BU352 Chapter Notes - Chapter 2: Livingsocial, Strategic Business Unit, Pro Forma
Bu 352 chapter 2 not without a fight. Ide(cid:374)tifies a fir(cid:373)"s target (cid:373)arket, a related (cid:373)arketi(cid:374)g (cid:373)i(cid:454), the four ps a(cid:374)d (cid:271)ases upo(cid:374) (cid:449)hi(cid:272)h the firm plans to build a sustainable competitive advantage (advantage not easily copied) (ex. Customer excellence: retaining loyal customers having loyal customers is, in and of itself, an important method of sustaining and advantage over competitors. Loyal customers will buy from a brand for all their possible needs (ex. Nike, a person will buy all their apparel even if adidas goes on sale) View customers with a lifetime value perspective, rather than on a transaction-by-transaction basis. Another method of achieving customer loyalty is to create an emotional attachment through loyalty programs, companies often use data to tailor their offerings to better meet the needs of their loyal customers (ex. Shoppers drug mart flyers: customer service may also build sustainable competitive advantage by offering excellent customer service.