Identifying and Evaluating Marketing Opportunities Page | 1 Running Head: Identify and Evaluate Marketing Opportunities
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Running Head: Identify and evaluate marketing opportunitiesIdentify and evaluate marketing opportunities
Identify and evaluate marketing opportunitiesPage | 1Task 11.Discuss each of the following terms in relation to marketing opportunities:market penetration, market development, product development anddiversification.Market Penetration: Marketing strategy adopted by companies to enter themarket. The strategy is basically related with the pricing strategy. It is theextent to which a product is recognized and bought by customers in aparticular market (Lee, Grana & Glatnz, 2014)Market Development: Strategy targeted towards non customers andconverting them into the customers. It is basically identifying new marketsegments for current products (Coleman, 2016)Product development: In simple language, the creation of new productline, or some modification in the product, with added or modifiedcharacteristic, and adds values to the customer can be understood asproduct development (Eppinger & Ulrich, 2015)Diversification: It is a corporate strategy to enter into a new market orindustry in which the business currently doesn’t operate, also creating anew product for the same market or a new market (Bodie, 2013)2.Explain each of the phases of the product life cycleThe Product life cycle has primarily 4 stages: Introduction, growth, maturityand decline (Stark, 2015)Introduction: When the product is launched in the market.
Identify and evaluate marketing opportunitiesPage | 2Growth: This stage can be understood as the stage, when the product has already penetrated in the market and amongst the customers.Maturity: This is the stage when the product shows no growth and just has a flat curve, it does not acquire any new customers and hence flat curve.Decline: This is the stage when the product dies in the market, and it is slowly removed from the retail stores as it has reached its saturation stage.3.Explain how to evaluate the size of a marketThe size of the market is evaluated by first identifying the target audienceaccording to the demographic of the market. After identifying the marketsize, it is estimated as to what percentage of the people are to be targeted,and based on that market size is calculated (Mayer, Melitz & Ottaviano,2014) 4.Outline 3 information sources for determining market size.The three sources can be: TAM- Total available market, SOM- Share of market & SAM- Served available market.5.Explain why it is important to review market trends in the context ofmarketing opportunities. It is extremely important to review the market trends because of it helps to understand how the market is functioning in a particular industry. How are customers reacting to a new product, what kind of pricing strategy is
Identify and evaluate marketing opportunitiesPage | 3successful, how are employees being retained by the companies and whatare the new ways by which the market share can be increased.6.Outline four (4) key financial indicators that should be reviewed in relationto evaluating possible marketing opportunities.The key financial indicators are market share, market size, marketpotential and market penetration. 7.Define the term return on investment and explain how it is calculated.ROI is usually expressed as a percentage and is typically used for making financial decisions, in order to compare the company’s profitability or to compare the efficiency of different investment. The formulae is (Net profit/Cost of investment) *100.Identify and outline five examples of legislation and regulations that apply to the marketing industry in Australia. Advertising- Misleading and deceptive conducts and bait advertising is banin Australia.Does not call register?Pricing regulationsSpruikingTrade mark lawsInternational pricing regulations
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