COMMERCE 2MA3 Chapter Notes - Chapter 2: Operational Excellence, Human Resource Management, Swot Analysis
22 Sep 2017
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Chapter 2 - developing marketing strategies and a. A related marketing mix - the 4 ps. 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. A competitive advantage acts like a wall that the firm has built around its position in a market. Makes it hard for competitors to contact customers inside. Establishing a sustainable competitive advantage is key to long-term financial performance. There are four overarching strategies that focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages. Customer excellence: focuses on retaining loyal customers and excellent customer service. Operational excellence: achieved through efficient operations and excellent supply chain and human resource management. Product excellence: having products with high perceived value and effective branding and positioning.
