Business — Banking — Management — Marketing & Sales

Analysing Market Opportunities

Category: Marketing

Every company needs to be able to identify new market opportunities. No company can depend on its present products and markets to last forever. The complex and changing environment constantly offers new opportunities and threats. The company must carefully analyse its consumers and the environment in order to avoid the threats and take advantage of the opportunities. In order to survive, it must continually seek new ways to offer value to consumers.

When analysing market opportunities — in fact, throughout the marketing management process -managers need a plentiful supply of information. They need information about consumers and how they make buying decisions. The managers need to know about the important actors in the marketing environment — competitors, suppliers, re-sellers, and public. They also need to know about broader environmental forces that affect the company and its consumers — demographic, economic, natural, technological, political and cultural. The marketing information system assesses the information needs of marketing managers and obtains the needed information from several sources — internal records, marketing intelligence, and marketing research. It then distributes this information to the right managers, in the right form, at the right time.

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