ADM 2320 Chapter Notes - Chapter 2: Operational Excellence, Market Segmentation, Human Resource Management
20 Sep 2017
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Identifying the bases upon which the firm plans to build a sustainable competitive advantage. A sustainable competitive advantage is when a firm can do something better than its competitors, and cannot be easily copied. This can act like a wall, that makes it hard for competitors to get to the customers. There are four overarching strategies that focuses on aspects of the marketing mix. This focuses on retaining loyal customers and excellent customer service. It is important to have loyal customers, because even if the competition is having a sale, people would stay loyal to their firm. It is important to look at customers as a lifetime value, with that a firm can try to make them loyal. Companies should try to build a good customer service. This usually takes a long time to build, but once it is built, it will be hard to bring down.
