Dynamic Development of Marketing Management Strategies and Article

Dynamic Development of Marketing Management Strategies and Organizational Performance - Article Example The strategy is simply a choice. Prosperity is linked not only with profitability but also the long term growth. It's like steering a ship in the ocean with the danger that pirates may take over, or it might become the victim of the deadly waves. The ship here refers to the company itself and the challenged here include the competitors, the environment etc. Thus, there is a strong need for the managers to make a strategy that works as an action plan to achieve the aimed objectives. The objectives may be both financial such as higher revenues, lower costs, high profits and non-financial just to be the top in the industry, largest market share, or to place the product in the top minds of the customers. Thus, the need arises to have a blueprint that tells how to go about it Companies need to diverse, differentiate, integrate backward or forwards, and manage business portfolio balanced. The managers need to do planning, develop a vision, has to set their mission, develop long term plans and these all are further divided into different objectives and goals. But it is important that the strategy is to be consistent with the organizational goals and policies, it should be flexible enough to respond to the faster-changing environment in which it is operating, and it should add value to the organization and become a source of advantage over its competitors, and lastly, it should be feasible and practical enough to get through. Strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives (David F.R., Strategic Management). The process of strategic management involves three stages, viz. formulation of a strategy, implementing a strategy and lastly, evaluating the strategy. Since organizations have limited resources thus they need to choose from amongst the alternatives available. Setting a strategy starts with developing a strategic vision so as to provide long term direction, and provide a purpose to the organization. The strategic vision is then converted into specific performance objectives for the company to achieve. And then forming strategies to achieve the desired outcomes that have been developed in the form of objectives. This all was the planning portion of the process; no strategy is useful until it is implemented and executed effectively and efficiently. In the end, the eval uation stage begins which requires comparing actual i.e. the reality with the planned.