Management and Organizational Studies 2320A/B Chapter Notes - Chapter 2: Customer Relationship Management, Operational Excellence, Market Segmentation

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Chapter 2: developing marketing strategies and a marketing plan. Marketing strategy: identi es a rm"s target markets, a related marketing mix - the four p"s and the bases upon which the rms plan to build a sustainable competitive advantage. 3) bases upon which the rm plans to build a sustainable competitive advantage. Sustainable competitive advantage: something the rm can persistently do better than its competitors thats not easily copied and can be maintained over a long period of time. Acts like a wall that the rm has built around its position in the market. Establishing a sustainable competitive advantage is key to lt nancial performance. Customer excellence: is achieved when a rm develops value-based strategies for retaining loyal customers and provides outstanding customer service. Retaining loyal customers: sometimes methods rm uses to maintain a sustainable competitive advantage help attract and maintain loyal customers, ex: having a strong brand and unique merchandise all help solidify a loyal customer base.