Consider the seven-step process to assess market opportunity.
Analyze the steps of the branding process with a well-known e-commerce site.
Select a website: eBay, compare the site's particular marketing approach to that of traditional methods.
- Consider the seven-step process to assess market opportunity.
For any product or service being introduced in the market place, a firm needs to determine the opportunity that lies therein for its offerings. In so determining the market opportunity, there is a seven-step process to consider, which can effectively be used to assess the market opportunity for a firm's products and/or services. The first part of the process involves identification of the number of customers that the firm's products and services are targeting. Identification of the target market is a crucial element since for any opportunity to exist, there needs to be a willing and ready market that has already been identified so as to promote the products to them. The geographic reach of the firm's products also needs to be assessed by a firm. Not all products are made for universal usage. As such, some products are primarily meant to serve a specific geographical area due to the uniqueness of the same. The firm also needs to determine how far the product will be able to sell. So doing, the firm will thus need to determine the distribution channels that exist in the determination of the geographic reach of the product during the assessing of market opportunity (Gross, 2009).
In assessing market opportunity, the firm also needs to consider its competitor's appeal within the market place as well as their reach. Having a clear assessment of one's competitors is vital in determining how the firm will set its mark within the market. The reach of the competitors' products also serves as a sign of how ingrained competition is within the market place and lets the firm know how then it can strategize its products so as to maximize on market share for its products. Every firm's products also have products lifecycles. As such, the other step needed to be performed by a firm is the determination of the maturity level of its own products. This enables the firm identify how its products and ...
In 1210 words, the posting investigates the 7-step process for assessing market opportunity as well as the branding process using Wal-Mart's online stores. References are cite along at the end of each section.