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In business and marketing planning, it is necessary to find a balance between the planned and emergent approaches to strategy

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Explain why,in business and marketing planning, it is necessary to find a balance between the planned and emergent approaches to strategy; andcompare the effectiveness of “Game Theory” (as described by Nallebuff and Brandenburger) and scenario thinking in assisting marketers to find an appropriate balance between these two approaches to strategy. 1. Could you pleasehighlight to me in different colours font on which part of the questions are you referring and it is confusing to me; 2. The question did not ask about Competing on the Edge so there's not a need to include...

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Question Preview:

Explain why,in business and marketing planning, it is necessary to find a balance between the planned and emergent approaches to strategy; andcompare the effectiveness of “Game Theory” (as described by Nallebuff and Brandenburger) and scenario thinking in assisting marketers to find an appropriate balance between these two approaches to strategy. 1. Could you pleasehighlight to me in different colours font on which part of the questions are you referring and it is confusing to me; 2. The question did not ask about Competing on the Edge so there's not a need to include in it as the question did not want it;

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Solution Preview

The planned and emergent strategic approaches can support or hinder the business and marketing planning process depending on the conditions and execution. In a fast paced world of today’s time, it is essential for any business to gain a competitive edge over others. Consequently, it is the need of the businesses to devise and apply novel business strategies to sustain in the competitive environment (Buono & Kerber, 2010). The business marketing planning plays a crucial role in attaining the competitive edge by an organization. The formulation of the strategies can be done in two ways – planned approach and emergent approach. Both of the strategies have their advantages and disadvantages and their performance purely dependent on the strategy formulation framework that is used in organizational operations (Liu, 2009).

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