basic marketing
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Basic MarketingA Marketing Strategy Planning Approach
William D. Perreault, Jr., Ph.D.UNIVERSITY OF NORTH CAROLINA
Joseph P. Cannon, Ph.D.COLORADO STATE UNIVERSITY
E. Jerome McCarthy, Ph.D.MICHIGAN STATE UNIVERSITY
McGraw-HillIrwin
Boston Burr Ridge, IL Dubuque, IA New York San Francisco St. LouisBangkok Bogota Caracas Kuala Lumpur Lisbon London Madrid Mexico CityMilan Montreal New Delhi Santiago Seoul Singapore Sydney Taipei Toronto
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CHAPTER ONE
Marketing's Value to Consumers,Firms, and Society 2MarketingWhat's It All About? 4Marketing Is Important to You 5 . *How Should We Define Marketing? 6 'Macro-Marketing 8The Role of Marketing in Economic Systems 11Marketing's Role Has Changed a Lot over the Years 15What Does the Marketing Concept Mean? 16Adoption of the Marketing Concept Has Not Been Easy or
Universal 17The Marketing Concept and Customer Value 19The Marketing Concept Applies in Nonprofit Organizations 11The Marketing Concept, Social Responsibility, and Marketing
Ethics 13
Conclusion 27Key Terms 27Questions and Problems 28Suggested Cases 28Computer-Aided Problem 28
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CHAPTER TWO
Marketing Strategy Planning 30The Management Job in Marketing 31What Is a Marketing Strategy? 33Selecting a Market-Oriented Strategy Is Target
Marketing 34Developing Marketing Mixes for Target Markets 35The Marketing Plan Is a Guide to Implementation and
Control 41The Marketing Program Should Build Customer
Equity 43The Importance of Marketing Strategy Planning 45Creative Strategy Planning Needed for Survival 46What Are Attractive Opportunities? 47Marketing Strategy Planning Process Highlights
Opportunities 48Types of Opportunities to Pursue 51International Opportunities Should Be
Considered 53
Conclusion 54Key Terms 55Questions and Problems 55Creating Marketing Plans 56Suggested Cases 56Computer-Aided Problem 56
CHAPTER THREE
Evaluating Opportunities in theChanging Marketing Environment 58The Marketing Environment 60Objectives Should Set Firm's Course 61Company Resources May Limit Search for
Opportunities 64Analyzing Competitors and the Competitive
Environment 65The Economic Environment 69The Technological Environment 71The Political Environment 71The Legal Environment 74The Cultural and Social Environment 77Using Screening Criteria to Narrow Down to
Strategies 78Planning Grids Help Evaluate a Portfolio of
Opportunities 82Multiproduct Firms Have a Difficult
Strategy-Planning Job 83Evaluating Opportunities in International
Markets 84
Conclusion 85Key Terms 86Questions and Problems 86Creating Marketing Plans 87Suggested Cases 87Computer-Aided Problem 87
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CHAPTER FOUR
Focusing Marketing Strategy withSegmentation and Positioning 88Search for Opportunities Can Begin by Understanding
Markets 90Naming Product-Markets and Generic Markets 93Market Segmentation Defines Possible Tarket
Markets 95What Dimensions Are Used to Segment Markets? 100A Best Practice Approach to Segmenting Products-
Markets 105More Sophisticated Techniques May Help in
Segmenting 109Differentiation and Positioning Take the Customer
Point of View HI
Conclusion 115Key Terms 115Questions and Problem 115Creating Marketing Plans 116Suggested Cases 116Computer-Aided Problem 116
CHAPTER FIVE
Demographic Dimensions ofGlobal Consumer Markets 118Target Marketers Focus on the Customer 120People with Money Make Markets 121
Population Trends in the U.S. Consumer Market 119Income Dimensions of the U.S. Market 135Spending Varies with Income and Other Demographic
Dimensions 138Ethnic Dimensions of the U.S. Market 141
Conclusion 144Key Terms 144Questions and Problems 144Creating Marketing Plans 145Suggested Cases 145Computer-Aided Problem 145
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CHAPTER SIX
Final Consumers andTheir Buying Behavior 146Consumer Behavior: Why Do They Buy What
They Buy? 148Economic Needs Affect Most Buying Decisions 149Psychological Influences within an Individual 150Social Influences Affect Consumer Behavior 160Individuals Are Affected by the Purchase
Situation 163The Consumer Decision Process 164Consumer Behavior in International Markets 167
