Application: Strategic Direction
Good strategy is a framework of ideas, developed by the leadership, which sets a course that the leadership wants for the firm by creating a common purpose. It involves making decisions about direction, communicating those decisions, and allocating the resources to go in that direction. The firm’s marketing strategy should be a component of its overall strategy and, as such, become a touchstone for all decisions throughout the organization about its approach to market. It might address: new market entry, repositioning of a brand, international expansion, or customer retention strategies.
All firms, even when no strategy is explicitly developed or communicated, must take a direction. However, if that direction is a rudderless drift, or if it flies in the face of market realities, or if it is not communicated throughout the firm, the health of the business is likely to be damaged. The leadership of the firm has, therefore, a duty of care to create clear, market-conscious, achievable strategic direction.
Whatever the size and shape of the firm, marketers need to take time to think of the future health of their business and how they go to market. They need to focus on the strategic imperatives relevant at any one time and allocate resources appropriately to chart the next steps of the firm. This should be done in a style ...