Question

1. Define strategic planning. How is strategic planning different for international marketing than domestic marketing?

2. Discuss the benefits to an MNC of accepting the global market concept. Explain three points that define a global approach to international marketing.

3. Discuss the effect of shorter product life cycles on a company’s planning process.

4. What is the importance of collaborative relationships to competition?

Answer 1

Strategic planning involves setting up the right directions and road map and use of its various resources at right place and time, to achieve the organizational goal and vision. Strategy Planning is very crucial to international and domestic marketing, setting the right direction and plan.

Strategic planning considers a lot of factor when it comes to marketing. While operating in domestic market, the organization needs to consider the local demographic factor, culture, People choices and preferences, local competitors etc. Likewise there has to be a different strategic planning for marketing of products of the organization in international perspective as the consumers’ preference, culture, choices, economics etc. will change in different countries. Thus strategic planning in terms of marketing at domestic and international level will change significantly.