Marketing strategy is a process that can allow an organisation to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
You can have all the talent and ambitions you need but without clear strategy the ambition will not be fulfilled.
Expert communicator and former Director of Communications to Prime Minister Tony Blair, Alastair Campbell explains thatthe simplest way to view strategy is to consider three letters:
O for Objective.
S for Strategy.
T for Tactics.
If your business does not have a clear objective, you have no definition of being successful. If your business does not have a clear strategy, you have no chance of being successful. If all you have is tactics, you have no right to success.
Therefore the essence of strategy is what Michael Porter says is choosing 'what not to do.'
Today, no business can afford to be indifferent to the challenge of strategy in the work of creating the future.
Planning and strategy may have been optional in the past, but it's pretty much the whole game today.