COMMERCE 2MA3 Chapter Notes - Chapter 2: Marketing Strategy, Marketing Mix, Swot Analysis
25 Nov 2018
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It identifies 1) the firm"s target market, 2)the marketing mix strategies, 3)how the firm will build a sustainable competitive advantage. A sustainable competitive advantage is an advantage over competition that cannot be copied and thus can be maintained for a very long period of time. 4 strategies for creating a sustainable competitive advantage. When a firm"s loyal customer base is the advantage it has over competition. How can a firm achieve that: retaining loyal customers, offering excellent customer service. A loyal customer does not simply prefer to buy the products of a certain company, but would also refuse to shift to competitor"s products even if they are on sale or if they are offered in a closer store. How can we retain loyal customers: understand the importance of a customer"s lifetime value, create an emotional connection through loyalty programs. A firm builds its competitive advantage through its efficient operations, excellent supply chain management, and strong relationships with suppliers.
