Question
Topic: Research/Metrics
When Do You Change Your Marketing Strategy?
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The situation: My research considers the typical tradeoff between executing and sticking to a marketing strategy versus making drastic changes to it. I am arguing that, while managers stick to executing a certain marketing strategy (e.g certain advertising spending levels/campaigns, EDLprices versus promotional pricing), they are monitoring their performance (typically weekly sales in FMCG markets), in particular whether it is stable, growing or declining over time. When performance has been declining for some time, they do take drastic corrective action (e.g. changes to the marketing strategy: drastically different ad campaigns or promotional activity) at some point.
The question: What is this point for you? In other words, how long does performance has to be in decline before you say: enough is enough, this marketing strategy is not working, I have to take drastic action to turn it around!
Thank in advance for your insights!