The paper 'Competing on the Edge Approach and the Scenario Thinking Approach" is a great example of marketing coursework. In the business world, competition is always very tough. Every business owner has to know how his/her business will survive in the market due to the competition that exists. It is imperative for the managers of any business to observe the market, and come up with the necessary strategies to survive within the tough market. The strategies should include how the company will enter the market, how it will grow and develop within the market, how it will maintain competition within the market place as well as how it will exit from the market without making any losses.
There are different strategic approaches that company management may decide to use. In this paper, the effectiveness of utilizing the “ competing on the edge approach” , and “ the scenario thinking approach” in assisting marketers to find an appropriate balance between the emergent and the planned approach will be compared (Brandenburger, 1995). The term strategy does not have a specific definition. Different people perceive it differently depending on the circumstances.
Different people use different approaches to explain it. None of the people can be said to be entirely correct or entirely wrong. However, the bottom line is that marketing strategy is a key managerial tool. It affects the entire organization of a company as well as the environment. For instance, the organization has to alter its approaches in order to fit within the changing environment. A strategic decision has the capacity to alter the overall welfare of the organization. This is because any decisions or steps taken within the company are likely to impact on the success or failure of the laid down strategies.
It is also clear that strategies exist at different levels. For instance, there could be corporate strategies, which determine the kind of business the organization will be in, and there could be business strategies, which determine how the organization will compete effectively in each business they choose to indulge in. Strategies have to involve a variety of thought processes. It has to involve both conceptual and analytical exercises. Finally, it is clear that strategies are not always deliberate.
There is a difference between the intended, emergent and realized strategies (Porter, 1947). Intended strategies refer to a guideline to the organization on how to attain the organizational goals and mission. The strategies are laid down by the organization top management. It may also be referred to as guidelines laid down by the top management on the course of action an organization will take in the future, in order to achieve certain goals or intentions. However, in some cases, the intended strategy is not always achieved.
The approach may change depending on the circumstances at hand, and the organization may decide to use a different approach towards doing things. The outcome may also differ from the intended outcome. The end result of the strategy is referred to as the realized strategy. In cases where the organization decides to take an absolutely different route of doing things and the results of the intended strategy are altered completely this is referred to as emergent strategy. The ideas for the emergent strategy crop up from the initial strategy. In order for any institution to maneuver successfully, they have to combine the different approaches (Mahoney & Pandian, 2002).
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