thefunnel

Marketing plans sometimes mix up the differences between mission, vision, goal, objective, strategy, strategic intent and tactics. Strategy in particular seems to be problematic.
In its simplest form, a strategy articulates how you’ll achieve your objectives and how your distinct tactics are connected. So for example if your objectives (SMART) are to lose your weight by 10 pounds and run a marathon by September 1^st, your core strategies might be exercise and diet. Simple enough, but it doesn’t really give you enough details to understand if the chosen strategies are even realistic (suitable, acceptable, feasible) to begin with, and exactly how you’ll go about implementing these. Therefore, instead of thinking of strategy as a “fixed thing”, it should be thought as more like a process. If we accept that strategy is a process then we can identify the following phases of a good strategy. Research, segmentation, targeting, competitive analysis, positioning, goal setting, strategy selection, communication of goals, agreement on implementation, performance monitoring, gap analysis, alternative strategies selection, actions and strategy revision. Tightly connected to strategies are core competencies and critical success factors (CSF). Core competencies can be understood as the competencies available in support of a chosen strategy and the CSF’s are the critical few competencies that must be in place to even have a chance for success. There are many types of strategies but in current literature sources it’s often quoted that the key to a successful marketing strategy is focusing, positioning and differentiation, with the objective of focusing organization resources on the opportunities providing the greatest return. The key to a great marketing strategy is often innovation. The more innovative your strategy is, the better the chances are that it will provide you with a short or longer term competitive advantage.