COMMERCE 2MA3 Lecture Notes - Lecture 2: Strategic Planning, Strategic Business Unit, Competitive Advantage
30 Jan 2018
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Document Summary
Related marketing mix the 4 ps, 3. The bases upon which the firm plans to build a sustainable competitive advantage. Clear, well-defined strategy is critical for success. Loyal customer is more sensitive on price. increasing: achieving customer loyalty: create an emotional attachment through loyalty programs, loyal programs, which constitute part of an overall customer relationship management program. Like a point system: loyalty: customers are reluctant to patronize competitive firms, customer service: to build sustainable competitive advantage. Provided by employees, and invariably, humans are less consistent than machines. Operational excellence: achieved through efficient operations and excellent supply chain and human resource management: efficiencies by developing sophisticated distribution and information systems as well as strong relationship with vendors, vendor relations. Product excellence: having products with high perceived value and effective branding and positioning: brand effect. Locational excellence: having a good physical location and internet presence: a competitive advantage based on location is sustainable because it is not easily duplicated.
