Strategic Marketing: Planning and Control, Third Edition

2 Formulating strategy

Having analysed our situation, we then determine a way forward.

Formulation involves defining strategic intent – what are our overall

goals and objectives? Managers need to formulate a marketing strat-

egy that generates competitive advantage and positions the organisa-

tion’s products effectively. To be successful, this must be based on core

competencies. During this stage, product development and innovation

are strategic activities, offering the potential to enhance competitive

position and further develop products and brands. Additionally, for-

mulation emphasises the need to form relationships with customers

14 Strategic Marketing: Planning and Control

Illustrative Example 1.2 (Continued)

Consider Figure 1.5 ‘Strategic Marketing’, how does the Fairtrade initiative correspond to the
factors listed under formulating strategy?

Competitor analysis

External

analysis

Internal

analysis

Customer

analysis

Future orientation

Implementation

Implementation Control

Formulating strategy

• Targeting


• Positioning


• Branding
  
  
  • Product
    development
  
  
  • Innovation
    
    
    • Relationships
    
    
    • Alliances
    
    
    
    
  
  
  
  

Strategic marketing plan

Figure 1.5

Strategic

marketing