MKT 100 Lecture Notes - Lecture 2: Institute For Operations Research And The Management Sciences, Boston Consulting Group, Market Trend

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Definition: identifies a firm"s target markets, a related marketing mix (4 p"s), how firm plans to build a sustainable competitive advantage. Sustainable competitive advantage: advantage over competition that"s not easily copied and can be maintained over long periods of time. Strong walls make it difficult for competitors to contact competitors, even under competitive pressure and can boost profits. Customer excellence: focus on retaining loyal customers and excellent customer service. Dev value based strategies, strong brand, unique merchandise, Lifetime value perspective, emotional attachment via loyalty programs (deeper understanding of customer) Operational excellence: achieved through efficient operations and excellent supply chain and human resource management. To get customers what they want it, in the right amount, at a lower cost than competitors. Ensures good value to customers, earn profits, satisfies customers needs. Product excellence: having products with high perceived value and effective branding and position.