COMMERCE 2MA3 Chapter Notes - Chapter 2: Customer Relationship Management, Loyalty Program, Operational Excellence
26 Oct 2016
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Document Summary
A marketing strategy identifies a firm"s target market(s), a related marketing mix the four ps, and the bases upon which the firm plans to build a sustainable competitive advantage. A sustainable competitive advantage is an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. A competitive advantage acts like a wall that the firm has built around its position in a market. This wall makes it hard for competitors to contact customers inside. Over time, competitive forces can erode all advantages but by holding high, thick walls, firms can sustain their advantage, minimize competitive pressure, and boost profits for a longer time. Thus, establishing a sustainable competitive advantage is key to long-term financial performance. Four overarching strategies that focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages are: Customer excellence: focuses on retaining loyal customers and excellent customer service.