Conclusion 169Key Terms 169Questions and Problems 169Creating Marketing Plans 170Suggested Cases 170Computer-Aided Problem 170
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CHAPTER SEVEN
Business and Organizational Customersand Their Buying Behavior 172Business and Organizational CustomersA Big
Opportunity 174Organizational Customers Are Different 175Many Different People May Influence a Decision 177Organizational Buyers Are Problem Solvers 181Buyer-Seller Relationships in Business Markets 186Manufacturers Are Important Customers 190Producers of ServicesSmaller and More Spread
Out 193Retailers and Wholesalers Buy for Their
Customers 194The Government Market 195
Conclusion 197Key Terms 197Questions and Problems 197Creating Marketing Plans 198Suggested Cases 198Computer-Aided Problem 198
CHAPTER EIGHT
Improving Decisions with MarketingInformation 200
Effective Marketing Requires Good Information 101Changes Are Under Way in Marketing Information
Systems 203The Scientific Method and Marketing Research 107Five-Step Approach to Marketing Research 208Defining the ProblemStep 1 108Analyzing the SituationStep 2 209Getting Problem-Specific DataStep 3 111Interpreting the DataStep 4 110Solving the ProblemStep 5 223International Marketing Research 224
Conclusion 225Key Terms 226Questions and Problems 226Creating Marketing Plans 227Suggested Cases 227Computer-Aided Problem 227
CHAPTER NINE
Elements of Product Planningfor Goods and Services 228The Product Area Involves Many Strategy
Decisions 130
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What Is a Product? 231Differences in Goods and Services 133Whole Product Lines Must Be Developed Too 235Branding Is a Strategy Decision 235Conditions Favorable to Branding 236Achieving Brand Familiarity Is Not Easy 137Protecting Brand Names and Trademarks 240What Kind of Brand to Use? 140Who Should Do the Branding? 141The Strategic Importance of Packaging 141What Is Socially Responsible Packaging? 144Warranty Policies Are a Part of Strategy Planning 246Product Classes Help Plan Marketing Strategies 247Consumer Product Classes 147Business Products Are Different 250Business Product ClassesHow They Are
Defined 251
Conclusion 254Key Terms 254Questions and Problems 254Creating Marketing Plans 256Suggested Cases 256Computer-Aided Problem 256
CHAPTER TEN
Product Management and New-Product Development 258Innovation and Market Changes Create
Opportunities 260Managing Products Over Their Life Cycles 261Product Life Cycles Should Be Related to Specific
Markets 263Product Life Cycles Vary in Length 264Planning for Different Stages of the Product Life
Cycle 267
New-Product Planning 171An Organized New-Product Development Process Is
Critical 171New-Product Development: A Total Company
Effort 178Need for Product Managers 280Managing Product Quality 181
Conclusion 285Key Terms 285Questions and Problems 286Creating Marketing Plans 286Suggested Cases 286Computer-Aided Problem 286
CHAPTER ELEVEN
Place and Development of ChannelSystems 288Marketing Strategy Planning Decisions for Place 291Place Decisions Are Guided by "Ideal" Place
Objectives 292Channel System May Be Direct or Indirect 293Channel Specialists May Reduce Discrepancies and
Separations 297Channel Relationship Must Be Managed 298Vertical Marketing Systems Focus on Final
Customers 301The Best Channel System Should Achieve Ideal
Market Exposure 304Channel Systems Can Be Complex 307Entering International Markets 309Conclusion 312Key Terms 312Questions and Problems 312Creating Marketing Plans 313Suggested Cases 313Computer-Aided Problem 313
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CHAPTER TWELVE
Distribution Customer Serviceand Logistics 314PhysicakDistribution Gets It to Customers 316Physical Distribution Customer Service 317Physical Distribution Concept Focuses on the Whole
Distribution System 319Coordinating Logistics Activities among Firms 322The Transporting Function Adds Value to a Marketing
Strategy 316Which Transporting Alternative Is Best? 327The Storing Function and Marketing Strategy 331Specialized Storing Facilities May Be Required 333The Distribution CenterA Different Kind of
Warehouse 335
Conclusion 335Key Terms 336Questions and Problems 336Creating Marketing Plans 337Suggested Cases 337Computer-Aided Problem 337
CHAPTERTHIRTEEN
Retailers, Wholesalers, and TheirStrategy Planning 338Retailers and Wholesalers Plan Their Own
