How is the functional area of marketing important to the four phases of strategic management?
The four phases of strategic management are well known yet are called by several different labels by different sectors and individuals. Essentially, the most common labels for the four phases are one or a combination of the following labeling schemes
- Basic Financial Planning
Externally Oriented Planning
- Defining objectives.
Formulation of strategies.
Implementation of strategies.
Evaluation of strategies.
All these have in common the ideas of initial planning followed by initial methodology selection for the phase of implementing the plans, with evaluation and reconsideration coming as the final action.
The functional area of marketing is critical in the second and third phases of methodology selection which may be called "forecast-based planning" "Implementation" or "Formulation of strategies."
Marketing research generated by the functional area of the marketing team or department will form the backbone of this second phase.