IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
The aim of the assignment is to analyze stimulated business and also identify marketing opportunities and also research potential new markets. This assignment will assess opportunities with respect to contribution to the business and also explore innovative approaches which can help to develop any simulated business. This will help to analyze the different business opportunities and the research potentials required to develop the business. Suitable methodology will be applied in order to understand the marketing opportunities. This will also help to explore and develop the statistical method which is required and the forecast effects.
It is important to understand the customer requirements as there are different needs of the customers and those are required to be fulfilled by the organization in the case of BBQfun there are many types of customers and each of them have different types of needs which are not easy to fulfill this is why it is important to understand the customer’s requirements.
Profitability is required in order to carry on the business successfully. There are different ways to provide profitability to the business and there is a high need for bringing up profit to the business in order to carry it on without shutting it down.
Research potential new markets for the organization
The markets needs to be understood before setting up the business all the sides has to be looked after before the business is being started. There are different things which have to be kept in mind and thus it is necessary to follow in order to keep the business going. There are different strategic approaches ways which are required in order to come up in the market with a new business (Babin & Zikmund, 2015). It is important to bring up the market share in order to be in the market successfully. This is why developing new products are important in order to take the market share successfully.
It is a form of advertising which helps to communicate with organizations and make direct contact with the customers with the help of variety of different medias which includes emails, advertisements online as well as mobile advertising. It can be considered as a type of advertising campaign which seeks for action.
Generally e commerce is considered as the transaction of buying or selling of goods online. E commerce can be done through different types of gadgets such as computers, mobiles and internet marketing as well (Villarino & Font, 2015). With the passage of time e commerce is growing into one of the biggest commerce ground where a lot of translocations occur in one single day.
Estimate the effect of the two marketing opportunities on the business
Growth is required in all sectors without growth nothing is possible to achieve. Growth is one of the most important things in a business and BBQfun is also coming up with different marketing ideas in order to find growth in their business. Without growth a business cannot be expanded. This is why it is important to have growth in all the sectors and every organization looks up for growth without which their business will not be able to bring profits.
Every organization seeks for Profits and financial gain is very much important without which any organization can fail to grow or expand this is why it can be considered as something which is very important for any organization (Bowie, Buttle, Brookes & Mariussen, 2016). Without yielding profit it is impossible to carry out any type of business or something because business cannot run without any sort of financial gain or growth and this is why profitability is an important point in the entire scenario.
statistical methods to forecast effects
It is always important forecast the statistical method which is being taken in order to reduce the effects of not forecasting the methods. This is the reason why the entire scenario is important to develop in order to be judged in order to be taken (Strauss, 2016). The levels always changes and depending on that the scenario is being judged and there is nothing related to that. Qualitative Technique is being taken as in order to cover up the situation and it can be the best suitable method for the scenario. This is the reason why the this statistical method is being chosen as in order to come up with new ideas regarding entrepreneurship and the ideas which are required in order to deliver good services to the customers of the organization.
Explore and develop entrepreneurial, innovative or creative options
There are different entrepreneur skills which are important to bring up innovative ideas in business. It is very important to develop entrepreneurial ideas so that the person is ready to adapt all the required personality for the type of business they are doing. There are other things as well which can be found out the people of the organization and this is the reason why it can be stated that it is very much important to gather all the skills related to entrepreneurship (Palmatier, Houston & Hulland, 2018). It is important for an entrepreneur to develop creative thinking and thus there are things which have to be kept in mind in order to develop those skills. It is very important to not see money as constraints and also delegate.
Thus it can be concluded that it is important to identify the two marketing opportunities and research potential new market and assess the opportunities by giving respect and its contribution to the business. There are different approaches related to the business which has be taken for example which is BBQfun. The assignment has also explored and developed entrepreneurial for innovative or creative options.
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