Effectual Marketing Planning for New Ventures
Academy of Marketing Science Review 2(1): 34-43, 2012
10 Pages Posted: 30 Jun 2012
Date Written: September 26, 2011
Current marketing theories largely follow the rational planning school and base marketing planning activities upon a strategic pursuit of an optimal market outcome. While extant theory aligns with the motivations of large corporations in established markets, it offers little benefit to marketers in new ventures. We address this gap directly and propose a new concept of effectual marketing planning, which is based on a logic of control and specifically addresses the challenges facing new ventures. Our construct of effectual marketing planning contains five key elements that increase the value of marketing planning for new ventures. We conclude by offering propositions as to how effectual marketing planning can improve new venture performance.
Keywords: Marketing planning, effectuation, new ventures, uncertainty
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