I have earlier posted articles on opportunity and it hasn’t been with interest to business but to life in general. Today, my focus shall be on business. Proactively satisfying the needs of customers means that marketers should search for opportunities. I guarantee that the opportunity ventures that I shall present are timeless and applicable to all businesses; it doesn’t matter whether you’re offering products or services.

 

Marketers have four basic marketing types of opportunities to pursue, they are:

 

  1. Market Penetration

 

This is trying to increase sales within current working conditions. It therefore means the marketer sells more of the same product/service to the same market group. For example, the toothpaste marketer would be encouraging customers to brush their teeth more frequently.

 

  1. Market Development

 

This is trying to increase sales by selling the same products/services to new customers. This could mean opening more outlets and trying global markets. This is common with franchises like KFC, MacDonald’s, Spar, etc.

 

  1. Product Development

 

This means offering new or improved products/services to the market. This means you entice your current customers to try your newly invented or improved product. For example, a company that adds different colors to their product may attract more customers.

 

  1. Diversification

 

This is probably the most challenging and attracts more risk than the prior. This means bringing in new products to new markets. It is a given that it’s easier to retain customers than to attract new ones, thus careful planning is a must to effective diversification.

 

The four types of opportunity can be summarized in the table bellow:

Four Basic Types of opportunity

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