Identify potential new markets and suggest opportunities to enter, shape or influence these markets in terms of their likely contribution to the business.
In this task you are required to identify new marketing opportunities for Super Cycles in the form of new products or services not currently offered by Super Cycles. It does NOT mean new marketing strategies for existing products. These opportunities must be based on information gathered in your research into the market. You need to demonstrate how they will fit into and assist Super Cycles’ current business.
Please note that Super Cycles is a national company that currently distributes its product through retailers.
Describe how you would use Porter’s Five Forces model, SWOT and other marketing analyses to evaluate the potential of these new markets.
Your answer must demonstrate that you clearly understand:
a) Porter’s model
b) the concept of SWOT analysis.
Use data from your research to illustrate that you can apply the above concepts to the new products recommended for Super Cycles. For a more comprehensive response to this task you might want to demonstrate the use of other techniques or models. Please ensure that you understand the difference between strengths and opportunities and between weakness and threats. Possible marketing strategies are NOT opportunities.
Tables such as the following may assist you with the task. Be sure to fully explain your assessment for each force. Note that the table has 4 products. Task 3 asks you to recommend the top 3 so you need to have more than 3 to start with.