COMM 296 Lecture Notes - Lecture 2: Tiger Woods, Strategic Business Unit, Competitive Advantage
Document Summary
Chapter 2: developing marketing strategies and a marketing plan. Marketing strategy: identiies a irm"s target market, a related marketing mix (4 p"s) and the bases on which the irm plans to build sustainable competitive advantage. Sustainable competitive advantage = advantage over the competition not easily copied and can be maintained over a long period of time. Four marco strategies of the marketing mix: 1. Customer excellence = retaining loyal customers: 2. Operational excellence = excellent supply chain and hr: 3. Product excellence = products w/ high perceived value and efective brand position: 4. Locational excellence = good physical location and internet presence. Achieved when a irm develops value-based strategies to retain loyal customers. Retaining loyal customers = important for sustaining competitive advantage: develop clear and precise positioning, create emotional attachment through loyalty programs, use purchase information to determine groups of customers. Customer service = take considerable time and efort to build a reputation.
