BSBMKG603 1

Provide answers to all of the questions below:

 
1.     Explain three common strategic marketing objectives
 Increase sales
 Build brand awareness
 Grow market share
 Launch new products or services
 Target new customers
 Enter new markets internationally or locally
 Improve stakeholder relations
 Enhance customer relationships
 Improve internal communications
 Increase profit
 
2.     Explain the innovation/value matrix and its application to strategic marketing. 
 
Innovation matrix is: The Innovation Matrix – A tool to define the Innovation Strategy
that best fits your company.Innovation is arguably the most important means of
staying competitive in the marketplace. One way to keep that competitive advantage
is to protect the intellectual property behind these innovations so as to prevent
competitors from using them.
 
 
This matrix Is used to analyse an organisation’s strategic business units or products
to establish whether they are settlers, migrators or pioneers to ensure that the
organisation has a spread of business areas.
 
3.     Explain how portfolio analysis can be applied to strategic marketing. 
 An analysis of elements of a company's product mix to determine the optimum
allocation of its resources. Two most common measures used in a portfolio analysis
are market growth rate and relative market share. Portfolio analysis is a method of
evaluating the effectiveness and value of various units in a company’s portfolio. It is
a strategic tool that informs decisions such as resource allocation across business
units or product lines, and whether you should invest more in, divest, or maintain
certain units as they are. 
Portfolio analysis in strategic management allows to answer key questions how to
shape the present and future business portfolio (of product or services) in order to
reduce the risk of functioning in a changing environment, and increase the effects of
the implemented strategy.
They reflect the organization’s current performance and identify strengths on which
the marketing strategy can be built, or weaknesses that the strategy is required to
overcome.  There are a number of portfolio analysis models including the BCG
growth share matrix.