Market opportunity analysis is a kind of business planning that emphasizes on discovering the future opportunities and evaluating the company’s technological, financial and competitive willingness to make use of them.
One of the growth strategies in business is competitive market analysis. In simple words it is defined as the capability of a company to flagging the competitors in the market and devising ways to compete successfully. It plays a significant role at each step of the business development.
Product diversification strategy is known to be one of the major forms of business growth strategies. It is also termed as business development. It can be done by adding new products to the range or by altering the existing products. Diversification strategy enables the business to get the opportunity to grow through increased sales by entering the new markets or existing customers.
Market segmentation is known to be an important business growth strategy. It is defined as the division of market into smaller and specific groups that are homogenous but different from other groups.
The dynamic business environment demands continuous change in the business practices. It is in the terms of customer functions and groups and alternative technologies to broad the expansion scope. Whenever an organization aims at high growth, expansion strategies are always followed.
Strategy that is intended to win a larger market share is termed as business growth strategy. Business growth strategies usually answer three questions. What is the target market of the business? Which product will you deliver to your segment of the market? What development channels will be adopted in order to find, acquire and grow the customers?
Pricing is most important part of a company marketing mix strategies. Pricing can help or hinder a company products or services sale. Every company sell either a product or a service, and all companies have to choose the price to sell their products or services at, which is difficult choice than most people realize. Pricing can be defined as the process of determining what a company will receive from its customers in exchange for the products or services it sells.
Business market is the area of exchange between the provider of business arrangements and commercial petitioner-both sides realize some business, which is not the case in the market of individual consumers. It consists of all the organizations that buy goods and services for the production of further products and services for sale and for-profit and non-profit organizations and institutions that buy for their own use or to provide services to others.
After deciding objectives and goals of company then companies makes its marketing strategy. At this stage company needs to do detail planning for marketing mix and marketing mix strategy. The marketing mix is one of the major and more important concepts in modern marketing. McCarthy who originally developed the 4Ps, he stated it “the marketing mix is combination of controllable factors at a marketer’s command to satisfy a target market”.
A particular company marketing plan usually starts with an overall objective. For example, the objective of a company is to increase sales and profits by ten percent in the current year. Another objective of a particular company may be to add five new products in the company's product line or to modify existing products by adding new features and attributes.