When Your Business Needs a Strategy
04.25.2016 / Posted in Articles, Strategy
When FrogDog first meets their clients, they discuss their business’s list of challenges and goals but are sometimes unsure of how to get there. FrogDog always starts with a strategy. Why? Because businesses need that road map to help the company achieve their goals.
What is a strategy?
A strategy is the major goals, purposes, and fundamental policies and plans needed to achieve the objectives outlined during the planning process. In this article, we will explain the concept of strategy, when you need a strategy, and what the strategy evaluates.
A strategy is the arrangement of major objectives, purposes, and fundamental policies and plans used to achieve the goals outlined during the planning process. A strategy can define what business the company is in, or hopes to be in. It also looks as the kind of company it is, or hopes to be. You can read our other article on the value of marketing strategy here.
When do you need a strategy?
You need a strategy when:
- Resources are limited
- There is uncertainty in positioning your business against its competitors
- Business decisions need to be coordinated
- There is uncertainty about an initiative
Strategy provides a unified set of guidelines to which all members of the organization can relate. When you do not have a strategy, decisions are based on instinct, or subjective reasons.
Input from multiple divisions is key
Each area of the business makes its own unique contribution to strategy development at different levels. For example, the marketing team tends to have the best relationship with the external environment which includes customers, product position, competitors, and the target audience. Therefore, it is imperative that marketing plays a strong role in strategy development.
From a strategic perspective, marketers need to establish a relationship between the firm and the external environment. They evaluate:
- What industry the organization is in (or should be in)
- What opportunities exist for expansion
- How the firm can be successful in a competitive environment
- What the price, product, and distribution should be
When FrogDog develops a strategy, we look at ways to influence the behaviors of competitors and audiences to the benefit of our clients. This is done by continually monitoring the environment, assessing any changes that occur, and formulating new strategies to address those changes.
FrogDog focuses on defining goals clearly, developing rational and effective plans, and implementing those initiatives.
If you need help with your planning and strategy development, contact FrogDog for a free consultation.
Image courtesy of FreeDigitalPhotos.net/ddpavumba