Omm 615: week 2 dq 2

OMM 615: Week 2 DQ 2 OMM 615: Week 2 DQ 2 The market opportunity process has various outcomes. The first one is a good comprehension of the most vital market segments, the rate at which the opportunity is growing, and the core long-term differentiations and why they are crucial. Other outcomes include knowledge of future opportunities and an understanding of the firm’s readiness in terms of technology, competition, and finances, knowledge of unmet market needs, target markets, competitive advantages, and the organization’s resource capacity (Tracy, 2014). Two prominent components of market opportunity analysis are competitor analysis and customer needs analysis. Competitor analysis is a critical aspect of MOA because it provides the organization with an excellent understanding of its rivals’ capabilities and how it can successfully compete with them (Ogden, Ogden and Inc Education, 2014).
It is important to understand that a good grasp of competitors is also directly related to the opportunities because, depending on the level of competition in a specific industry, the opportunities may be abundant or limited (Tracy, 2014). Competitor analysis has a two-fold effect. First, it enables the company conducting the analysis to understand their competitors. Secondly, it raises the level of competition in a specific sector since organizations work towards expanding their presence by developing better strategies than their rivals (Ogden, Ogden and Inc. Education, 2014). Customer needs analysis, on the other hand, provides organizations with a good understanding of customer’s preferences, buying behavior, and wants. With this knowledge, organizations can develop effective long-term strategies of meeting consumer needs. It also provides a platform for creating dynamic strategies that adapt to customer needs, which are often very volatile.
Ogden, J., Ogden, D., & Education, I. (2014). Integrated marketing communications advertising, public relations, and more. San Diego, CA: Bridgepoint Education.
Tracy, B. (2014). Marketing. New York: AMACOM.