Most organisations today accept the necessity for some form of formalised strategic marketing planning to add some realism to the company’s hopes for the future. However, it is difficult to plan
correctly, so, many companies simply apply sales forecasting and budgeting systems which only goes to prove –
‘ Any fool can write their own sales forecasts’
All too often though they bear no relationship to the real opportunities and threats being posed by the organisation’s environment. Apart from this, there are other reasons why you should plan.
Strategy - What is it?
‘ A strategy is a fundamental pattern of present and planned objectives, resource deployments and interactions of an organisation with markets, competitors and other environmental factors.’
A strategy should specify:
Formulating Marketing Strategies
1. Competitive Advantage
2. Industry Position
3. Strategic Position