BU352 Chapter Notes - Chapter 2: Groupon, Corporate Social Responsibility, Ken Wilber
Document Summary
Chapter 2: developing marketing strategies and a marketing plan. Marketing strategy: identifies a firm"s target market(s), a related marketing mix the four p"s, and the bases upon which the firm plans to build a sustainable competitive advantage. Sustainable competitive advantage: something the firm can persistently do better than its competitors that isn"t easily copied and thus can be maintained over a long period of time. 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. Over time, all advantages eroded by competitive forces but by building high, thick walls, firms can sustain their advantage, minimize competitive pressure, and boost profits for a longer time. 4 overarching strategies focusing on aspects of marketing mix to create and deliver value and to develop sustainable competitive advantages: Customer excellence: focuses on retaining loyal customers and excellent customer service.
