BSBMKG501A Evaluate Marketing Opportunities Essay

BSBMKG501A Evaluate Marketing Opportunities - Essay ExampleIn any organization, there argon some tangible and intangible assets, which are used as resources, when fellowship is searching and evaluating various opportunities. Basically marketing activity focuses on assessing and satisfying customer needs, with in the organization management is obligated for establishing these goals. These are certain resources i. e., key people groups, forces outside the organizations, channels, brand think ofs, relationship, partnership, suppliers, buyers etc. apart from physical resources like technology. In search of opportunities skill of the people operative with in the organization ever so plays 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 continue in adopting, tec hnologies plays crucial role in searching opportunities. Intangible like brand 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 impertinent 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 vigour to promote the brand, ability to invest in technologies, training to enhan ce skills of its employees, upgrading the skill of an employee are few of the resources 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 potbelly be classified into five major steps The threat of other producer firms already operating within the market sector (Kotler, 2003). The threats of customer move up stream to also become producers and / or using their purchasing power to dominate terms and condition for purchase. The threat of supplier moving downriver to beco me a producer or using their control over critical resources to dominate terms and condition of sale. The threat of a substitute unveiling 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 canvass properly. To avoid head on competition with competitors, Marketing manager has to opt certain initiatives, which must be strategic, cross functional and bottom-line oriented. Marketing manager