Class Notes (839,471)
Canada (511,354)
Marketing (154)
MKT 2210 (46)
Lecture

marketing 5.docx

2 Pages
103 Views

Department
Marketing
Course Code
MKT 2210
Professor
Subbu Sivaramakrishnan

This preview shows 80% of the first page. Sign up to view the full 2 pages of the document.
Description
market-product analysis market penetration is increasing sales of present products in their existing markets. there is no change in the product line, but increased sales to present markets are possible through actions like better advertising, more retail outlets, or lower prices. for market development, there is no change in the product itself but distribution is expanded through reaching new target markets such as foreign countries. product development involves selling a new product to existing markets. there is a change in the product itself but it is sold to existing markets. diversification involves developing new products and selling them in new markets. this is a potentially high-risk strategy because new actions are required for both markets and products. related diveresification is when the new product has something in common with the existing line. in unrelated diversification the new and existing lines have little in common. the strategic marketing process. after the organization assesses where it is at and where it wants to go, other questions emerge: 1. how do we allocate our resources to get where we want to go? 2. how do we convert our plan to actions? 3. how do our results compare with our plans, and do deviations require new plans? the strategic marketing process involves an organization allocating its marketing mix resources to reach its target markets. this process is divided into three phases: planning, implementation, and control. the strategic marketing process is usually formalized in a marketing plan, which is a road map for the marketing activities of an organization for a specified future period of time, such as one year or five years. marketing newsnet growing by using multiple market-product strategies - most firms employ multiple growth paths - single strategies may eventually lead to stalled growth - heinz baby foods…with 90% of the market cannot increase penetration. it develops new products in order to grow it’s business - stratus vineyards uses market penetration in canada, market development in the u.s., and product development (such as ice wines). A. strategic marketing process: the planning phase 1. step 1: situation (swot) analysis a. the situation analysis involves taking stock of where the firm or
More Less
Unlock Document

Only 80% of the first page are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit