MKT 100 Lecture Notes - Lecture 2: Espresso, Sandpaper, Positio

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Ma(cid:396)keti(cid:374)g t(cid:396)ateg(cid:455): ide(cid:374)tifies a fi(cid:396)(cid:373)"s ta(cid:396)get (cid:373)a(cid:396)ket(cid:894)s(cid:895), a (cid:396)elated (cid:373)a(cid:396)keti(cid:374)g (cid:373)i(cid:454) (cid:894)the fou(cid:396) ps(cid:895), and the bases upon which the firm plans to build a sustainable competitive advantage. Outlines specific actions a firm intends to implement to appeal to potential customers. Sustainable competitive advantage: an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. Something it persistently does better that is not easy to copy therefore can be maintained for a long time. You need to integrate more than just one of the following (multiple sources of advantage) Having a strong brand, unique merchandise, superior customer service. Customers are reluctant to patronize competitive firms. Buying nike even if adidas goes on sale. Viewing customers with a lifetime value perspective rather than transaction-by- transaction. Loyalty programs: constitute part of an overall crm program, companies can combine membership data with customer purchase to develop a deeper understanding of the customer.