COMMERCE 2MA3 Chapter 2: 2MA3 - ch2 - pt 1

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Vijay Kumar

Document Summary

Chapter 2: developing marketing strategies & a marketing plan pt. Marketing strategy: ide(cid:374)tifies (cid:894)(cid:1005)(cid:895) a fir(cid:373)"s target (cid:373)arket(cid:894)s(cid:895), (cid:894)(cid:1006)(cid:895) a related (cid:373)arketi(cid:374)g (cid:373)i(cid:454) (cid:894)the. 4ps), (3) the bases upon which the firm plans to build a sustainable competitive advantage. Customer excellence: focuses on retaining loyal customers and excellent customer service. Retaining loyal customers: helps attract and maintain loyal customers, viewing customers with a lifetime value perspective, ex. having a strong brand, unique merchandise and superior customer service. Loyalty is more than simply preferring to purchase from one place than the other, it means that customers are reluctant to patronize competitive firms. Operational excellence: achieved through efficient operations and excellent supply chain and. Hr management: achieves a sustainable competitive advantage through efficient operations, excellence supply chain management, and a strong relationship with their supporters, gets customers the merchandise they want, when they want it. Product excellence: having products with high perceived value and effective branding and positioning.