MKT 100 Lecture Notes - Lecture 2: Market Segmentation, Strategic Business Unit, Competitive Advantage

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Julie Kellershohn

Document Summary

Chapter 2 developing marketing strategies and a. A marketing strategy identifies : a firms target market, a related market mix, four p"s, the bases upon which the firm plans to build a sustainable competitive advantage. A sustainable competitive advantage is and advantage over the competition that is not easily copied and can be maintained over a long period of time. Acts like a wall that the firm has built around its position market. This makes it hard for competitors to contact customers inside. Nike has strong branding and loyal customer base. Starbucks and tims market themselves in different ways using the four p"s. Customer excellence is achieved when a firm develops value- based strategies for retaining loyal customers and provides outstanding service. Retaining loyal customers attracting and maintain loyal customers can be achieved by having a strong brand, unique merchandise, and superior customer service all help a solid customer base. Customer value revolves around the four aspects.