The paper "Key Stakeholders in the Marketing Process and Their Role, Marketing Opportunities " is a perfect example of a marketing assignment. Research the following TERMS and PHRASES. These are linked with your assessment. Attach your definition or explanation to each word or phrase in relation to marketing opportunities (in your own words). Please remember to reference. New markets are medium that holds the potential to allow sellers and buyers of a given service or product to interact to facilitate exchange that was mot existing before Evaluate Market entails a rigorous assessment of a given market where people match a market opportunity to a firm’ s strategies, resources and policies Marketing opportunities entail newly identified wants, demands or need trend that an organisation can capitalise on because competitors have not addressed it.
It is the subsistence of unmet need External factors refer to outside influences that affect a firm’ s market Organisational goals refer to the strategic objectives that a firm develops to outline anticipated upshots and guide the efforts of employees including marketers Potential competitors refer to possible but not yet existent rivals in business offering similar products. Key stakeholders refer to people who hold a vital interest in a business and its activities.
They are people who can be affected or affect a firm’ s policies, objectives and activities. An entrepreneur is a person who operates and organises business and takes greater risks of the business. It is an individual who exercises initiative through organising business and controls and monitors the activities of the business. Innovative entails the ability to introduce something novel in the market or business. E-commerce entails conducting business over interconnected networks. It refers to the activities that relate to selling and buying of services and goods over the internet Business Contribution entails the role of business to its stakeholders and society as a whole.
It can also refer to money generated from a company’ s activities such as sales. Question 2 In the current global economy, it is important to stay ahead. How can we identify the business needs and potential marketing opportunities? Identifying business needs and potential marketing opportunities is essential for the prosperity of a business in the current global economy. To identify marketing opportunities, marketers must first differentiate an opportunity and an idea (Doole & Lowe 5).
Identifying market opportunities calls for several steps which include: Identification of the target market and market statistics and potential Understanding the scope of the market problem that include consumer problem, product problem and technology problem Quantification of the market opportunity in order to solve the target market’ s problem Identification of business needs calls for an evaluation of the business activities and performance. This calls for the identification of opportunities and gaps for improvement. Development of a report of the finding and recommendations facilitates the achievement of the business needs.
Step one of the identification processes requires thorough business analysis facilitated using surveys and focus group. The second step requires an assessment of the business, its products and services besides examination of the firm’ s present strategic plan. Step three entails evaluation of customer satisfaction to understand the gaps that need to be addressed
Work CitedDoole, I & Lowe, R 2008. International marketing strategy: Analysis, development and implementation. USA: Cengage Learning