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. Respond to at least two of your classmates’ posts.
Market Opportunity Analysis (MOA)By Support
Market Opportunity Analysis (MOA)
What 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. Respond to at least two of your classmates’ posts.
- Problem Awareness – identifying a need or a want. This could stem from everyday essentials (toilet paper), to major one-time purchases (a new car). If you’re a recreational shopper like me, you identify a want more often than needed.
- Search for Information – conducting a related search to satisfy the need or want identified in step one. Habitual purchases are usually conducted quickly. On the other hand, first time or major purchases require thought and research. Word of mouth and rating reviews can play a big role in this step.
- Evaluation of Alternatives – researching similar alternatives in order to make the best purchase. This includes comparing prices, quality, and even reputation of a product or service. This is a crucial step for marketing managers because there is opportunity to connect with the customer, demonstrating that they are the best option.
- Purchase – following through with the purchase of the item fulfilling the need or want.
- Post-purchase Evaluation – customers evaluate the purchasing process, identifying it as either a positive or negative experience. This step will determine whether the customer is willing to return to the same company to make another purchase in the future. A negative experience could result in buyer’s remorse, or cognitive dissonance, where the customer feels uncomfortable with the purchase.
Market Opportunity Analysis (MOA)IMC TacticsSelect a Fortune 500 company and research their Integrated Marketing Communications (IMC) tactics. Select at least one traditional and one digital venue to research the IMC tactics. In a two to four-page paper, analyze whether or not the tactics are effective and why. Describe any recommendations for improvement.
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