Buying Process & Market Opportunity Analysis

Published: 2021-07-07 00:11:52
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Category: Marketing

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Buying ProcessWhat are the steps a buyer passes through when making a buying decision? What other factors might influence a purchase? Think about something you recently purchased and discuss each buying decision step and other factors that influence your decision to buy. Incorporate concepts and examples from this week’s lecture in your post.Following are the steps of buying process.Problem statement, Information collection, Assessment of alternatives, Purchase choice, After purchase behavior.There are some other factors that may affect the customer’s purchase, these factors may include marketing campaigns, economic conditions, personal preferences, group influence and purchasing power (Puccinelli, Goodstein, 2009). While buying anything from the market, the first thing which comes in my mind is the need of it, I then think about the brand or product that I require to fulfill my need, I then overlook for the alternative that I can purchase as well, After that I chose the best I can get at the best price. Factors that affect my purchasing decision is whether the product is economically affordable or not, and which product offer the best quality in the market (Solomon et al., 2014).Market Opportunity Analysis (MOA)What is the outcome of conducting a market opportunity analysis? Examine two components of the MOA and assess how each contributes to an effective IMC. Incorporate concepts and examples from this week’s lecture in your post.MOA is a part business strategy planning or business planning, which comes before taking a new product or service. MOA is a tool that identifies the attractiveness of a business opportunity. In this, we have to examine the market for the product or service to determine the cost, profit and revenue from it. The outcome of marketing opportunity analysis include the best understanding of most of the market segments, we get to know how fast the market is growing. We also get to know about the market’s maintainable differentiation and why they’re significant. MOA helps to find the new opportunities in the current market.Components of MOA include recognizing what is currently happening in the business market. In this section, one gets to know the market’s economic condition, what’s currently happening in the market and its impact on the business. This helps to get prepared for the future expected changes as well. The second component of the MOA is to describe the target market so that one can focus on the sale and marketing on the correct audience and use appropriate efforts and reach maximum customers.Integrated marketing communications (IMC) is a simple concept, it ensures that all the communications are efficiently or effectively handled and linked together. Components of marketing opportunity analysis contribute to effective integrated marketing communication such as identifying what is happening in the current market environment. The American Association has suggested that a sole voice with the single message in all the communication networks which are involved in marketing has more chances of being heard at the large scale or by the organization’s targeted market area.ReferencesPuccinelli, N. M., Goodstein, R. C., Grewal, D., Price, R., Raghubir, P., & Stewart, D. (2009). Customer experience management in retailing: understanding the buying process. Journal of retailing, 85(1), 15-30.Solomon, M. R., Dahl, D. W., White, K., Zaichkowsky, J. L., & Polegato, R. (2014). Consumer behavior: Buying, having, and being (Vol. 10). Pearson.

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