To gain a competitive edge in the manufacturing industry, one needs to have a thorough discernment of the demographic trends and buying habits of the target audience. People need to be abreast of the industry drift and the competitive status to decide the business objectives. Once people have drawn up the objectives, they need to devise a strategy to attain those targets. Strategic planning entails recognizing the threats and prospects demonstrated by the business enterprise. What are inner manufacturing strengths and weaknesses? Does the business have the resilience and monetary capacity to address these threats and take advantage of those opportunities presented in hand?

It is not all aspects that should comprise the strategy at once. One needs to concentrate on a component where the gap can be plugged and get a competitive advantage. Serving the needs of this issue in the industry becomes a strategic goal. Strategic marketing takes into consideration the business's long-term goals like business expansion, discovering new demographics, or generating a new brand. Thus, it involves an in-house financial department's expertise that can determine the fund allocation to reach the preset goals.

© 2020 ProBusinessEducation (Lydbog): 9781094285689

Release date

Lydbog: 6. april 2020