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Strategy Research
Sound strategy is fundamental to business success. Strategy is the concentration
of force or the focusing of effort. Strategy is the “fitting” of
a company’s product or service to the needs and demands of its markets.
Strategy is the mechanism by which the major marketing variables (advertising,
product, promotion, etc.) are integrated and energized. While strategy development
is a complex issue and many different research techniques can be used, we tend
to favor a multiphased approach.
Strategy Concept Development
This is the first step in the strategy development process, usually involving
a combination of qualitative and quantitative methods. The goal is to develop
an understanding of where the brand or company is (i.e., the starting point)
and to identify strategic pathways to the future. Each pathway evolves into
a strategy concept. The most important methods at this stage are:
- Qualitative Research. The purpose of qualitative research is to identify the overt and covert influences and motivations at
work in the industry, the trade, senior management, and in the minds of the target audience. The goal is to help define strategy alternatives and possibilities.
- Market Segmentation. Targeting a segment of the
market can be a powerful strategy. Market segmentation is the process of identifying
and targeting groups of individuals who are similar to one another. It’s
the concentration of marketing effort to dominate a market niche. Successful
segmentation depends on understanding what consumers need, how groups of consumers
differ from one another, and how consumers decide among products. Segmentation
analysis is usually conducted as a preliminary step in strategy development,
to help identify optimal target-market segments from several perspectives:
demography, geography, lifestyles, values, perceptions, and attitudes. Additionally,
the analysis examines market structures and brand images. Factor analysis,
cluster analysis, and other multivariate statistical techniques are important
parts of the analysis. Market segmentation analysis helps define worthwhile
market segments and generates strategy hypotheses.
- Choice Modeling. This multivariate technique allows us to implicitly infer the potential appeal of many different strategy components.
It is valuable as a way to help identify feasible strategy possibilities (or concepts) during the early stages of strategy development efforts. Choice
modeling or conjoint analysis can be especially valuable in product strategy development.
- Competitive Benchmarking. This is an integral part of the strategy development process. Understanding competitive strengths
and weaknesses is fundamental to the development of sound strategy alternatives.
Strategy Concept Evaluation
Based upon the qualitative work, multivariate analyses, and the judgment of senior management, a number of strategy concepts are developed. These are then
tested, using standard concept-testing techniques.
Strategy Optimization
The winning strategy is then evolved from a simple strategy into a more involved plan, by subsequent testing of refinements and enhancements to the basic strategy,
as well as mutual planning sessions with senior executives in the client company.
Strategy Monitoring
Once a strategy enters the implementation phase, it is important to track the unfolding of that strategy as it affects customers, the trade, and (sometimes)
employees. Also, strategy has a tendency to wobble off course over time, another reason for long-term strategy monitoring. The strategy-monitoring system is
custom-designed for the individual company and its industry. It is usually based upon periodic telephone or Internet surveys among the key audiences.
Strategy Research Services
For more information on Strategy Research, please contact Jerry W. Thomas by emailing jthomas@decisionanalyst.com
or calling 1-800-ANALYSIS (262-5974) or 1-817-640-6166.
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