A business conducts an analysis of the market by considering the potential of the population to evaluate if there is a possibility for sales and profits (Renko, Sustic & Butigan, 2011, 381). A market opportunity analysis assists the marketing team to examine if the market under consideration has the features that the organisation needs to make profits (Navarro-Bailón, 2012, 195).  Michael Porter described the five competitive strategies that must be considered before entering a market. When the market team performs an analysis of the market, they will be able to understand the rivalry from the available competitors, the negotiation power of buyers and the suppliers, the dangers associated with substitute products and services and the threat of new entrants into the market.

If an organisation can effectively determine how the five factors impact the industry, the marketing team will be able to go for the markets with the highest opportunity of obtaining maximum sales and profits (Ogden & Ogden, 2014, Chapter 3). Apart from the above five strategies of marketing proposed by Porter, there is also another component, and this is the market segment that is likely to purchase the products and services. The market segment becomes the target market, and most of the efforts must be directed towards the specific population in the market (Porter, 1979, 5). Within the target market, the marketing team must be able to examine the needs of the consumers, the income distribution and if the population of the consumers in the market segment is enough for the organisation to make profits.

The marketing team can decide to communicate to the target market through Integrated Marketing Communication (IMC) strategy set by the organisation (Porter, 1979, 6). The organisation applies the approach to achieve its targets of impacting positively the behaviour of the buyer and escalating sales which in turn increases the wealth of shareholders. IMC strategy encourages the use of a specific message for a particular market which engages and attracts the target market segment.  The channels in marketing communication send a single message to the entire channels of marketing communication, and the repetition of the message enhances its refractivity in the market (Renko, Sustic & Butigan, 2011, 383). The marketing team can apply Omni-channel marketing and, but the opportunity is attained when a single message is used across the market by using an IMC. The IMC strategy increases brand awareness and positively influences the buyers’ behaviour of the target market segment.

 
Do you need high quality Custom Essay Writing Services?