This perception is not something that the product or the market is assuming by itself. It is created by the product marketers. Though marketing and marketing management has been defined variedly by different people at different points of time, marketing would still stand between the business and consumers or buyers and ensures that the needs of the buyers or customers are met by the company and its products. Marketing management is the one where marketing is managed to deliver the results thus said. Philip Kotler et al., (2006) defines marketing as follows: human activity directed at satisfying needs and wants through the exchange process. Philip Kotler et al., also define marketing management as "the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value." It is the aim of the marketing manager to ensure that the market keeps growing with additional customers and with or without additional products.
Opportunity is the gate through which the products produced will bring in revenue to the company that produced it. Opportunity presents itself to the people who are interested in knowing it. When the opportunity knocks most often the people behind the doors either do not hear it or they are afraid of opening the door. Either way the opportunity is lost. Only a few open the gates for the opportunity to enter and bring in the desired revenue flows.
An opportunity occurs out of the environment and its needs. The environment is made up of four elements; Socio-cultural, Technological, Economic and Political. These four elements impact the company to a great extent. All the opportunities also rise out of these four elements. Opportunities arise because of the socio-cultural changes or because of the technological innovations that produce a major source of business opportunity. Economic changes in the market could also throw up opportunities that could be tapped. New regulations and laws might also bring about major changes in the way businesses are done and this could lead to more opportunities.
Every opportunity has to be checked out for what it is worth. This can be carried out by analyzing the strengths and weaknesses of the system and the opportunity. It is also important that the opportunity provided by the environment, is taken up by the company and has the right kind of skills to bring about appropriately satisfy the requirements of the market (Drucker P J, 1993).
SWOT Analysis of an Opportunity
Every opportunity should be evaluated based on its own environmental and internal factors. The company should do a SWOT analysis of the existing and new requirement. The company should identify the strengths that are with the management and the strengths of the people who make up the company. The company should be able to identify its own skill in which it is best at. The extent of financial resources that the company has; the kind of bargaining power they might have with their suppliers and their intermediaries, the nature of connections and alliances they have. All these would contribute to the strengths of the company. The weaknesses include the lack of financial resources, the specific skills that does not exist, how old are the IPs and their current state and what the company is really bad in. All these contribute to make the weaknesses of the company.
Similarly, the opportunity that