Management and Organizational Studies 2320A/B Study Guide - Midterm Guide: Customer Relationship Management, Competitive Advantage, Customer Retention

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

Document Summary

Chapter 2 developing marketing strategies and a marketing plan. Four overarching strategies that focus on aspects of the marketing mix to create and deliver value / develop sustainable growth: customer excellence, operational excellence, product excellence, locational excellence. These strategies are best used in combination a single strategy is often not enough. Involves a focus on retaining loyal customers and excellent customer service. Viewing customers with a lifetime value perspective, rather than a transaction-by- transaction basis this is the key to modern customer retention. Involves a focus on efficient operations and excellent supply chain management. Involves a focus on achieving high-quality products and effective branding and positioning. Difficult to develop a competitive advantage, especially if competitors can deliver similar products/services easily. Can develop a competitive advantage by investing in the brand itself, and constantly reinforcing that image. Involves a focus on a good physical location and internet presence. Sustainable competitive advantage because it is not easily duplicated.