StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Analyzing Marketing Opportunities - Essay Example

Cite this document
Summary
In economics, market demand is usually defined as "the relationship between the total quantity of good demanded and its price (University of Waterloo, 2004)." This is usually denoted illustrated by the demand curve which is a downward sloping line indicating individuals' decreasing propensity to consume as prices of goods increase.
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER93.6% of users find it useful
Analyzing Marketing Opportunities
Read Text Preview

Extract of sample "Analyzing Marketing Opportunities"

Download file to see previous pages

GVA online defines market demand as the "total volume purchased in a specific geographic area by a specific customer group in a specified time period under a specified marketing program (GVA Online GVA, 2003/2004)." In the case of Qantas market demand is indicated by the total number of travelers and individuals who patronize the services that they offer, having the resources to pay for the bill charged by the company. When assessing the total demand for the company's product and services, the company takes into account only those people who can afford to pay them, excluding those who won't be able to afford those that they offer or those who don't intend to take a trip by plane.

Market demand, market potential, and sales forecast are interrelated. It is due to the fact that market demand is utilized to generate an accurate sales forecast and sales potential. As defined above, market demand is the historical demand for a good or service by customers backed by purchasing power. Sales forecasting is a very essential tool in assessing the health of a business entity. The accuracy of sales forecast can also give decision makers in the company the required information to come up with precise and useful strategies that will boost the revenue and profit of the business in the long run.

Companies that implement accurate sales forecasting processes reap benefits such as enhanced cash flow, knowledge on timing and quantity of inventory to be purchased, in-depth knowledge of customers and the products that they prefer, the ability to plan production and required capacity, an insight on the trend and pattern of sales, determination of the value of business above the value of current assets, and the ability to determine the expected return on investment (Conduct a Sales Forecast, 2000).

These benefits in turn, will help the company maximize its revenue and efficiency, minimized costs and further boost customer retention. In sales forecasting, the company come up with a sales volume which the company expects to generate in the future. Since the forecast is based on past sales of the company, it is necessary to know the dollar sales volume of the firm for the past several years. If not enough sales data have been recorded, it may be necessary to improvise (Conduct a Sales Forecast, 2000).

In the case of Qantas, sales forecasting can be done by gathering data on how the company performed during the past years. Historical data of number of passengers should be gathered according to the time-frame needed. In its other line of businesses like food service, it can utilize the historical data on dollar sales.Sales forecasting can be employed to predict the short-term and long term sales of the company. For a short-term forecast, it is usually enough to know the sales for the past few weeks or months in comparison with the corresponding period of the year before.

If sales for the past 4 weeks were 8 percent more than the corresponding 4 weeks of the preceding year, sales for the next few weeks can reasonably be expected to be 8 percent ahead of the corresponding period a year ago (Conduct a Sales Forecast, 2000). Adjustments have to be made, of course, for any known or predicted conditions

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Analyzing Marketing Opportunities Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Analyzing Marketing Opportunities Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/business/1533523-analyzing-marketing-opportunities
(Analyzing Marketing Opportunities Essay Example | Topics and Well Written Essays - 1000 Words)
Analyzing Marketing Opportunities Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/business/1533523-analyzing-marketing-opportunities.
“Analyzing Marketing Opportunities Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/business/1533523-analyzing-marketing-opportunities.
  • Cited: 0 times

CHECK THESE SAMPLES OF Analyzing Marketing Opportunities

Analyzing the general environment/Macro-environment

The goal of the macro-environment analysis is to discover potential opportunities and threats to the company.... The goal of the macro-environment analysis is to discover potential opportunities and threats to the company.... The goal of the macro-environment examination is to detect possible opportunities and warnings.... The growth or the decline of the economy can have an effect on marketing and the top line revenues of a company....
1 Pages (250 words) Essay

Marketing Opportunities of Amyris Biotechnologies, Dollar Ince and Bling Nation

Introduction This report analyzes the marketing opportunities of three companies that each of these companies can capitalize.... Introduction This report analyzes the marketing opportunities of three companies that each of these companies can capitalize.... Such a situation or marketing opportunity would be considered as the low hanging fruit since finding and looking for marketing opportunities that can be achieved in the near future are better than those that would be achieved after years....
3 Pages (750 words) Essay

Studying Marketing, Boosting Up Confidence Level, and Polished Communication Skills

The lectures and the seminars opened new learning opportunities for us including formation of new concepts and removal of old obsolete ones.... The reasons behind these change of rules and strategies is globalisation and its associated threats and opportunities.... We also studied and learnt to determine the opportunities present in the global marketing with the help of real-life case studies.... Reflective Paper on International marketing Course The course of International marketing brought a deeper understanding and analytical capabilities in every student of the class....
8 Pages (2000 words) Essay

Analyzing Market Segment Opportunities

Mass merchandisers of tennis racquets such as Wal-Mart and Target already have a brand name in which they trade in.... This brand name enables these stores to market their products with or without the support of the company in question.... hellip; What promotional activities might Prince use to reach the following segments?...
3 Pages (750 words) Essay

Creating, Financing, and Marketing a Business

1.... Identify the pros and cons of the partnership as a form of ownership “A partnership is the relationship existing between two or more persons who join to carry on a trade or business” (Irs, 2013).... One of the advantages of a partnership is that since more than one person owns the business the organization has more human capital at its disposal than in a sole business....
4 Pages (1000 words) Essay

Marketing and its importance in Britain society

marketing is a very vast term, a simple definition can be a place where the buyers buy and the sellers sell, now one can imagine that the place in the world where the buyers and sellers are doing all the desired work is in fact the entire world, so the term marketing is not just limited to the buying and selling but so many other things are also included in the same, although marketing is there in the world right from the beginning of this world though it was not actually known that it is known as marketing but it was still there, however the modern marketing which was quite familiar to the people of different societies came in view in the period of 1900 to 1940, particularly in the years of 1910 to 1925, the notable reason for the existence of true marketing was perhaps the saturation in the industrial sector of this world, the products were increasing and now people had gained the sense of what is right and what is wrong, what is more beneficial and what is less, where to invest and where not to, so these small growing facts gained the attention of many businessmen and related people and they started finding the ways through which they could have gained an edge over the others in terms of selling there items or units....
10 Pages (2500 words) Essay

Key Marketing Process

The paper “Key marketing Process” focuses on a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.... From management definition marketing is “the art of selling products”.... hellip; The author states that for calculating the benefits the company must-have marketing tool in finding out buyer wants, behavior and market size....
3 Pages (750 words) Assignment

The World of Marketing Worksheet

It majorly specializes in the production and distribution of a drink consumed by a majority of the population to help them out of their hangovers.... The company is still new in the market, being one of its kind.... It… The existing remedies that cure hangovers include rehydration, non-steroidal drugs that are anti-inflammatory, tolfenamic acid and opuntia ficus-indica....
17 Pages (4250 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us