Strategic Marketing

To explore more about Strategic Marketing just click on http://jayantonstgmkt.blogspot.in/

CONCEPT OF STRATEGY AND STRATEGIC MANAGEMENT

Strategy, a word of military origin, refers to a plan of action designed to achieve a particular goal. In military usage strategy is distinct from tactics, which are concerned with the conduct of an engagement, while strategy is concerned with how different engagements are linked. How a battle is fought is a matter of tactics: the terms and conditions that it is fought on and whether it should be fought at all is a matter of strategy, which is part of the four levels of warfare: political goals or grand strategy, strategy, operations, and tactics.

Building on the work of many thinkers on the subject, one can define strategy as a “fundamental pattern of present and planned objectives, resource deployment, and interactions of an organization with markets, competitors, and other environmental factors.” The word strategy first became a popular business buzzword during the 1960s. It is suggested that a strategy specify:

(1) what (objectives to be accomplished),

(2) where (on which industries and product markets to focus), and

(3) how (which resources and activities to allocate to each product-market to meet environmental opportunities and threats and to gain competitive advantage).

Strategic management as a discipline originated in the 1950s and 60s. Although there were numerous early contributors to the literature, the most influential pioneers were Alfred D. Chandler, Philip Selznick, Igor Ansoff, and Peter Drucker.

To explore more about Strategic Marketing just click on the link http://jayantonstgmkt.blogspot.in/ 

The following definition however, captures the essence of the term Strategic Management:

“Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment.”

Any organization needs strategy in the following constraints:

a.       When the resources are finite.

b.      When there is uncertainty about competitive strengths and behavior.

c.       When the commitment of resources is irreversible.

d.      When decisions must be coordinated between far-flung places and over time.

e.       When there is uncertainty about the control of initiative.

To explore more about Strategic Marketing just click on the link http://jayantonstgmkt.blogspot.in/