In this exercise, you need to review the below diagram, which highlights a possible strategy development path for a textbook publisher. As you can see, this firm has adopted a practice of pursuing virtually whatever market opportunities have been presented to it. Follow the arrows and you can see some logic for each of their strategic moves, but you need to evaluate whether their overall approach is suitable?
- If the firm was to pursue all the opportunities identified above, how would you describe their overall marketing strategy?
- Which of the opportunities presented do you think that this firm should pursue? (Simply tick or cross each opportunity.)
- Given your responses in Q3, what would be the final mix of products/businesses that the firm would end up pursuing? How would you now define their marketing strategy (based upon your strategic approach)?
- Most firms tend to follow a clear strategic direction with a well-defined mission statement, but then there are also highly successful firms like Virgin (with Richard Branson) who regularly look at new areas of opportunity as they arrive. Which is the best approach for organizations to follow?