Moreover, setting up targets in an organization practically fixes the quantitative target values and aiming in context with the divisional plans identifying the contributions made by each department within the organization.
Carrying out performance analysis which includes analyzing and discovering the gap between the planned desired performances enhances performance. The actual reality and final choice of strategy, which is the ultimate step in the formulation, become imperative. Consider organizational goals, organizational strengths, potentials, limitations, as well as the external opportunities (Banerjee, 2007).
The brand manager should seek to understand the market by defining it category. An incoming brand manager should have in order to carry out strategy formulation is a better understanding of his/her organization. This is done by carrying out both internal and external analysis of the organization. It helps them get a better glimpse of the organizations strengths, weaknesses and opportunities as well as a better understanding of its competitors.
Carry out a SWOT analysis. The endeavor helps the manager be in and advantage position since they are able to know the competitor approaches pricing and models of communication. In addition, the evaluation will unearth the consumer patterns; make a consideration of brand size metrics and loyalty measures (van Gelder, 2004). The management has to check the brand availability with regard to the mantel and physical disposition.
The next important aspect an incoming manager needs to be aware of is the status of the brand in question, what is the mental availability of the brand? (Are the customers aware of the brand in question), what is its general buying patterns? (When is its buying seasons? who are the buyers? And the status of its monopoly effect in the market). All these will enable the brand manager to be in a position to better understand his or her brand better and hence help them in coming up