MKT 100 Lecture Notes - Lecture 2: Tim Hortons, Iphone 3Gs, Operational Excellence

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Chapter 2: developing marketing strategies & a marketing plan. -> leads to a sustainable competitive advantage = something the firm can persistently do better than its competitors (ie. something that others don"t have. ) (see attached for the marketing plan graph) (ie. nike"s strong branding) Customer excellence: focuses on retaining loyal customers and excellent customer service. Operational excellence: achieved through efficient operations and excellent supply chain and hr department. Product excellence: having products that meet the required needs and wants of a specific market and outdo whatever the customer wants. Locational excellence: having a good physical location and internet presence. Stp -> the process of segmentation, targeting and positioning that firms use to identify and evaluate opportunities for increasing sales and profits. Segmentation the process of dividing the market into distinct groups of customers where each individual group has similar needs, wants or characteristics (ie. hertz divides the.