COMMERCE 2MA3 Chapter Notes - Chapter 2: Competitive Advantage, Market Segmentation, Operational Excellence
27 Oct 2016
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A marketing strategy ide(cid:374)tifies (cid:894)1(cid:895) a fir(cid:373)"s target (cid:373)arket(cid:894)s), (2) a related marketing mix the four ps, and (3) the bases upon which the firm plans to build a sustainable competitive advantage. This wall makes it hard for competitors to contact customers inside. Of course, if the marketer has built a wall around an attractive target market, competitors will attempt to break down this wall. Four overarching strategies: customer excellence: focus on retaining loyal customers and excellent customer service, operational excellence: Achieved through efficient operations and excellent supply chain and human resource management: product excellence: having products with high perceived value and effective branding and positioning, locational excellence: having a good physical location and internet presence. The three phases of the marketing plan are planning, implementation and control. Planning phase: marketing executives in conjunction with other top managers, define the mission and objectives of the business.
