Reference no: EM132900891

Ansoff's Strategic Matrix is one of 3 commonly used tools in strategic alternatives in business. Ansonff's Matrix presents four options a business can use to maximize profits. First option is Marketing Penetration, which is a method to increases market share among existing customers by adding a service. Starbucks accomplished this by introducing a reloadable starbucks card to increase sales. 2nd Marketing development is to introduce new customers to already existing products for example simply by adding more locations to those who dont already have access. Third is Product development which is making a new product to appeal to new customers using present makets, whats hot selling. Starbuck created an instant coffee to sell to the clients who want to make their coffee at home. Fourth and final is Diversification, intoduces a new product to increase sales perferably in markets with little or no competition. For example Starbucks now has its own line of bottle water Ethos.

Question 1: Discuss process of implementing a marketing plan.