Strategies 340The Nature of Retailing 341Planning a Retailer's Strategy 342Conventional RetailersTry to Avoid Price
Competition 344Expand Assortment and ServiceTo Compete at a
High Price 345Evolution of Mass-Merchandising Retailers 345Some Retailers Focus on Added Convenience 348Retailing on the Internet 349Why Retailers Evolve and Change 352Retailer Size and Profits 354Differences in Retailing in Different Nations 355What Is a Wholesaler? 356Wholesaling Is Changing with the Times 356Wholesalers Add Value in Different Ways 358Merchant Wholesalers Are the Most Numerous 359Agents Are Strong on Selling 361What Will Happen to Retailers and Wholesalers
in the Future? 363
Conclusion 363Key Terms 364Questions and Problems 364Creating Marketing Plans 365Suggested Cases 365Computer-Aided Problem 365
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CHAPTER FOURTEEN
PromotionIntroduction to IntegratedMarketing Communications 366Promotion Communicates to Target Markets 368Several Promotion Methods Are Available 369Someone Must Plan, Integrate, and Manage the
Promotion Blend 371Which Methods to Use Depends on Promotion
Objectives 374Promotion Requires Effective Communication 376Integrated Direct-Response Promotion Is Very
Targeted 378The Customer May Initiate the Communication
Process 379How Typical Promotion Plans Are Blended and
Integrated 382Adoption Processes Can Guide Promotion
Planning 385Promotion Blends Vary Over the Life Cycle 388Setting the Promotion Budget 390
CHAPTER FIFTEEN
Personal Selling andCustomer Service 394The Importance and Role of Personal Selling 396What Kinds of Personal Selling Are Needed? 399Order Getters Develop New Business
Relationships 399Order Takers Nurture Relationships to Keep the
Business Coming 400Supporting Sales Force Informs and Promotes in the
Channel 401Customer Service Promotes the Next Purchase 403The Right Structure Helps Assign Responsibility 404Information Technology Provides Tools to Do
the Job 409Sound Selection and Training to Build a Sales
Force 410Compensating and Motivating Salespeople 412Personal Selling TechniquesProspecting and
Presenting 415
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Conclusion 391Key Terms 392Questions and Problems 392Creating Marketing Plans 393Suggested Cases 393Computer-Aided Problem 393
Conclusion 419Key Terms 420Questions and Problems 420Creating Marketing Plans 421Suggested Cases 421Computer-Aided Problem 421
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CHAPTER SIXTEEN CHAPTER SEVENTEEN
Advertising and Sales Promotion 422 Pricing Objectives and Policies 454Advertising, Sales Promotion, and Marketing Strategy
Planning 424Advertising Is Big Business 426Advertising Objectives Are a Strategy Decision 418Objectives Determine the Kinds of Advertising
Needed 429Coordinated Advertising Efforts with Cooperative
Relationships 431Choosing the "Best" MediumHow to Deliver the
Message 431Advertising on the InternetNew Opportunities and
New Challenges 435Planning the "Best" MessageWhat to
Communicate 438Advertising Agencies Often Do the Work 441Measuring Advertising Effectiveness Is Not Easy 444How to Avoid Unfair Advertising 445Sales PromotionDo Something Different to
Stimulate Change 446Problems in Managing Sales Promotion 448Different Types of Sales Promotion for Different
Targets 449Conclusion 450Key Terms 451Questions and Problems 451Creating Marketing Plans 452Suggested Cases 452Computer-Aided Problem 452
Price Has Many Strategy Dimensions 456Objectives Should Guide Strategy Planning
for Price 458Profit-Oriented Objectives 459Sales-Oriented Objectives 460Status Quo Pricing Objectives 461Most Firms Set Specific Pricing PoliciesTo Reach
Objectives 461Price Flexibility Policies 462Price-Level PoliciesOver the Product
Life Cycle 464Most Price Structures Are Built Around List Prices 469Discount PoliciesReductions from List Prices 469Allowance PoliciesOff List Prices 471Some Customers Get Something Extra 472List Price May Depend on Geographic Pricing
Policies 473Pricing Policies Combine to Impact Customer
Value 474Legality of Pricing Policies 478Conclusion 481Key Terms 482Questions and Problems 482Creating Marketing Plans 483Suggested Cases 483Computer-Aided Problem 483
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CHAPTER EIGHTEEN
Price Setting in theBusiness World 484
