Business Opportunity Analysis to Solve a Business Problem With the Help of Technology

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Abstract This paper presents a business opportunity analysis to solve a business problem with the help of technology. The business problem identified in the paper is the decreasing return on marketing investment (ROMI) due to competition, inefficient customer services, and lack of innovation. The technological solutions proposed in the paper are new product development and innovation, integrated marketing management, and enterprise resource planning. After evaluating the merits and demerits of these solutions, the Integrated Marketing Management (IMM) system is recommended to the companies that wish to solve their decreasing Return on Marketing Investment with the help of technology. Step 1: Problem Definition "In this competitive and challenging business environment, organizations find it harder to increase their Return on Marketing Investment (ROMI) and ensure a steady growth in their sales volume and customer base." The causal factors for this major business problem include an increased competition due to Globalization, the price war between local and international industry rivals, and day by day changing customer preferences and expectations (Jobber, 2009). These factors give rise to a challenging marketing environment for businesses which requires them to use different tactics and strategies to stand out in their industry and beat their rivals with competitiveness and aggressiveness. The immediate problem is the decreasing Return on Marketing Investment (ROMI) due
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