03 May 2 Discussion Questions-DUE LAST THAN 2 HOURS FROM TIME OF POSTING
Weekly Lecture
Market Opportunity Analysis
Once an organization has conducted an environmental analysis, it is time to look deeper into the potential of a given population in order to determine if there is a potential for sales and profits. This is called a “Market Opportunity Analysis” (Ogden & Ogden, 2014), and it is conducted for the marketing team to be able to determine if the market under consideration has the required elements for the organization to make a profit.
Elements frequently considered on whether or not to enter into a market are Michael Porter’s (1979) five competitive strategies. Although Porter’s work was conducted 30 years ago, Porters five competitive strategies have stood the test of time and are used today in virtually every industry around the globe (Renko, Sustic, & Butigan, 2011): Rivalry among existing competitors; bargaining power of suppliers; bargaining power of buyers; threat of substitute products or services; and threat of new entrants (Porter). Understanding how each strategy impacts the organization’s industry as well as the surrounding members can be key to being able to identify the best markets with the highest probability of opportunities. Below is a graph of the five strategies and characteristics within each strategy.
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