Management and Organizational Studies 2320A/B Chapter 2: Developing Marketing Strategies and a Marketing Plan

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Chapter 2 : developing marketing strategies and a marketing plan. The bases upon which the firm plans to build a sustainable competitive advantage. Sustainable competitive advantage : a firm can persistently do better than its competitors that is not easily copied and thus can be maintained over a long period of time. It acts like a wall which makes it hard for competitors to contact customers inside and they will attempt to break down the walls. Ex; nike has a strong brand which created a strong customer base. Over time, all advantages can be eroded by competitive forces, but building high and thick walls firms can sustain their advantage, minimize competitive pressure and boosts profits for a longer time. = establishing sustainable competitive advantage is a key for long-term financial performance. It is achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service.