A Marketing Strategy is a concept that identifies: a firm's target market, the marketing mix, the firm's mission for which it plans to build a Sustainable Competitive Advantage.
A sustainable competitive advantage (SCA) is a firm’s ability to maintain an advantage over the competition that cannot be easily copied.
For example, the Apple iPod, with its sleek design, internet ready capability, multiple applications, quality graphics, and amazing sound features give it a sustainable competitive advantage over other mp3 playing devices and has totally removed other media devices (such as a CD player) from the market.
By building a SCA around a firm’s target market group, a business is able to secure their position in the market. This enables a company to minimize competitive pressures and sustain profit margins in the long run.
Combining Marketing Mix with Sustainable Competitive Advantage
Below are a list of ways firms can combine the principles of the marketing mix with strategies for building a sustainable competitive advantage. (Please feel free to read each example given below.)
- Customer Service Excellence - focuses on customer retention and excellent customer service.
- Operational Excellence - can be achieved through efficient operations, well regulated supply chain, and human resource management.
- Product Execellence - can be achieved by having products with high perceived value and effective branding.
- Location Excellence - Good physical location and internet present.
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