BSBMKG501A Evaluate Marketing Opportunities Essay

BSBMKG501A Evaluate Marketing Opportunities - Essay Example In any organization, there are some tangible and intangible assets, which are used as resources, when company is searching and evaluating various opportunities. Basically marketing activity focuses on assessing and satisfying customer needs, with in the organization; management is responsible for establishing these goals. These are certain resources i. e., key people groups, forces outside the organizations, channels, brand values, relationship, partnership, suppliers, buyers etc. apart from physical resources like technology. In search of opportunities skill of the people working with in the organization always play's a crucial role, opportunities lies in best marketing research to know about innovative product requirements its time and cost well in advance and to exploit these requirements. Best marketing research need more strong financial background and personal skills. Shortage and delay in adopting, technologies plays crucial role in searching opportunities. Intangible like bra nd plays major role in exploring opportunities. When a particular brand already exists in the market and it launches some product in the market, needs lesser advertisement and hence needs less cost investment, but if brand is new and it is to be launched, needs more expensive and exhaustive promotional campaign. In present era, where consumer needs are changing continuously and fastly meeting consumer needs and preferences always cost heavily on the company. Firms spend billions of dollars annually in search of new opportunities on marketing and technical research to add to brand value and product improvement. For example, Hot Pockets, especially formulated meat and cheese, microwavable sandwiches and more than 20 varieties have been introduced but in 2002, after Nestle acquire chef America, it has added its marketing muscle to promote the brand, ability to invest in technologies, training to enhance skills of its employees, upgrading the skill of an employee are few of the resource s which could limit the search for the opportunities by the company. In any company search of opportunities needs financial resources, skill of its employees, its brand value, its technologies adoption, its organizational capabilities, and its ability to conduct market research as nearer to actual. Now as a marketing manager, one has been assigned a vital job is that of recognizing the nature of competition, the potential threats competitors may represent and development of opportunities response strategies. Michael Porter (1980) has proposed that competitive threats can be classified into five major steps: The threat of other producer firms already operating within the market sector (Kotler, 2003). The threats of customer moving up stream to also become producers and / or using their purchasing power to dominate terms and condition for purchase. The threat of supplier moving downstream to become a producer or using their control over critical resources to dominate terms and condition of sale. The threat of a substitute entering the market always been seen carefully. Finally the threat for new entrant who was not previously a major player in the market has to be analyzed properly. To avoid head on competition with competitors, Marketing manager has to opt certain initiatives, w hich must be strategic, cross functional and bottom-line oriented. Marketing manager