I am working on a Marketing Plan and I am doing the section of the Situation Analysis. I have done all of the steps except the petitive Analysis. I am suppose to answer "I.Given the nature of the markets – size, characteristics, competitive activities and strategies – what marketing opportunities can this firm identify?" What do they mean by marketing opportunities ?
Let’s start with a description of a MARKET SEGMENT. This is a group of individuals or organizations that shares one or more characteristics. It therefore has similar product needs. A MARKET OPPORTUNITY ANALYSIS describes market segments of interest to the firm, estimates their size and sales potential, and assesses key competitors in these market segments.
It means, how can this firm market to it’s core customers and what’s the best to capitalize on all the features listed. Like if your business were in South Florida or South Texas, you should advertise in Spanish. Something like that.
References :
Let’s start with a description of a MARKET SEGMENT. This is a group of individuals or organizations that shares one or more characteristics. It therefore has similar product needs. A MARKET OPPORTUNITY ANALYSIS describes market segments of interest to the firm, estimates their size and sales potential, and assesses key competitors in these market segments.
References :