Lesson 7: Strategic Marketing Decisions, Choices and Mistakes
In today’s turbulent environment marketers must play new strategic roles in addition to their conventional roles of creating demand, promoting sales, and earning customers’ loyalty.
They must be
- strategists allocate resources to support company goals and priorities,
- technologists capitalizing on the useful sophisticated technology, and
- scientists experimenting for the future of their business
Strategic choice involves understanding the bases and directions that guide the organization’s future strategy, generating various strategic options and alternatives, and choosing from them the most appropriate ones for the organization. Drawing upon the conclusion of strategic analysis stage, managers will have to identify and assess the alternative ways in which their organization can use its strengths to capitalize on opportunities or minimize threats, and invest in available opportunities to overcome its weaknesses. The key task is to generate a well-justified set of strategic decisions and choose the ones that will contribute to the achievement of the corporate strategic goals and objectives.