Strategy Selection in Marketing (planning and strategy); A research based planning and strategy

Higher marketing evaluation and actual application of the theories being studied as to the given SBU (Strategic Business Units) allows the company to execute the exact strategy of the given marketing case at the right time.  Most of the discrepancies of today’s marketing strategy drives back to the right timing and execution of the marketing strategy.  Strategy formulation starts from the top level management down to the middle and lower management were in various levels of managerial level must send their feedbacks regarding the case for the purpose of creating a more flexible kind of marketing plan.

STEPS IN FORMULATING MARKETING STRATEGY:

1. Start with the present business.

2. Forecast what will happen to the environment over the planning period.

3. Modify the prediction in Step 1

4. Stop if predicted performance is fully satisfactory vis-à-vis objectives.

5. Appraise the significant strengths and weaknesses.

6. Evaluate the differences between your marketing strategies with those of your major competitors.

7. Undertake an analysis

8. Evaluate the proposed alternative strategy.

9. Stop if the alternative strategy appears satisfactory.

10. Broaden the definition of the present business.

11. Broaden the knowledge and the scope of study.

12. Be practical and lower the objectives if necessary.

With all the steps given above, measuring the right momentum in executing the plans given will consider also some gap analysis and issues to find a more thorough and recent status of the case.  Formulating a mathematical function like the simulation techniques will exactly calculate the exact timing of the execution.  Another consideration that every strategic planning research participant  to note is the identification variables.  There is a common saying with the researchers that “garbage in garbage out” of data is not an effective research result which means in this case that if the variables being tested are not in accordance to the current case setup then the error of the tested variables is higher in the overall result of the marketing research study.  Finally validity of the study must be consistent to the actual environment of the study to acquire the nearest perfect data gathering and eventually achieve the most accurate data analysis for planning.

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