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Chapter 2

MKT 100 Chapter Notes - Chapter 2: Competitive Advantage, Swot Analysis, Tim Hortons


Department
Marketing
Course Code
MKT 100
Professor
Fathima Saleem
Chapter
2

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Chapter 2: Developing Marketing Strategies + Marketing Plan
What%Is%A%Marketing%Strategy?%
A"marketing%strategy%identifies:"1."A"firm’s"target"market(s)"2."A"related"marketing"mix-
the"4Ps"and"3."The"bases"upon"which"the"firm"plans"to"build"a"sustainable"competitive"
advantage""
Sustainable%competitive%advantage:%something"the"firm"can"persistently"do"better"than"
its"competitors"that"is"not"easily"copied"and"thus"can"be"maintained"over"a"long"period"
of"time"(like"a"wall"built"and"competitors"cannot"contact"customers"inside)""
Since"Starbucks"&"Tim"Hortons"have"built"walls"that"appeal"to"different"target"markets,"
they"implement"their"marketing"mixes-"the"4Ps-"in"different"ways,"with"very"different"
marketing"strategies""
There"are"4"strategies"focused"on"the"4Ps"to"creae"and"deliver"value"and"to"develop"
sustainable"competitive"advantage:""
1. Customer%Excellence%
Involves"a"focus"on"retaining"loyal"customers"and"excellent"customer"service%
v Retaining%Loyal%Customers%
§ Having"a"strong"brand,"unique"merchandise,"and"superior"customer"
service"%
§ Loyalty"programs"(CRM)%
v Customer%Service%
§ Marketers"build"sustainable"competitive"advantage"by"offering"excellent"
customer"service%
§ Can"be"difficult"because"CS"is"provided"by"employees"and"humans"aren’t"
consistent"%
2. Operational%Excellence%
Firms"achieve"operational"excellence"through"efficient"operations,"excellent"supply"
chain"management,"and"strong"relationships"with"their"suppliers%
3. Product%Excellence%
Having"products"with"high"perceived"value"and"effective"branding"and"positioning"%
Ex:"Apple"has"a"reputation"for"building"high-quality,"well"established"and"fashionable"
products,"and"first"understanding"customer"needs"and"satisfying"those"needs"%
4. Locational%Excellence%
Important"for"retailers"and"service"providers%
A"competitive"advantage"based"on"location"is"sustainable"because"it"is"not"easily"
duplicated"%
%
The%Marketing%Plan%%
A"marketing%plan"is"a"written"document"composed"of"an"analysis"of"the"current"
marketing"situation,"opportunities"&"threats"for"the"firm,"marketing"objectives"and"
strategy"specified"in"terms"of"the"4Ps,"action"programs,"and"projected"or"pro"forma"
income"statements""
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