1. CUSTOMER SEGMENTATION • Customer segmentation is the practice of dividing a company's customers into groups that reflect similarity among customers in each group. • The goal of segmenting customers is to decide how to relate to customers in each segment in order to maximize the value of each customer to the business.
- 5. 2. PURCHASE SITUATION • A buying situation is simply the set of circumstances surrounding a purchase, such as the knowledge and experience the purchaser has regarding the products and vendors, as well as the level of effort required to make the purchase. • It usually requires some research regarding product or vendor choices.
- 6. 3. DIRECT COMPETITION Direct competition is a situation in which two or more businesses offer products or services that are essentially the same; as such, the businesses are competing for the same potential market.
- 7. 4. INDIRECT COMPETITION • Indirect competition is the conflict between vendors whose products or services are not the same but that could satisfy the same consumer need. • The term contrasts with direct competition, in which businesses are selling products or services that are essentially the same
- 8. 5. INDUSTRYANALYSIS • Industry analysis in a business plan is a tool which enables a company to understand its position relative to other companies that produce similar products or services like it. • Thus the processes of Industry analysis in a business plan enables businesses to identify the threats and opportunities facing them
- 9. 6. ENVIRONMENT ANALYSIS • Environment is the sum totals of all factors external to the business firm and that greatly influence their functioning. • It covers factors and forces like customers, competitors, suppliers, government, and the social, cultural, political, technological and legal conditions.
- 10. THREAT • Threats are anything that could cause damage to your organization, venture, or product. This could include anything from other companies (who might intrude on your market), to supply shortages (which might prevent you from manufacturing a product).
- 11. EXAMPLE: The introduction of a better alternative for an impersonal product: If a company has been selling the same product for years, without ever making any effort to interact with their customers and build trust, then the introduction of a better alternative could be called a threat. This is because a portion of the company’s current market could switch to the alternative, causing them to lose out on profits.
- 12. CAUSE OF THREAT • Shift in customer taste. • Emergence of new product. • New regulation. • Increased trade barriers. • Shift in political condition. • Slow market growth .