6600:205 Lecture Notes - Lecture 2: Human Resource Management, Customer Retention, Root Mean Square
16 Nov 2017
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Document Summary
Marketing chapter 2 developing marketing strategies and a marketing plan. Acts like a wall that the rm has built around its position in a market. The wall makes it hard for outside competitors to contact its customers inside. Over time advantages will erode because of these competitive forces. Establishing a sustainable competitive advantage is key to long term nancial performance. There are 4 macro strategies that focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages customer excellence- focuses on retaining loyal customers and excellent customer service. Having a strong brand, unique merchandise, and superior customer service all help solidify customer base. Viewing customers with a lifetime value perspective, rather than on a transaction-by-transaction basis, is key to modern customer retention program. Achieving customer loyalty creates an emotional attachment through loyalty programs. Marketers also may build sustainable competitive advantage by offering excellent customer service.
