COMMERCE 2MA3 Lecture Notes - Lecture 4: Marketing Plan
7 Nov 2016
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Document Summary
Turf war entering into a different business firm"s turf by similar marketing strategies. A marketing strategy includes who is the target audience. Clear, well defined strategy is critical for success. Something the firm can consistently do better than its customers. Retaining customers allows to save on cost by 10 times. As you increase levels of customer service, it starts getting expensive as you may need to train them over and over. You must have all three in order to be successful. You must get the right product, to the right customer, at the right price, in the right quality and in the right quantity. The business is seen as delivering strong and innovative products resulting in high perceived value. The three most important things in retailing are location, location, location. It is easier for competitors to copy if you only choose one approach. Customer excellence focuses on: retaining loyal customers and providing excellent customer service.
