Answer to Question #207229 in Marketing for GOG

Question

SUBJECT : SERVICES MARKETING

Explain in detail , the method of assessing the services marketing opportunities and the customer expectations. (Assume any service of your choice). 

Answer 1

ANT 3241- Beyond My Cultural Comforts Assignment Guidelines (20% Of GRADE)

 

 Assessment of Services marketing opportunities and customer expectations

           Marketing opportunity assessment is the process of analyzing market research and customer data to get opportunities for growth in a precise market or business jurisdiction and come up with a strategy that can be achieved to ensure business growth. There are various ways of assessing services marketing opportunities. Firstly, is identifying information that is needed. An entrepreneur needs to collect all the information required on the service opportunity. And what the consumer expects him to provide. It is important to be aware of the important knowledge gaps before venturing into the business to serve the consumers with the best. Secondly, understanding how consumers feel and the reason behind their feeling. This method involves interviewing potential customers and relevant people within the jurisdiction and field of your services. Depending on the service this could include retailers, supply partners and other consultants. One can also come up with an idea through brainstorming, market testing which involves coming up with a service based on the customer's feedback. Thirdly, researching on customers and competition, according to Sarah Schmidt using market research to analyze consumers and competitors helps one to evaluate whether the service demand is real and whether it is worth new market. Identify consumer preference and their common characteristics like occupation, sex, level the education level of income, area of residence and lifestyle. Knowledge of your competitors and knowing their ways of operation aids much in setting up a strong business. Forth, understanding business environment factors, the business environment can have a great impact on the service performance business environment factors such as technological development, government policies social and cultural values so one needs to consider these before moving into the market. Fifth, getting a broad view of the market, one needs to get a wider view of the whole market and know the future benefits in the market (Schmidt, 2018). Lastly, finding the market research you need fast. Gathering and processing insights about a service opportunity can take a lot of energy and time but market research can give you important firsthand information. This research can be found online they supply one with vital information needed for a better understanding of the market competition and business environment. The consumers expect the service provider to understand their mindset. Customers are always right, after assessing service marketing opportunities the customers expect the service provider to operate based on their mindset and perception of the service. The customers also expect the service provider to know them this makes customers feel appreciated. The customers expect the service provider to solve their problems, they expect the new brand in the market to solve all their service problems (Cornel, 2021).

References

Cornel, J. (2021, February 1). pros. Retrieved from How to Meet & Exceed Customer Expectations: https://www.proprofschat.com/blog/customer-expectations/

Schmidt, S. (2018, September 10). Marketing Research blog. Retrieved from five keys to conducting a market opportunity analysis: https://blog.marketresearch.com/5-keys-to-conducting-a-market-opportunity-analysis