BUS 348 Lecture Notes - Lecture 2: Marketing Mix, Customer Service, Marketing Plan

• School: Stony Brook University
• Department: Business Management
• Course: BUS 348
• Professor: petercap

Document Summary

Lower prices, better quality, company culture/elitism: competitive advantages stem from a mix of: Realigning your mission to stay competitive: no single strategy on its own is likely to help you sustain your competitive advantage, sustainable competitive advantages require integration across different departments. Build brand loyalty- the holy grail of customer relationships; repeat purchases of the same brand when there are other options present. Loyalty programs- effective to build repeat purchases but not brand loyalty. Planning phase: step 1: define the mission and/or vision. They don"t tell you what kind of company they are so that they leave room for expansion of what kind of things they sell but also to expand their customer base. High aspiration and room for growth: step 2: analyze the internal and external marketing environment. Implementation phase (marketing strategy: step 3: identify opportunities thru stp analysis.