Earlier in the week, one of my colleagues highlighted the point that a market crash could occur sometime this year based on the uncertainty surrounding the US Presidential election and the headwinds facing some of Europe’s largest financial institutions.

If this was to occur, it is likely the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) would give back most of the 8.5% gains it has delivered over the last 12 months.

While the prospect of this would make most investors pretty nervous, it is important to realise that market crashes are a normal part of investing in the share market.

In fact, short term crashes can sometimes be a good thing as they provide investors with the opportunity to buy high-quality shares at cheaper prices.

It is important, therefore, that investors think about the shares they might like to buy should a market crash occur, as “being ready to act decisively is key to maximising your investment opportunities“.

With that in mind, here are three shares that investors might want to consider at cheaper prices:

Aristocrat Leisure Limited (ASX: ALL)

Despite intense competition in the gaming machine sector, Aristocrat has been able to grow its market share in a number of key markets thanks to smart acquisitions and strong organic growth. The company’s strong performance has been reflected in a massive surge in the share price over the past five years and the shares looks fully priced at the moment, trading on a price-to-earnings ratio of around 28. I would love to own part of the company, but only at much cheaper prices.

Star Entertainment Group Ltd (ASX: SGR)

Star Entertainment’s shares are trading at all-time highs on the back of a strong full year result and a positive outlook driven by the expectation that tourists from Asia will continue to stream into its properties. There is no doubt that the company possesses some attractive qualities, including operating in a fairly defensive industry, but shares are currently trading on an earnings multiple that I believe has these factors already priced in.

Corporate Travel Management Ltd (ASX: CTD)

Corporate Travel is one of my favourite shares on the ASX, but with the shares currently trading on a multiple of 38x, it appears it is also the favourite of many others. This is not surprising when you consider the extraordinary earnings growth the company has generated, combined with the enormous potential for further growth through acquisitions and expansion into new geographic regions.

Are you looking for three more blue-chip shares to buy if a market crash occurs?

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Motley Fool contributor Christopher Georges has no position in any stocks mentioned. The Motley Fool Australia owns shares of Corporate Travel Management Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.