Management and Organizational Studies 2320A/B Chapter 2: Chapter 2

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Michael Aloisio

Document Summary

Chapter 2: developing marketing strategies and a marketing plan. A marketing strategy identifies (1) a firms target market(s), (2) a related marketing mix/four ps, and (3) 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 as a barrier that the firm has built around its position in a market, making it difficult for competitors to contact customers inside. Competitors will try to break down this barrier: ex. There are four overarching 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. Having a strong brand, unique merchandise, and superior customer service all help solidify a loyal customer base.