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Consider the process that you would follow when implementing strategic management.
You need to consider a range of influencing factors and strategies. You can try to create an ideal strategy, but then overlay both the internal and external context to the whole strategy to see and to sense proof it to make sure that it's robust and actionable.
Internal factors are things like existing organization constraints around budget resourcing. They could be things like culture, process, and bureaucracy. How quick does the organization typically respond? If you're in a slow-moving environment, how do you rapidly increase the way and rate at which someone can execute on that strategy. It may well be the case that you may want to take that strategy and ring fence it to a certain section of your organization. However, that could cause issues when trying to embed it back into the normal running of the organization. So it's that careful balance that you have to try and achieve.
You may want to think about the external factors. The environment is constantly changing and that presents both opportunities and challenges for your organization.
The key to this whole process is latching on to what you think would be some of the key things that are going to happen in the future. Try and plan for them and then integrate those key actions into your strategy moving forward. Anticipation is a key tenet to be able to plan effectively for your strategy and not be vulnerable to attack later on.
One of the key things we can think about when developing a strategic plan is the review process. When exactly should you be constantly reviewing what you're doing? Flexibility is the key here! You need to be nimble and ensure that your organization has a robust method to change quickly when required.
Having quarterly review cycles could be a really nice way to be able to do this. This could be flexible depending on the type of activity that you're in. Some organizations have to review their approach on a daily basis, sometimes even hourly. In fact, technology will enable you to determine what process works best, and help you make some key tweaks and changes.Back to Top
Ritchie Mehta has had an eight-year corporate career with a number of leading organizations such as HSBC, RBS, and Direct Line Group. He then went on setting up a number of businesses.
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ABOUT THIS DIGITAL MARKETING MODULE
This module introduces the key concepts underlying the Digital Marketing Institute’s 3i Framework for selecting and implementing the best digital strategy for your organization. It provides an overview of the key components in an effective digital strategy, which are expanded upon in much greater detail in subsequent modules. It also covers different types of business strategies, the difference between a business value proposition and a digital value proposition, and the importance of robust strategic management to maintain a long-term strategy.