Market Opportunity Analysis

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Market Opportunity Analysis Joel McDaniel University of Phoenix MKT/552 Market Opportunity Analysis For every company the goal is to always be profitable and create a competitive advantage in whatever market that it resides in. In order to stay competitive successful companies have learned that two foundation pieces are opportunity analysis and branding. The two of these pieces are instruments that are used to keep a company ahead of the curve in what the consumer wants/needs and creating a positive perception about the product or service that the company that will give an edge over the competition. This paper will take a look at the seven step process to assess market opportunity, analyze the branding process for Dell, and finally compare Dell’s marketing approach to that of traditional methods. Opportunity Assessment Paper – Seven Steps Market opportunity assessment many times, takes place for companies when they are entering into or introducing a product/service into a new market, or if they want to just see where they stand in currently in the market (IDC). For companies it is extremely important for managers to understand where they are in the market in order to assess the attractiveness of the various business opportunities that are out there for a company and which ones to act on. Market opportunity analysis is made of 7 steps: Identify the unmet and/or underserved customer need; identify the specific customers a company will pursue; assess advantage relative to competition; assess the company’s resources to deliver the offering; assess the market readiness of the technology; specify the opportunity in concrete terms; assess opportunity attractiveness (Rayport, 2004). The importance in the 7 steps of market opportunity analysis falls in the emphasis on the customer, company, technology, and competition. Understanding these

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