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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).
The business organizations execute majorly with two frameworks – Competing on the Edge and Scenario Thinking and Planning.
Scenario thinking relates to combinations that are probable from the future prophecy and envision the reaction the business will revert with the changes coming in and scenario planning facilitates every manager prepare a strategic approach through consideration of likely future effects in the industry (Chermack, 2004). In case a business executes on this framework, an appropriate blend of planned and emergent strategic approach is required. The planned approach is needed to formalize the scenario planning process. Once, the planned approach has been utilized and the expected stages have been reached at, the emergent strategic approach will be required so as to manage the various instant decisions in the organizational flow (Todnem, 2005)
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