MKT 100 Chapter Notes - Chapter 2: Starbucks, Swot Analysis, Caffeine

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Kathryn Newton

Document Summary

Chapter 2 developing marketing strategies and a marketing plan. This advantage makes it hard for (cid:272)o(cid:373)petitors to pe(cid:374)etrate the fir(cid:373)(cid:859)s (cid:373)arket: by developing high thick walls (a strong competitive advantage), a firm can sustain their edge, minimize competitive pressure, and boost profits for a longer time. There are four overarching strategies that focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages. Focuses on retaining loyal customers and excellent customer service. Customer service: marketers can also build sustainable competitive advantages by offering excellent customer service. Locational excellence: having a good physical location and internet presence, a competitive advantage based on location is sustainable because it is not easily duplicated. In most cases, a single strategy is not sufficient to build a sustainable competitive advantage. Firms must undertake multiple approaches to build a wall around their position as high as possible.