Marketing Chapter 2 Notes

Marketing Chapter 2 Notes - The marketing strategy outlines...

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The marketing strategy outlines specific actions a firm intends to implement to appeal to potential customers o Identifies a firm’s target market , a related marketing mix (product, price, place, promotion), and the bases upon which the firm plans to build a sustainable competitive advantage o A sustainable competitive advantage is an advantage over the competition that is not easily copied and thus can be made sustainable There are four strategies to develop sustainable competitive advantages Customer Excellence o Focuses on retaining loyal customers and excellent customer service Firm develops value-based strategies for retaining loyal customers and provides outstanding customer service To develop loyalty firms develop clear and precise positioning strategy, or create loyalty programs which constitute part of an overall CRM, customer relationship management Firms can also offer excellent customer service to maintain a competitive advantage Operational Excellence o Achieved through efficient operations and excellent supply chain and human resource management Get customers the merchandise they want, when they want it, in the required quantities, and at a lower cost Vendor relations must also be developed as they cannot be easily offset by competition Can gain exclusive rights to sell merchandise in a particular
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Marketing Chapter 2 Notes - The marketing strategy outlines...

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