Identify And Evaluate Marketing Opportunities Example Essay Example

system offers valuable information about received orders, stockholders, and sales invoices. This data can be utilized by marketing managers to gain insights into the target market. Furthermore, there are four methods available for conducting environment scanning in order to gather information.

There are four ways to collect data: unfocused scanning, semi focused scanning, informal search, and formal search. Each method represents a different approach to observation. Unfocused scanning involves gathering random data without any specific objectives. The second method, semi focused scanning, is slightly more targeted, with a specific goal in mind. Informal search involves gathering specific information but without a defined method. The last method, formal search, has clear objectives and follows a structured step-by-step approach for data collection.

Qualitative and quantitative research can be described and three methods of conducting research can be identified.

Qualitative research is valuable for gaining a deep understanding of the needs, desires, and consumer habits within a particular market. This approach enables organizations to ask intricate questions that elicit detailed responses, yielding a comprehensive view of the demographic. Unlike quantitative data, qualitative data concentrates on individuals instead of statistical figures. It does not immediately unveil trends across the entire population and is less straightforward to interpret.

Qualitative research is valuable because it uncovers trends in public opinions and preferences through consumers sharing anecdotes about their experiences with products and services. In contrast, quantitative research collects and organizes factual information, providing measurable data often resulting in numerical or binary responses.

Quantitative research questions elicit responses within a specific range for easy organization in a database, graphing, or quantification. Research can take the form of observation, survey, or experimentation. The

Australian Bureau of Statistics can aid the research process by offering secondary data collected by others, serving as a valuable starting point and potentially saving time and expenses when developing a marketing strategy.

What is a business opportunity?

The text explains that a business opportunity occurs when the environment undergoes changes that can be beneficial for a business to achieve its objectives. These opportunities are mostly beyond the control of the business, have a limited duration, and should be seized while they exist.

Opportunities for businesses to diversify can arise in various situations. For instance, when a bigger building becomes accessible, it allows the addition of another service. A case in point is a bookshop expanding its offerings to include a cafe. Similarly, an environmental disaster like an oil spill can create an opportunity for an industrial supplies business to supply materials for the cleanup.

A business threat occurs when a company is unable to achieve its objectives. For instance, if the value of the Australian dollar drops significantly, imported goods become more expensive, posing a business threat.

On the other hand, the Parent Principle suggests that 80% of a company's revenue comes from just 20% of its customers. To increase market share for a specific product, businesses can apply the Parent Principle by keeping customer registers and storing their purchase data in their database.

In order to find this 20 per cent, the company can offer additional products that are related to their profile.

• As a result of increased competition, the lifespan of business opportunities in the marketplace is increasing. False
• The success off new opportunity is always is

assessed at each stage on the development process and should not proceed to the next stage until it has met the specified requirements. True

In the event that multiple new product or service ideas are generated, the ideas need to be assessed against specific criteria in order to identify the most optimal idea.