Formulating Business Strategy



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:

  • What is to be accomplished? (i.e. objectives)
  • Where to focus our efforts? (i.e. products-markets)
  • How to gain competitive advantage? (i.e. allocation of resources/activities to each product-market in order to meet environmental opportunities and threats)

Formulating Marketing Strategies

1. Competitive Advantage

  • Generic Strategies
  • Sources of Competitive Advantage
  • Experience Curve

2. Industry Position

  • Market Position
  • Offensive and Defensive Strategies

3. Strategic Position

  • Ansoff’s Growth Matrix
  • PIMS (Profit Impact of Market Strategy )
  • Product Life Cycle (PLC)

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