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Strategy Research
Sound marketing strategy is fundamental to business success. 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 strategy pathways to the future. Each pathway evolves into a
strategy concept. The most important methods at this stage are:
- Depth Motivational
Research. The purpose of this 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.
Segmentation analysis is usually conducted as a preliminary step in strategy
development, to help identify optimal target market segments from several
perspectives: demography, lifestyle, 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 about how to attack these segments.
- Conjoint Analysis.
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. 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.
Additional Resources from Decision Analyst
If you would like more information on Strategy Research, please
contact
Jerry W. Thomas
by email or call
1.800.ANALYSIS (262.5974).
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