COMMERCE 3MC3 Lecture Notes - Lecture 2: Strategic Business Unit, Swot Analysis, Competitive Advantage
3 Nov 2017
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Marketing strategy: identifies a firms target market, a related marketing mix the four p"s, 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 this can be maintained over a long period of time: ex. Nike: strong brand, created a strong customer base of loyal patrons: by having a competitive advantage firms can sustain their advantage, minimize competitive pressure, and boost profits for a longer time. Customer excellence involves a focus on retaining loyal customers and excellent customer service: retaining loyal customers, creating an emotional attachment is one of the methods in achieving loyal customers, customer service. Operational excellence involves a focus on efficient operations and excellent supply chain management. Product excellence involves a focus on achieving high-quality products and effective branding and positioning.
