Your Marketing Plan defines specific marketing objectives that you want to accomplish at the end of your journey… your endgame. Strategy is the means to get you there. The task of forming a strategy starts with looking at the company’s internal and external situation. There are five principal tasks associated with strategic management and are outlined in the book, Strategy Formulation and Implementation (ISBN 0-256-09718-6). They are:
Please note that strategy is very complex and that many internal and external events can and do impact it. We have attempted to explain some of the basics. One of the first considerations in developing your strategy is to keep it flexible, thus making it easier to react to ever-changing conditions.
It is easier to establish objectives for your company than it is to create a plan of action to support them. A good place to start is with a competitive analysis. To know the state of your target markets, whether they are dynamic or static, and what your competitors have done, and are planning to do, can greatly affect your future actions. Once the strategy is in place, the next major task is implementing it.
Some of the factors that can affect the implementation of your strategy might be-
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