Important of Strategy Development

Operational effectiveness is performing similar activities better than competitors, while strategy requires us to perform different activities from competitors or performing similar activities in different ways.

Strategic Orientation

Defined as

HOW AN ORGANISATION USES STRATEGY TO ADAPT AND/OR 

CHANGE ASPECTS OF ITS ENVIRONMENT FOR A MORE FAVOURABLE ALIGNMENT"

Market Orientation and Marketing Orientation

Market orientation is different from marketing orientation. If you can recall, marketing orientation is when an organisation puts its total focus on the customer, and where the delivery of customer satisfaction at a profit, is their primary motivation.

On the other hand, a market-oriented organisation is much more than just acknowledging the importance of customers as a key driver to deliver superior customer value.

More than that, it encourages the methodical collection and sharing of market information from customers, competitors and other stakeholders, in order for the organisation to interpret and devise appropriate responses to changing conditions.

This serves the purpose of promoting an organisation-wide priority that allows identifying and exploiting of opportunities as well as neutralising threats in the marketplace.

In other words, market orientation captures an organisation’s ability to anticipate, react to, and capitalise on changes that are bound to occur in the fast-moving marketplace.

Just as you now know that market orientation is concerned with organisation-wide issues, marketing orientation reflects a functional focus. We can add that marketing orientation as a philosophy extends beyond the marketing function in an organisation. 

Marketing Strategy Process

1. Designing marketing strategy
2. Marketing program development
3. Implementing and managing marketing strategy
4. Strategic situation analysis

The single most important factor for a successful marketing strategy is a clear understanding of who your customers are and what their needs are. It is your ability to satisfy these customers’ needs better than your competitors that can help you build customer loyalty and increase your sales.

3 strategies

three competitors with three different marketing strategies in the tyre market:

1. Goodyear chose a strategy of mass volume, and adopting low cost market leadership.
2. Michelin chose a product development strategy and invested in new technology and research and development to develop the radial tyre. This eventually redefined customer needs and made the cross-ply tyre obsolete.
3. Armstrong Rubber adopted a third strategy: exploring specialist application by focusing on special tyres for agricultural, aviation and civil engineering market segments.

Component of Strategy

1. Synergy
2. Scope
3. Goals & Objectives
4. Resource Deployment
5. Sustainable Competitive Advantage

A Strategy

a strategy 

is a roadmap that directs the organisation towards the attainment of its long-term goals and objectives.

KEBENARAN

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