Posted in Marketing and Strategy Terms, Total Reads: 1268
Definition: Theoretical Framework
A theoretical framework is a set of relatable ideas that may provide the basis for research and/or development of business strategy/endeavour. A theoretical framework may be formulated to understand and hence predict some phenomena.
It may further be used to challenge the existing knowledge about a topic and extend new opinions about it. A theoretical framework consists of concepts and their explanation, along with the justification of how to use them to further some research or use the concepts as the basis of developing a business strategy or undertaking a business endeavour.
The selection a particular framework to be used should be decided by looking at the following parameters:
2. Ease of Use
3. Explanatory Power
For example, a theoretical framework like STP might be used by the marketing department of an FMCG product while rolling it out in a new market.