What is the outcome of conducting a market opportunity analysis? Examine two components of the MOA and assess how each contributes to an effective IMC. Incorporate concepts and examples from this week’s lecture in your post. Respond to at least two of your classmates’ posts.
After conducting a market opportunity analysis an organization can understand how to attract customers and what opportunities may be available. Researching an area will let you know what products customers are using and what they don’t have available to them. For instance, a market opportunity analysis will help me determine if a certain area needs a fine dining restaurant. Key things the MOA will give is how many other restaurants are nearby, the number of tourists, and the average income of the people in that area. The outcome of conducting a market opportunity analysis will also prevent a company from suffering huge losses, planning ahead and identify problems that cause the company’s equity brand to decrease.
One component of the MOA is the number of potential buyers, “managers want to make sure that a potential market will be lucrative enough to pursue. Revenue flows can measure the volume of product and service that markets will demand” (Ogden & Ogden, 2014, p. 2.4). Another component of the MOA is to identify what group of people are more likely to buy your goods which is considered a corporation’s target. Both of these components contribute to an effective integrated marketing communication by way of making sure everyone within the company including the stakeholders spread the same messages throughout campaigning.
Ogden, J. R., & Ogden, D. T. (2014). Integrated marketing communications: Advertising, public relations, and more. Retrieved from https://content.ashford.edu/books/AUOMM615.14.1/sections/sec10.5?search=integration#w125876 (Links to an external site.)