COMMERCE 2MA3 Lecture Notes - Lecture 2: Swot Analysis, Marketing Mix, Situation Two

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Yousra Bakr

Document Summary

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 customer excellence: retaining loyal customers, offering excellent customer service. A firm builds its competitive advantage through its efficient operations, excellent supply chain management, and strong relationships with suppliers. A firm builds its competitive advantage through having products with high perceived value and effective branding and positioning. A firm builds its competitive advantage through having a good physical location and/or internet presence. Class exercise to show that value means different things to different people. A written document composed of: an analysis of the current situation, opportunities and threats for the firm, marketing objectives, marketing mix strategies, action plan. A marketing plan generally consists of three phases, planning, implementation, and control. In planning, the business sets the mission statement and the business objectives, and research and analyze the marketing environment.