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Strategy Formulation

STRATEGY FORMULATION 4

StrategyFormulation

StrategyFormulation

Thesuccess of a retail business organization is based on theimplementation of a strategy that makes it marketing functioncompetitive and sustainable. When implementing a business strategy, aretail organization should consider aspects of business environmentat three levels corporate level strategy, marketing strategy andbusiness-level strategy (Walker &amp Mullins, 2010). These threelevels are important to consider for the business to implementstrategies at all the three positions. According to Walker andMullins (2010), a retail business organization should consider thescope of the strategy that will be incorporated as an element ofmarketing. This is because a retail business has a limitation of themarket it targets and should consider the end scope of the impact ofits strategy in terms of customers and location (Peter &ampDonnelly, 2006).

Equallyimportant a business should consider the goals and objectives of eachand every strategy that it adapts to. Peter and Donnelly (2006) arguethat goals and objectives will direct the organization to the desiredend results of the strategy used for the business. In addition, goalsand objectives will act as tools for evaluating the success of thestrategy by using them as benchmarks to compare the results with. Inaddition, the business should consider the element of resourcedeployments to understand the input side of the strategy. Walker andMullins (2010) argue that this will help so as to determine theamount of resources required for the implementation of the strategy.

Moreover,a business should identify of a sustainable competitive advantage asa primary element of a strategy in order to keep its business modelunique. Peter and Donnelly (2006) argue that such an advantage willshape the uniqueness and success of the organization’s marketingplans over the rivals. Finally, the organization should involvesynergy as an element of gaining advantage of partnerships, teamworkand economies of scale (Walker &amp Mullins, 2010).

References

Peter,P., &amp Donnelly, J. (2006). Marketingmanagement,10th Edition, New York, NY: Mc

Graw-Hill.

Walker,J., &amp Mullins, O. (2010). Marketingstrategy: A decision focused approach,7th Edition.

NewYork, NY: McGraw-Hill.