ADM 2320 Chapter Notes - Chapter 2: Competitive Advantage, Operational Excellence, Customer Service
12 Dec 2018
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Chapter 2 developing marketing strategies and a marketing plan. What is a marketing strategy: clear and well-defined because it is critical to success. A marketing strategy identifies: a firm"s target market(s, a related marketing mix the four p"s and, the basis upon which the firm plans to build a sustainable competitive advantage, excellence strategies, macro strategies, product, customer, operational, locational. Sustainable competitive advantage and macro strategies are the same thing. Sustainable competitive advantage: strong brand, technology, strong customer base. Locational excellence the most important thing in branding; must be able to be found. Multiple sources of advantage: often a single strategy is not enough to build a competitive sustainable advantage, you require multiple approaches, multiple approaches, customer value, customer service, customer relations, great prices. Developing a marketing plan: 3 phases of a strategic plan: planning, implementation, control. Should be written down, but many companies don"t write it down: define the business mission and objectives.
