Whenever there is change in your market’s conditions or in your business set-up, you will have an opportunity to review your strategic choice.
Steps which will help you to make a strategic choice for long- term growth in the prevailing market conditions:
First, you should begin by establishing your business goals.
Next, you should revisit your marketing audit and your assumptions about your market to discover whether there have been any structural changes which you can incorporate into your planning.
It is important for you to allow yourself plenty of time to do this preparation, like a tall tree will establish strong roots before it grows towards the sun. A useful guide to the importance of research in strategy development has been shared by Islay O’Hara PR , you can read her advice from her perspective as a communications specialist HERE.
Islay’s emphasis on the need to understand your stake-holders alongside your customer-base is critical for your marketing strategy, too.
A grasp on those fundamental roots will guide your strategic choice, so that you’ll know which is the best way for your business to grow.
It will require the use of valuable Marketing tools from your tool-shed as I’ve described in my Business Resilience series HERE.
I specifically recommend that you will do well to update your analyses using two well-established models: PEST and SWOT.
Furthermore, if you add these insights to your competitor analysis, you will have sufficient information to make a strategic choice from the 3 main strategic options:
- Development(market/product)
- Differentiation
- Cost-leadership.