Marketing opportunities

Answer 1
Business resources are the basic factors of production of an organization like land, labour and capital that is used in order to function properly. It defines the efficiency and productivity of the business and is divided into human resource, financial resources, material resource, information, knowledge, energy and utility.
Answer 2
A market development opportunity involves the expansion of the potential market through new users and new uses. It also involves strategic steps taken by a company to develop the existing market to pitch the products to a different segment of consumer with a target to increase sales. The strategy of market development is important to gain new customers, increase revenue and growth of the company. The successful market opportunity if taken in a right manner can lead to comparative advantage.
Answer 3
Comparative advantage refers to the factor that let the company produce goods and services in a prices cheaper than its rivals. If a company advertises a product similar to the product of the competitor at a cheaper rate, the company is likely to have a competitive advantage. It also applies in the case of advertised product cost more but offers unique features that customers are willing to pay.
Answer 4
Social change is defined as a way where behaviour patterns, human interactions, relationship and cultural norms change over time. The social change is important for progress in the society. It builds awareness and helps understand the target audience to change the people’s behaviour and to monitor results. To ensure the maximum efficiency of the market campaign, target audience are segmented carefully.
Answer 5
Return on investment is a financial metric which is used to evaluate the efficiency of an investment or profitability of gaining on an investment. The goal of investment is to make profit, so the best investment is the one that gains the most profitable returns. It is important as it is the key performance indicator that is used by the businesses to determine the profit.
ROI= (Initial investment- Final value of investment)/cost of investment.
Answer 6
A niche market is a segment of a larger market of unique needs, preferences, or identity that makes it different from the market at large.A market under a niche strategy is an advertisement that focus exclusively on one group. It aims at a product for a specific type of consumer.
PART B
Answer 1
Importance of developing market opportunities-
· A well developed strategy gives the business the right direction and focus on discovering best market opportunities.
· It helps identify the need of the customer and accordingly shape the product or service in the term of planning, designing, and delivering to achieve customer satisfaction.
· It helps the organization to stay ahead in the competition.
· Increases sales and profit and create customer preference for the brand.
Answer 2
Companies make huge investments and efforts to identify and qualify for the marketing opportunities. Lots of information and energy is spend on converting the best marketing opportunity.
The six steps in the process of developing an opportunity:
1. Have a goal in mind- There should be a specific goal in mind. In the process of developing a marketing opportunities it should be clear in the mind that who is the target segment and what is the target to be achieved. Both short term and long term goals are to be set.
2. Some good quick research- It is important to study the market before developing a marketing opportunity. The customer business and industry knowledge is important....