Competing on the Edge

2046 WordsJul 14, 20189 Pages
Introduction Due to immense technological advancements and globalization of businesses all over the world, everything seems to change dramatically including marketing planning function within a company. These two factors among others have forced companies to adopt more flexible marketing strategies in order for them to gain a competitive advantage. Zinkhan & Pereira (1994) note that marketing planning is a sub-set of strategic planning within a company is integral to the success or failure of the company. Some marketing scholars and researchers alike argue that today’s marketing strategies should be purposely planned and executed for a company to develop a clear direction of where it wants to go, and how best to go there, notes De Wit…show more content…
The company by creating a new market becomes ahead of change and becomes the pacesetter of the rules of the marketing game. The company sets the rhythm and pace of a particular change within a given operating market. Successful marketing managers are the ones who are adept at and are proficient in managing change by reacting when necessary, anticipating wherever possible, and leading change when the circumstances are right. Given this strategic challenge, an approach of competing on the edge makes sense. Competing on the edge is utilized in the realization by managers that the marketplace is in constant flux. Opportunities emerge and close. They will shrink as new entrants enter the markets and split due to factors such as market segmentation and product differentiation. The objectives of applying the competing on the edge approach to strategy formulation are not efficiency or optimality in the usual sense, but rather being able to adapt to current changes and evolve over time. It enables the company to be resilient in the face of challenges and identify the perpetually changing sources competitive advantage. Ultimately, it means engaging in continual reinvention. During times of turbulence in the marketing arena, the effectiveness of utilizing marketing planning to weather the storm is minimized. According to Greenley, Hooley & Saunders (2002) notes that traditional marketing planning theory fails to provide any processes
Open Document