In order for an organization to take advantage of new opportunities, it first needs to identify them. One of the ways that organizations can get gather new opportunities is to look at product life cycle trends: trends, fads, and fashions. By analyzing these trends, companies can create new products that will satisfy a possible new need or want within its consumers. Creating these new products allows marketing teams to develop entirely new marketing campaigns that are centered around the new campaigns. The new marketing campaigns can be tailored to any group of consumers. Also, entering new markets or participating in joint ventures will create room for new marketing opportunities as new aspects of an organization will need to be communicated to the public.
Selecting Target Markets
Selecting a new target market may seem as though it is easy for a company but I have learned that it is one of the most extensive aspects of creating a marketing plan. A company must identify which target markets will approve of its product, but they must also create a marketing plan that will attract the right target markets. As seen in the presentation on Old Spice, selecting a new target market pulled the company out of a rut and gave them a whole new demographic of consumers to market to. The funny and absorb ads appealed to the younger consumers who find humor as a huge determinant of which products they buy. A similar tactic is being used by Dodge to market their new trucks with the Anchorman theme and sponsorship. Below are commercials from both Old Spice and Dodge to attract new consumers: