Part 2 Formulation of Strategy

Formulation of Strategy

PART 2

■ Strategic intent ■ Strategy formulation ■ Targeting, positioning and brand strategy ■ Product development and innovation ■ Alliances and relationships

Part 1 examined the elements that make up a strategic analysis. This analysis is the foundation upon which strategic decisions are constructed. Part 2 explores the process involved in formulating strategy.

Chapter 7 examines the strategic intent of an organisation. The influences on an organisation’s mission and the creation of a mission statement are explored. The development of specific goals and objectives are then discussed.

Strategy is formulated to achieve the mission and objectives of an organisation. Chapter 8 explores the process of strategy formulation: competitor advantage, industry position and product/market strategies. A number of strategic models are also covered.

Chapter 9 explores the issues concerned with developing a specific competitive position, through targeting, positioning and branding strategy.

Chapter 10 examines the crucial areas of product development and innovation. Specifically product development strategy and the new product development process is discussed. The chapter then examines management methods that can facilitate innovation in an organisation.

Chapter 11 considers the increasing importance of alliances and joint ventures. Relationship marketing is also examined.

Chapter 12 examines the strategic marketing plan, and focuses on corporate and marketing planning. The analytical, behavioural and organizational aspects of planning which help to overcome the barriers to success are also discussed.