The research is to develop as well as propose a framework that will help in conceptualizing a marketing strategy model (MSM) in conjunction with integrative science. To accomplish this, three aspects were analyzed, that is analyzing an extant strategy and a marketing theory which are as well integrated with managerial mental models from strategic planning, multi-componential representation of (MSM) as well as looking incremental planning models. Finally laying a rigorous empirical analysis of data from two hundred and two marketing mix decisions.
As per the article, the research theory for marketing strategy making follows a quotes from Dwight that says “plans are nothing but planning is everything.”
A methodology of data collection adopted in this research was a sampling of one thousand five hundred and sixty-nine senior executives of SBUs that come from Fortune one thousand companies. The article records that the respondents were asked to make reference to the recent development and formulation of marketing strategy. In choosing the marketing strategy, the respondents were not to choose those that were very recent and their performance as well as evaluation being premature and that the market strategy chosen was not to be late enough making its components fuzzy.
The hypotheses of the research postulated that to arrive at the best marketing strategy making, then the best approach is that by managers should lay analysis on factor score as opposed to unweighted linear composites hence the application of regression analysis. In addition, to make a perfect market strategy, one should consider the creativity of the strategy to the organization, thoroughly learn and understand the organization and finally analyze the market performance.
To draw a meaningful conclusion of the marketing strategy, a questionnaire was adopted as a major instrument. Under this, the researcher on analyzing an antecedent construct, they developed a four-item scale to reflect on the Dewar and Werbel definitions of centralization as far as the concentration of decision is concerned. On the other hand, the MSM components were considered through a four-item scale through a systematic SWOT analysis in the process of strategy formulation.
The researcher obtained their sample from senior executives of SBUs from the one thousand Fortune companies and their number added up to one thousand five hundred and sixty-nine. To represent a larger majority, the research focused on the senior managers since it is believed that for any marketing strategy in an organization, it’s the managers that develop and implement them.
From the research on the effective marketing strategy model to be adopted, the research found out that, on explanatory factor analysis, the original assessment of the assignment of forty-three of fifty items was appropriate. On the other hand, the overall fit of the confirmatory analysis of fifty items was disappointing. This was because a scrutiny is established that the normalized residual presented a similar pattern to that of cross-loading in the exploratory. This led to seven problems being deleted
From the findings, the article established that senior managers for any organization would provide reliable data as well as data which is valid. This implies that the mandate of managers involves a market strategy making and in doing so, they have to plan the resources available as well as have the market trends in consideration. This will bring ease in marketing strategy making in an organization that is profit conscious.
Future research should be done on innovative culture as this will express ideas on how to create the best marketing strategy making process. This will be done through a thorough study of antecedents and consequences as far as innovative marketing culture is concerned
Menon, A., Bharadwaj, S. G., Adidam, P. T., & Edison, S. W. (1999). Antecedents and consequences of marketing strategy making: a model and a test. The Journal of Marketing, 18-40.