6.How would you evaluate the likely impact of such an opportunity on current business and customer base, using these criteria?
7.From your own workplace experience, analyse at least three of the external factors which could determine the financial viability of the opportunities.
8.Identify a marketing opportunity for an organisation you are familiar with. The organisation has asked you to determine the probable return on investment and potential competitors.
1.Any organization investing in the food sector in Australia needs to know the business needs and the present trends of the particular sector, which can lead the organization to grab new opportunities (Stockdale, Ahmed and Scheepers 2012). The target market of the particular organization should be primarily the people of all ages in Australia, but the organizations can get most of their customers out of the young generation. The organization needs to find out and mark all the places with the prevalence of the young generation. Maslow’s Hierarchy of Needs tells that the unfulfilled needs are the best opportunity for marketing (Jerome 2013). Therefore, the organization must find out the place where people do not have that the availability of the food that the organization is trying to sell. The Hierarchy of Needs of Maslow says that the needs of the consumer are the indirect reflection of their desires. The company must make a survey and eventually find out the basic and common food desire of the people, which will help the company to identify the marketing opportunities.
2.The potential new market for an organization who wants to invest in online retail industry should definitely be an economically developed company. If the economical condition of the country is high, the company will get an effective result by entering in that particular new country. It will be easy for the company to influence the consumer of the new market as well. Coming to the opportunities to shape the company in a new market, an economically developed country with proper rules and regulation will accept the new company without any trouble. Influencing people in that particular market will not take much effort as the consumers there either are in need of new products or are able to satisfy themselves. For example, Sportsdirect is an online retail company that was doing business in UK. The economically high market of the others countries in Europe made the company to expand its business in the Europe and consequently the company made a huge percentage of profit by the expansion of the business.
3.The entrepreneur must look and analyze the present market that he/she has decided to be the business background. The entrepreneur also needs to analyze the different external influence on the market to find out the potential marketing opportunities. A PESTLE analysis of the market will make the exploration understandable of the background of the potential business application (Kolios and Read 2013).
The political environment of the target market requires a thorough research to understand the present government and the political condition. For example, if the economical condition of the desired market is unstable, the entrepreneur should not invest into the business in that particular market. The entrepreneur needs to research the factors that determine the social environment of the market. The research will help the entrepreneur to understand whether the market is favorable or unfavorable for the industry or not. Some technological factors can have positive or negative impact on the business. The factors may include innovation in technology, automation or even the technological awareness of the people of the existing market. The legal factors of the present market cannot be ignored. There can be certain laws and regulation that can make an effect on the business environment, for example, labor laws, health and safety standards, consumer laws and so on. The final factor of the analysis contains the environmental influence on the market such as agriculture farming, tourism and so on.
This primary analysis will help the entrepreneur to understand the potential marketing opportunities in the market and what innovative approaches and the creative ideas he should use to start his business (Srdjevic, Bajcetic and Srdjevic 2012). This will also help the new businessperson to choose his sources of marketing ideas. Numerous sources can provide the entrepreneur new marketing ideas such as consumers, government, exiting companies and his own research (Free to share your thoughts 2017).
Potential consumers are the chief source of ideas for an entrepreneur. The needs and the demands of the consumers can be taken into account and the new business ideas can be constructed out of that. Existing companies and their products and services in the competitive market are second most important factor. This particular source can be helpful to plan marketing strategies to start a new venture. In other hand,numerous members of distribution channel have knowledge of the market demand and consequently they can be a good source of marketing ideas. Lastly the research of the entrepreneur about the desired industries, its current business strategies and implementations, common and demandable products can also help him to develop new successful marketing ideas
4.The chosen industry for this assessment is food industry. The legislation, regulation and the codes of ethics applied to this industry are discussed in the following section.
The Australian government is collaborating with the food industry and following certain policy. The legislation emphasizes upon the public health and has recently introduced law reduces the obesity rate. The laws have put taxes on the unhealthy food and the fast food. Several codes are there that conduct and determine the marketing activities for the Australian food industry. Certain regulations have been applied to the Australian food industry. The regulation supports the marketing activities unless and until it misleads the children. The regulation also does not support the marketing and the advertising of the unhealthy food as it is the major cause of the rapid increase of the obesity rate in Australia. The code of ethics in Australia came into effect from 2012 onward (aana.com, 2017). These codes are conducted on the different marketing criteria such as packaging of the foods products, promoting or opposing and food product indirectly or directly, concealing the health and the safety foe the consumers and so on.
