What should a company have in place to adapt to a changing environment?

A company should have a marketing strategy and a written marketing plan in place to effectively adapt to a changing environment. A marketing strategy provides a clear framework for how the company intends to reach its target audience and achieve its business objectives, while a written marketing plan outlines the specific actions and tactics needed to implement that strategy. Together, these tools allow a company to assess current market conditions, identify changes in consumer behavior, and pivot as necessary to remain competitive.

The existence of a marketing strategy ensures that the company is proactive rather than reactive in its approach. As the business landscape evolves—whether due to shifts in consumer preferences, technological advancements, or competitive dynamics—the marketing strategy guides the company in adjusting its messaging, positioning, and overall market approach. The written marketing plan serves as a practical roadmap, detailing timelines, budget allocations, and measurable goals, which are critical for maintaining focus and direction during periods of change.

While other options mention valuable components such as customer feedback, product innovation, and market research, these elements serve as supportive mechanisms rather than foundational tools for adaptation. Having a comprehensive marketing strategy and a written plan establishes a solid base from which a company can innovate and respond to trends in the marketplace.