MKT 100 Chapter Notes - Chapter 2: Customer Relationship Management, Customer Service, Marketing Mix
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MKT 100 Full Course Notes
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A competitive advantage acts like a wall that the firm has built around its position in a market. This wall makes it hard for competitors to contact customers inside. Of course, if the marketer has built a wall around an attractive target market, competitors will attempt to break down this wall. establishing a sustainable competitive advantage is key to long-term financial performance. Ex) for nike, its thickest wall is its strong brand, based on years of technological breakthroughs. This has created a strong customer base of loyal patrons who know the nike swoosh well and consider the brand as a first option when they need running, basketball, or even just casual athletic shoes. Customer excellence is achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service. Sometimes, the methods a firm uses to maintain a sustainable competitive advantage help attract and maintain loyal customers.
