In: Operations Management
Why is flexibility important for emarketing strategy? Explain using a minimum of two (2) references.
eMarketing strategies are very rapidly growing strategy just because it is not too much old and there is newness in it. Because the markting is shifting toward the technology hence competition is also increasing. The market and along with the technology is changing rapidly. Hence flexibility is required in the emarketing strategy.
Flexibility in strategy means the strategy can be changed if in case of any concern and to meet the current or future situations.
For an example suppose the competitor has reduced its price of the product to counter the competition then the company should have flexibility to change their strategy and lower the cost of the product to remain competitive against competition.
The flexibility should be in terms of product offering.
Another example is that suppose the market is shifting toward another product and margin is great in that so the company should have flexible strategy enough to change their current strategy and offer the new products for maximum profitability. So flexibility in the product offering should be there.
Single strategy is not appropriate for any organization. They must be ready for their plan B.
There should be flexibility in technology as well. Technology is changing rapidly. The company should not invest so much in any technology that leaving the current technology because of the arrival of new technology becomes difficult.
The company should keep on studying certain aspects for the formulation of flexible strategy
So ultimately flexibility is very important to meet the changes in the business environment.