Management and Organizational Studies 2320A/B Lecture Notes - Lecture 2: Tim Hortons, Market Segmentation, Car Rental

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Emily Chen- Bendle

Document Summary

Chapter 2: developing marketing strategies and a marketing plan. A marketing strategy identifies (1) a firms target market(s), (2) a related marketing mix- the four p"s (cid:523)product, price, place, promotion(cid:524), and (cid:523)(cid:885)(cid:524) the bases upon which the firm plans to build a sustainable competitive advantage. A sustainable competitive advantage is an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. (something the firm can persistently do better than its competitors) Nikes competitive advantage = strong brand, technology, strong customer base, and loyal customers. Developing customer value to develop sustainable competitive advantage: Customer excellence: involves a focus on retaining loyal customers and excellent customer service. (ex. Operational excellence: involves a focus on efficient operations and excellent supply chain management. (ex. Netflix, allowing customers to access various tv shows and movies immediately) Product excellence: involves a focus on achieving high-quality products and effective branding and positioning. (ex.