5.As a marketing manager of Australian e-commerce organization, he must seek the new market opportunity in China. Since the online shopping landscape of China is growing rapidly, the Australian brand and online retail business organization should start ting advantage of this market. The manager should thoroughly study the present market trends that are influencing the consumers. Online marketing of celebrity and the live streaming are the current and most effective channels used by the Chinese e-commerce market (Wei and Wei 2017). Social media, being one of the major platforms of marketing will make the sales revenue high because of the online activities of the people in social media. Online celebrity marketing is one of the best profitable ways for the ecommerce industry, since a huge number of people follow the celebrities on the social media. The organization will need to increase the efficient staff and eventually the level of the staff will be high. To implement this strategies the organization needs to train their staff to capture more consumers (Phillips 2012). The target market for the Australian e-commerce retail organization is the young people who are the active follower or the blogger or social commentators in the social media. If the company starts mixing the Chinese product with their existing Australian product, the result will definitely leads to a successful effective marketing.
6.The likely impact of the market opportunities can be evaluated by the customer’s age and gender. For example, most of the customers of the online ecommerce company are the young and of both gender. People consider online shopping more since their busy schedule. Another factor influencing the opportunity is the online shopping experience. The previous shopping experience and the judgment of the new company from that perspective affect consumers or sometimes the social influence causes the same (theseus.fi 2017).
Another criterion that can influence the opportunity is the policy of return on investment. Consumers are likely to be influenced by the cash back offers, free offers and consequently think of their profit. If the company is gaining more profit than spending for the marketing then the new market opportunity is having a good impact on the consumers of the same.
7.A business opportunity is something that creates the basis of the certain investment decision made by the entrepreneur. There are several external factors that determines the financial viability of the business opportunity. According to my work experience here are three examples of such external factors. Price structure of the goods and the service in the existing market is one of the major external factors that can be cause the financial viability of an organization. Competitive market can also affect the financial viability of the company. Competition in the market for selling service or the products is definitely a threat for the company, but to some extent healthy too. This is because the competition can control the price of the goods and service offered by the company. Another example of external factors determining the financial viability of the business opportunity is infrastructure. For example, roads, electricity, water, postal and telephone service are the major factors for delivering the goods and service to the consumers.
8.Promotion is one of the marketing opportunities that that can be the determinate of the return on investment and potential competitors. The promotion includes branding, advertising, digital marketing, social media marketing and these can lead the company to gain high return on investment. The company must take the factors that influence the promotion into account. Type of market, type of product, size of market, stage of product cycle, complexity of product and the availability of the fund for market promotion can be the major factors (Kacen, Hess and Walker 2012). For example, the company needs to understand size and the type of its target market in which it is promoting its product
aana.com, 2017. [online] Available at: https://aana.com.au/content/uploads/2014/05/AANA-Code-of-Ethics.pdf [Accessed 5 Aug. 2017].
Jerome, N., 2013. Application of the Maslow’s hierarchy of need theory; impacts and implications on organizational culture, human resource and employee’s performance. International Journal of Business and Management Invention, 2(3), pp.39-45.
Kacen, J.J., Hess, J.D. and Walker, D., 2012. Spontaneous selection: The influence of product and retailing factors on consumer impulse purchases. Journal of Retailing and Consumer Services, 19(6), pp.578-588.
Kolios, A. and Read, G., 2013. A political, economic, social, technology, legal and environmental (PESTLE) approach for risk identification of the tidal industry in the United Kingdom. Energies, 6(10), pp.5023-5045
Srdjevic, Z., Bajcetic, R. and Srdjevic, B., 2012. Identifying the criteria set for multicriteria decision making based on SWOT/PESTLE analysis: a case study of reconstructing a water intake structure. Water resources management, 26(12), pp.3379-3393.
theseus.fi,2017. [online] Available at: Cite a Website - Cite This For Me. (2017). Theseus.fi. Retrieved 5August 2017, from https://www.theseus.fi/bitstream/handle/10024/114442/Zhang_Zuoqin.pdf?sequence=2 [Accessed 5 Aug. 2017]..
Wei, S. and Wei, S. (2017). Australian Online Retail Marketing Opportunities in China - Power Retail. [online] Power Retail. Available at: https://www.powerretail.com.au/marketing/marketing-china-e-commerce/ [Accessed 5 Aug. 2017].
Stockdale, R., Ahmed, A. and Scheepers, H., 2012, September. Identifying Business Value From The Use Of Social Media: An Sme Perspective. In PACIS (p. 169).
Free to share your thoughts. 2017. Sources of new ideas for Entrepreneurs. [online] Available at:https://abhishekkatiyar.wordpress.com/2005/07/21/sources-of-new-ideas-for-entrepreneurs-2/ [Accessed 5 Aug. 2017].
Phillips, J.J., 2012. Return on investment in training and performance improvement programs. Routledge.
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