MKT 100 Chapter Notes - Chapter 2: Marketing Mix, Westjet, High-Definition Television
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MKT 100 Full Course Notes
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Chapter 2: developing marketing strategies and a marketing plan. Identifies a firm"s target market, a related marketing mix, the four p"s, and the bases upon which the firm plans to build a sustainable competitive advantage. Something the firm can persistently do better than its competitors that is not easily copied and thus can be maintained over a long period of time. Four strategies that focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages: Customer excellence: focuses on retaining loyal customers and excellent customer service. Operational excellence: achieved through efficient operations and excellent supply chain and human resource management. Product excellence: having products with high perceived value and effective branding and positioning. Locational excellence: having a good physical location and internet presence. Single strategy is not sufficient to build a sustainable competitive advantage. Multiple approaches: customer value, customer service, customer relations, great prices.
