Management and Organizational Studies 2320A/B Lecture Notes - Lecture 2: Customer Service, Marketing Mix, Root Mean Square

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

Document Summary

What is a marketing strategy: identi es, a rm"s target market(s, a related marketing mix- the four p"s, the bases upon which the rm plans to build a sustainable competitive advantage, lead to sustainable competitive advantage. Sustainable competitive advantage: strong brand, technology, strong customer base, loyal customers. Multiple sources of advantage: multiple approaches, customer value, customer service, customer relations, great prices, good service = good value. Step 2: conduct a situation analysis (using swot) Step 3: identify and evaluate opportunities by using stp: segmentation > targeting > positioning. Step 4: implement marketing mix and allocate resources: product & service strategy, target market & positioning, price strategy, place strategy, Price and value for money: exchange: product= money, customer perception of value, price is only a part of value! Promotion and value communication: marketers communicated the value of their o ering, or the value proposition, to their customers through a variety of media, including, television, radio, magazines, sales forces.