Management and Organizational Studies 2320A/B Lecture Notes - Lecture 2: New Media, Gift Basket, Tim Hortons

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Emily Chen- Bendle

Document Summary

Marketing chapter 2: developing marketing strategies and a marketing plan (use multiple choice questions in lecture slides) Competition spans product lines, target markets, marketing approaches. The bases upon which the rm plans to build a sustainable competitive advantage. Firm doing self-re ection and guring out what they"re good at. Persistency is important - not for a short period of time. Someone took the idea and sold it for less. Apple - creates a brand which gives them a sustainable competitive advantage. Nike example - strong brand, technology, strong customer base, loyal customers. They have a well-established brand - but that"s not it. They build their sustainable competitive advantage by pairing this brand with a good product. A sustainable competitive advantage is something the rm can consistently do better than its competitors. 4 ways - through pursuing excellence on four different fronts. More expensive to retain new customers than to continue with existing ones.