MKT 100 Chapter Notes - Chapter 02: Strategic Business Unit, Swot Analysis, Market Segmentation

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: All

Document Summary

Chapter 02 developing marketing strategies and a marketing plan. Identi es a rms target markets, a related marketing mix, and the bases upon which the rm plans to build a sustainable competitive advantage. Sustainable competitive advantage an advantage over the competition that is not easily coped and thus can be maintained over a long period of time. It acts like a wall that the rm has built around its position in the market that makes it hard for competitors to contact customers inside. There are 4 overarching strategies that focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages: customer excellence. Achieved when a rm develops value based strategies for retaining loyal customer and provides outstanding customer service. Having strong brand, unique merchandise, and superior customer service all help solidify a loyal customer base. Important method of sustaining an advantage over competitors.