COURSE OVERVIEW:
Marketing is the strategy and method behind determining consumer needs for products and/or services. This formula identifies the value of the product or service a business intends to provide, and matches it to a potential ‘buying’ market.
Every organisation has a product, every organisation exists in a competitive market and every organisation has a marketing strategy to compete for prominence in their market. A marketing strategy is governed by a global marketing philosophy, the motivation at the very heart of the organisation. A marketing strategy must reflect this philosophy and therefore speaks to the very heart of the organisation.
There are marketing opportunities everywhere, both overt and covert, the test of an excellent marketing strategy is an organisation’s ability to identify, assess and evaluate these opportunities. Not all marketing opportunities are suitable for every organisation’s needs, an active marketing department acts as a filter as well as actively seeking out new opportunities. A marketing manager must also be sensitive to changes from within the organisation as well as fluctuations and shifts in the external market.
The ability to analytically determine consumer demand and behaviour, as well as taking into consideration resources, economic and legislative considerations, assists businesses in determining marketing needs. The overall goal is to derive a ‘profit’ from the business marketing efforts.
The ability to identify, plan for, and use marketing opportunities can greatly affect a business’ ability to meet or exceed their service, product, and ultimately financial goals and objectives. The focus of this course, it to provide information on how to make decisions with regards to expanding an existing business, or starting a new one, whilst relying on market information and research to determine the value of such decisions.
This course will help you identify, assess, evaluate, and take marketing opportunities advantage by differentiating characteristics of possible markets, examining and evaluating market data, and assessing changes to current operations.
The first part of this course starts by discussing how key information should be collected both within the company (internally) and externally, that will assist in making marketing decisions, and identifying marketing opportunities. Then explains how to define and measure the consumer and business markets, then explores their differing characteristics and features that will help managers as they seek new marketing opportunities.
The second part starts by discussing how to analyse and evaluate marketing opportunities and their relationship with organisational goals and capabilities. Then examines a number of financial and cost accounting techniques that will assist managers to assess and evaluate marketing opportunities. Finally, discusses how to determine the changes necessary to current operations, once managers have identified a marketing opportunity and decided to implement it.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand:
- What is meant by marketing opportunities?
- How to identify marketing opportunities?
- How to collect information from internal systems?
- The analysis of external microenvironment
- How to scan the economic and business environments?
- The external forces that has direct involvement with marketing
- The external macro environment and managerial marketing decisions
- How should marketers monitor the environment?
- The marketing mix
- How economic conditions, inflation, interest rates, employment levels and competitive environments affect marketing decisions?
- How to define the markets?
- The consumer and business markets
- How to measure current and future demands?
- The common sales forecasting techniques
- How to measure the market?
- The strategies, opportunities and marketing objectives
- The Ansoff matrix
- The competitor analysis
- How to design a competitor intelligence/information system?
- The domestic and international environment
- How to investigate and evaluate marketing opportunities?
- The organisational fit of new marketing opportunities
- The key objectives within a corporate strategy
- How to set objectives for new business directions?
- How to assess and evaluate marketing opportunities?
- The cost factors
- The CVP analysis
- The net present value (NPV)
- The internal rate of return (IRR)
- The project selection when ranks conflict
- How to use the ranking method?
- How to determine the changes necessary to current operations?
- The business and implementation plans
- How to maintain service quality despite change?
- The new resource requirements for new operations
- How to document new marketing opportunities?
- What is included in the project plan?
- What is included in a successful marketing plan?
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.