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Opportunity is a favorable condition in the environment. It enables marketing to consolidate and strengthen its position. It is an important factor in shaping market strategy. Good marketing is the art of finding, developing and profiting from opportunities.
Opportunity is located in the external environment. External environment consists of conditions and forces outside the marketing. They influence performance and outcomes of marketing. The forces are political, legal, economic, social, cultural, and technological. They cannot be controlled by marketing1. However, marketers need to spot opportunities in these forces.
Market is the source of opportunity. Marketing managers must understand market opportunities. They are determined :

a) Target Market: the market is divided into segments consisting of homogeneous groups of customers who share similar needs and characteristics. Attractive segments are chosen as target market after careful evaluation. They are potential buyers of company’s products.

b) Market Requirements: they are needs that customers want fulfilled by using the product. They can be functional, service and emotional benefits. Functional benefits are derived from features, advantages, and benefits from product. Service benefits are derived by support services offered along with the product. Emotional benefit is derived by ownership and use of brand.

c) Market Development: It is done through market promotion programmes. The buyers are made aware about the product and its benefits. Competition also helps to bring awareness about product among buyers. The brand is effectively positioned.

d) Market Size: It refers to the amount of sales volume. It is number of customer multiplied by quantity of purchase during a specified period.