No hard and fast rule in strategic management
By Zion Rufus
The first rule business marketers and entrepreneurs need to consider is that there are no templates when it comes to the process of selecting and implementing a business strategy, as ‘different businesses require different strategic thinking’.
Although experts have stated that marketing has ‘no rules and no definition’, there are, however, principles that provide effective guidance to marketers who wish to implement successful marketing campaigns as they understand that not everyone is a likely prospect for their products or services.
And when it comes to planning and strategizing, Temitope Orilua believes “every business should keep on doing what works for them while looking for new alternatives and genius ways to reach their customers.”
The Eagle Predict boss who made this remark while speaking on the continued relevance of organic marketing in 2023, revealed: “We all have a marketing mix we use and the rule of thumb is to focus on what works and figure out what doesn’t work while being clear on your objectives.”
Before a company can successfully position and manage itself strategically, it first needs to precisely define its objectives, identify its potential resources, and devise specific plans toward achieving its goals.
For example, in a July 1978 issue, Harvard Business Review discussed how pure service businesses are different from product-oriented businesses and why they require different strategic thinking.
In product-oriented businesses, the physical reality of the product provides a simple but powerful base on which to build a business description. Meanwhile, the question is far more difficult for service-oriented businesses to answer because services are more abstract than products.
At the end of the day, businesses should note that different marketing strategies, segmentation, and positioning work for different products with different target markets.
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