Strategic Marketing Planning : Operations And Management Teams Focus On Coming Up With And Implementing Practical Marketing Essay

2075 WordsDec 14, 20169 Pages
MBA 505E, Strategic Marketing Course Content Feedback Questions Fall Semester 2016 QUESTIONS 1 In strategic marketing planning, operations and management teams focus on coming up with and implementing practical marketing strategies that can assure a steady flow of business for the organization. In order to do this, these teams determine the primary objectives of the organization and what methods / resources are necessary to put to action to achieve these objectives. A key part of strategic planning in marketing is finding attractive opportunities. The four basic alternatives are seen in the following bullets including a brief description / examples of each one in the sub-bullet. • Market penetration o This is the attempt to increase sales of current products in present markets. Some strategies to penetrate markets include: more aggressive marketing, increasing service to improve renewal rates, or attracting competitor customers directly. o Example: selling more Ben & Jerry’s super-premium ice cream to Americans • Market development o This is the effort to increase sales by selling current products into new markets. Firms may advertise to reach new target customers within a geographic region, or look to international markets for expansion o Selling Ben & Jerr’s super-premium ice cream to Brazilians for the first time • Product development o This refers to offering new or improved products to present markets. By working closely with your customers, you may find new

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