Strategy formulation is the broadest, longest-term marketing activity.
Formulation of marketing strategy
Strategy formulation is the
broadest, longest-term marketing activity. At this stage, complex and subtle
integration with other corporate functions is required. All of the functional
strategies must fit together into a business strategy. Because marketing deals
with customers and the competitive environment, it is an early part of the
total strategy formulation process. When done well, it is impossible to
separate the marketing strategy from the corporate strategy. The two meld into
a unified whole.
The strategic process is one of
working with market dynamics (a particular segment or selection of the market)
to achieve a solid positioning of the product/service offering that contains a
clear ‘benefit promise’ to the consumer which is differentiable from the offers
of the competition and which thus positions the firm well for potential
competitive responses to its actions.
For instance, a going company may choose strategies like diversification
or expansion to achieve growth. It implies that marketers go either for product
development or market development strategies.
Tags : MARKETING MANAGEMENT - Marketing Process
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