Price Setting Is a Key Strategy Decision 487Some Firms Just Use Markups 487Average-Cost Pricing Is Common and Can Be
Dangerous 491Marketing Managers Must Consider Various Kinds
of Costs 492Some Firms Add a Target Return to Cost 496Break-Even Analysis Can Evaluate Possible Prices 496Marginal Analysis Considers Both Costs and
Demand 498Demand-Oriented Approaches for Setting Prices 502Pricing a Full Line 509Bid Pricing and Negotiated Pricing Depend Heavily
onCosts 510
Conclusion 512Key Terms 512Questions and Problems 512Creating Marketing Plans 513Suggested Cases 513Computer-Aided Problem 513
CHAPTER NINETEEN
Implementing and ControllingMarketing Plans: Evolutionand Revolution 514Good Plans Set the Framework for Implementation
and Control 516Speed Up Information for Better Implementation and
Control 518Effective Implementation Means That Plans Work
as Intended 519Control Provides Feedback to Improve Plans and
Implementation 522Sales Analysis Shows What's Happening 523Performance Analysis Looks for Differences 524Performance Indexes Simplify Human Analysis 526A Series of Performance Analyses May Find the
Real Problem 527Marketing Cost AnalysisControlling Costs Too 530Planning and Control Combined 535The Marketing Audit 536Conclusion 537Key Terms 537Questions and Problems 537Creating Marketing Plans 538Suggested Cases 538Computer-Aided Problem 539
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CHAPTER TWENTY
Managing Marketing's Link withOther Functional Areas 540Marketing in the Broader Context 542The Finance Function: Money to Implement
Marketing Plans 543Production Must Be Coordinated with the Marketing
Plan 549Accounting Data Can Help in Understanding Costs
and Profit 555People Put Plans into Action 559
Conclusion 561Key Terms 562Questions and Problems 562Creating Marketing Plans 563 /Suggested Cases 563
CHAPTER TWENTY-ONE
Ethical Marketing in a Consumer-Oriented World: Appraisal andChallenges 564How Should Marketing Be Evaluated? 566Can Consumer Satisfaction Be Measured? 568Micro-Marketing Often Does Cost Too Much 569
Macro-Marketing Does Not Cost Too Much 571Marketing Strategy Planning Process Requires Logic
and Creativity 573The Marketing Plan Brings All the Details
Together 576Challenges Facing Marketers 577How Far Should the Marketing Concept Go? 586
Conclusion 586Questions and Problems 587Creating Marketing Planss 587Suggested Cases 587
Appendix A EconomicsFundamentals 588
Appendix B Marketing Arithmetic 601
Appendix C Career Planning inMarketing 618
VIDEO CASES 6321. Chick-fil-A: "Eat Mor Chickin" (Except
on Sunday) 6332. Bass Pro Shops (Outdoor World) 6343. Toyota Prius: The Power of Excellence in Product
Innovation and Marketing 6354. Potbelly Sandwich Works Grows through
"Quirky" Marketing 6375. Suburban Regional Shopping Malls: Can the
Magic Be Restored? 6386. Girl Scouts 6417. The GM HUMMER: Brand Equity, Positioning, and
Development 6438. Segway Finds Niche Markets for Its Human
Transporter Technology 644
CASES 6471. McDonald's "Seniors" Restaurant 6482. Harvest Farm Foods, Inc. 6483. MANU Soccer Academy 6494. Trusty Technology Services 6505. PolyTech Products 651
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6. Global Steel Company 6527. Waituiwa Lodge 6538. Lombardi's Italian Grill 6549. Sweetest Dreams Inn 655
10. Taffe's Ice Land 65611. The Next Step 65712. DrRay.comCustom Vitamins and
Supplements 65813. File-It Supplies, Inc. 65914. Express Multimedia 66015. The Trujillo Group 66116. Bunyan Lumber 66217. Oh So Pure Water, Inc. 66418. Whisper Valley Volunteer Fire Department 66519. OurPerfectWedding.com 66620. Recreation Supplies Unlimited 66821. Advanced Materials, Inc. 66922. Bright Light Innovations: The Starlight Stove 67023. West Side Furniture 67124. Lone Star Wire, Inc, 67125. United Plastics Mfg., Inc. 67326. Best Way Canning, Inc. 67427. Superior Molding, Inc. 67528. Precision Cutting Tools, Inc. 676
29. Specialized Castings, Inc. 67730. Eden Prairie Mills, Ltd . 67831. At-Home Health Services, Inc. 67932. Lever, Ltd. 68133. Mulligan & Starling 68334. Innovative Aluminum Products, Inc. 68435. Mama Rossi's Pizza 68636. Sorenson Builders 688
Computer-Aided Problems 690
Notes 695
Illustration Credits 755
Name Index l-i
Company Index l-io
Subject Index 1-14
Glossary G-i
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