Marketing Questions

Please address the strategic planning process as we discussed. In your discussions of strategic market planning, provide your opinion of the most important element and why? (10 pts) From our discussion in class I learned that the strategic planning process is the process that clearly defines objectives of an organization and assess both internal and external allocations to first formulate a strategy, second implement the strategy, third examine the strategy and finally make adjustments if necessary. For this process to be successful, it must present an allocation of resources, courses of action and an objective plan and in my opinion the most important is to formulate a strategy. Once a strategy is formulated and the primary objectives are determined then one is able to take the next step in achieving their plan. Formulating a strategy however, requires knowledge in “Product- Market Growth Matrix” which are: Marketing Penetration, Market Development, Product Development, and Diversification. Marketing Penetration is the ability to gain competitors, convince current clients to keep using your product and attract non-users of your product to maintain competitive in the market. Market Development is the ability to recognize whether your product needs to be reintroduced or modified to satisfy existing clients, non-user clients and/or competitor clients. Product Development is the ability to create products that consists of a new or a different approach that will offer new or additional benefits to clients. Lastly, Diversification is the strategy to increase profit revenue through greater sales volumes obtained from new or different products.

Discuss the three unique types of marketing research methods and the association with the decision making process. (10 pts) There are three Marketing research methods, these methods are: Exploratory, Conclusive and Performance Monitoring. Exploratory research method is a type of research that depends on secondary research and...