Determine the level of marketing you need. This can depend on:

• The size of your company.
• Where your company is in its life cycle (for example, starting up, growing, maturing, declining).
• Whether you are making strategic decisions about the company’s entire product portfolio, a particular product line, or just one product.
• How much marketing strategy formulation you have done in the past.

Use a structured process:

• Do some front-end preparation to save you time and money.
• Develop a clear, structured, well-thought-out process to keep the focus, ensure the consistent use of information, and streamline decision-making.

It also important to remember that your marketing strategy formulation is not the beginning of the process, it’s the end. That’s why it’s important to do your research:

• Draft an outline of your plan.
• Collect comprehensive, accurate, and current information about your market, customers, competitors, and partners.

Finally, avoid common marketing mistakes by:

• Collecting ample marketing information before you begin formulating a strategy.
• Not involving too many people in the process of formulating a strategy. Focus on decision-makers and knowledge experts.
• Referring to your completed marketing strategy often, and update it as necessary. It needs to be a living document.