Marketing strategy is one of the most valuable aspects of the company’s activities. This is because the correct construction of this functioning component provides the organization with the opportunity to gain the best outcomes and competitive advantage. To obtain correctly deliver solid marketing results, it is necessary to create and control techniques for the organization’s marketing strategies. Therefore, managers’ main task becomes defining metrics for achieving effective results and developing practices for identifying problems in marketing strategy.
To create the most effective system of marketing metrics for delivering expected results, managers need to take several necessary steps. The first is the correct determination of the goal, which will be adequate, relevant, and feasible. This is important since the rest of the actions and the choice of metrics depend on a suitably defined aim. To do this, it is necessary to use data from various sources and analysis of the company itself (Walker & Mullins, 2013). Further, managers need to define tools to track the productivity of the selected metric and strategy, which must necessarily align with the goal.
When implementing a marketing strategy, problems may arise that may result from its inefficiency. In this case, managers should create practices to respond to these issues promptly. The best practice may be using lean management, which focuses on limiting various kinds of losses. Using the example of Toyota, it can be seen that “senior executives who are considering lean management should start by recognizing that they will need to be comfortable giving up control” (Sturdevant, 2014, p. 109). This action will significantly improve the process of solving the company’s problems and the involvement of all employees.
In conclusion, a marketing strategy implies a set of measures that must be taken to obtain the most effective results. Company managers should carefully study various metrics and determine how to measure the chosen approach’s performance to obtain the expected outcomes of the activity. Lean management becomes a better practice that should be implemented for a faster response to problems and to limit their occurrence.
References
Sturdevant, D. (2014). (Still) learning from Toyota. Mckinsey & quarterly, (2), 106-111.
Walker, O. & Mullins, J. (2013). Marketing strategy: A decision-focused approach (8th ed.). McGraw Hill.