Changes in Marketing Strategy
No marketing strategy is intended to be unchangeable or evergreen. In fact, marketers recognize that each element of the strategy reflects current circumstances that are almost certain to evolve over time. Among the circumstances most likely to trigger strategic change are new characteristics of the target market, technological advances, competition and a change in the organization's mission.
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Target Market
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At the core of every marketing strategy is a definition of who is most likely to choose the firm's product over competitive brands. At the time the strategy is formulated, this target market is usually pinpointed based on demographic characteristics like age, sex or income, and lifestyle features like gourmet cooks or frequent vacationers. But over time, these buyers may develop new interests. They will get older and possibly change on other demographic dimensions. The marketing strategy will no longer be effective unless it accommodates their new needs and wants.
Technological Advances
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Changing technologies can affect many facets of the marketing strategy. For example, the manufacturing process or components of the product can evolve so as to make its original form unprofitable to produce or less appealing to consumers than in the past. Advertising and direct-marketing venues may change enough to force an overhaul of the promotional campaign. As more people choose to shop online, the firm may need to shift much of its distribution from stores to websites.
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Competition
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The competitive landscape changes continually in almost every product category. All firms must adjust their marketing strategies to keep pace with the challenges they face from old, new and developing competitors. For example, American manufacturers of cars, clothes or pharmaceuticals must respond to price cutting by other companies with factories in China. More generally, information about new market offerings is now available to consumers faster than ever before, forcing marketers to accelerate their own communication processes.
Mission
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The long-term goals and objectives that drive a marketing strategy arise out of the organization's mission, a statement of why it exists and what it hopes to contribute to the marketplace. When missions change, in response to new business conditions, competition or management, this usually requires changes in strategy. For example, the mission of an airline might change from delivering the fastest flights to developing the most energy-efficient transportation systems. A hospital's mission could shift its focus from critical care to rehabilitation.
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References
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