Management and Organizational Studies 2320A/B Lecture Notes - Lecture 2: Swot Analysis, Human Resource Management, Marketing Mix

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Mos 2320 lecture 2 (chapter 2: developing marketing strategies and a marketing plan) Marketing strategy ide(cid:374)tifies a fir(cid:373)"s target (cid:373)arket, a related (cid:373)arketi(cid:374)g (cid:373)i(cid:454): the 4 ps, a(cid:374)d the (cid:271)ases upon which the firm plants to build a sustainable competitive advantage. Leads to sustainable competitive advantage: something the firm can persistently do better than its competitors that is not easily copied and thus can be maintained over a long period of time. Strong brand, technology, strong customer base, and loyal customers: a(cid:272)ts as (cid:449)all a(cid:374)d it"s hard for (cid:272)o(cid:373)petitors to (cid:272)o(cid:374)ta(cid:272)t (cid:272)usto(cid:373)ers i(cid:374)side. Customer excellence: focuses on retaining loyal customers and excellent customer service i. e. , strong brand, unique merchandise, and superior customer service all help solidify a loyal customer base. Operational excellence: achieved through efficient operations and excellent supply chain and human resource management (mix of all 3) Product excellence: having products with high perceived value and effective branding and positioning.