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Professor McLoughlin comments on the need for robust marketing plans

Date:

Business & Leadership - Special Report on 'Marketing Strategy 2010'

It’s critical for businesses to review their marketing strategy regularly, but never more so than now says Professor Damien McLoughlin. He spoke to Grainne Rothery.

A robust marketing plan is at the core of any successful business and its strategy for growth. Reviewing it regularly to take account of normal developments in the marketplace - changed customer expectations and behaviours and emerging markets, for example - is vital to ensure that both the strategy and the business are as relevant as possible to capitalise on any available opportunities going forward. However, in abnormal circumstances - such as the current recession - the need to re-evaluate the strategy is even more pressing and, rather than being a driver for growth, can make the difference between survival and failure.

According to Damien McLoughlin, Professor of Marketing at UCD Michael Smurfit Graduate Business School, the fundamental shift in the economy has made it critical for companies to re-examine their marketing plans. "A lot of managers in Ireland have cut their costs rather than changing their business model," he says. "There almost has been an implicit hope or wish or expectation that next year is going to be like 2006, or that maybe in two years time it'll get back to 2006/early 2007. It's abundantly clear at this stage that that is not going to happen."

Click here to read the full report on businessandleadership.com