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Questions
1. A market opportunity analysis (MOA) determines the opportunity for sales and profits (Ogden and Ogeden, 2014). Five competitive strategies are comprised of Michael Porter's strategy which is used by most marketing teams to determine the rivalry, buying power, supplier power, the threat of new entrants, and the threat of substitution. Knowing these strategies determines the best method of a successful outcome for the market. Specific, Measurable, Attainable, Relevant, and Time (SMART) method is utilized to account for the progress of the analysis (Ogden and Ogden, 2014).
2. When the strategies have been determined, the target population is considered. The price point, the need, and the consumer population are measured in an MOA. These approaches assist with the integrated market plan by targeting consumer buying habits that increase brand awareness and sales. By understanding the strengths, weaknesses, and threats of the market, strategists have an advantage and focus on building the brand.
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