Write a note on the important schools of thought in strategic management.

Many companies and marketing managers have dedicated staff for strategy formulation. It is a very important process for the company, as it tells the future direction which the company has to take, and the way that the company can succeed.

1) The design school

In this thought process of strategy formulation, the focus is on conception of ideas and to design new ideas.

• The company does an internal analysis with the help of SWOT analysis
• The company then tries to match its internal strength with the market strength which is required.
• This works well in a stable environment, where competitors might not disrupt the market suddenly & it gives time to the firm to adapt.

However, we have to understand that conducting an internal analysis of the firm depends on the firms own knowledge about itself. Similarly, matching the firms internal abilities to the external market, requires external market knowlege. Ultimately, knowledge is a limitation to the Design school of thought of strategy formulation. If proper knowledge is not used, this school of thought will fail.

2) The planning school

In this case, the thought process runs towards planning the entire strategy in a rigorous manner, so that the firm advances forward.

• The complete process and the plan which the company will implement is documented from the start to finish.
• At all times the plan is referred to whenever the management wants to take new decisions.
• With the plan in hand, the management gets a clear direction to move in, helping the company to move forward unanimously.

The issue arises in the planning school of thoughts when anything happens out of plan. If you have planned for years in advance, and any new competitor pops up, or any external business variable is changed, then the complete plan gets affected. Hence, proper prediction is most essential when using the planning school of thought.

3) The positioning school

In this process of strategy formulation, the management decides that they want to position the product at the top of the mind and makes decisions accordingly.

• The management has to determine the competition already present in the market, and where is their own company positioned
• It can use tools like Five forces, Value chain, BCG matrix and others to position its products
• Once the market has been analysed, the right strategy is needed to improve _____ _______ ______ _______ ________ _________.
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