Marketing Strategy / Edition 5

Marketing Strategy / Edition 5

by O. C. Ferrell, Michael Hartline

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ISBN-10: 053846738X

ISBN-13: 9780538467384

Pub. Date: 04/01/2010

Publisher: Cengage Learning

This book provides a practical, straightforward approach to planning, analysing and implementing marketing strategies. With nearly 80% of the future marketing graduates going to work in small businesses or entrepreneurial organizations, this book/case book was written to address the challenges that marketing personnel will face in their developing careers, and


This book provides a practical, straightforward approach to planning, analysing and implementing marketing strategies. With nearly 80% of the future marketing graduates going to work in small businesses or entrepreneurial organizations, this book/case book was written to address the challenges that marketing personnel will face in their developing careers, and takes a practical perspective to equip readers to understand the components of strategic marketing management. For those interested in just the marketing management and strategy concepts, the text is available without the cases to fit your course needs.

Product Details

Cengage Learning
Publication date:
Edition description:
Older Edition
Product dimensions:
7.90(w) x 9.90(h) x 1.10(d)

Table of Contents

Marketing in Today's Economy     1
Introduction     1
The Challenges and Opportunities of Marketing in Today's Economy     3
Basic Marketing Concepts     7
What Is a Market?     8
What Is Exchange?     9
What Is a Product?     11
Major Marketing Activities and Decisions     14
Strategic Planning     14
Social Responsibility and Ethics     15
Research and Analysis     16
Developing Competitive Advantage     16
Marketing Strategy Decisions     17
Implementation and Control     21
Developing and Maintaining Customer Relationships     21
Taking on the Challenges of Marketing Strategy     22
Lessons from Chapter 1     25
Questions for Discussion     27
Exercises     27
Strategic Marketing Planning     29
Introduction     29
The Strategic Planning Process     30
Organizational Mission Versus Organizational Vision     32
Corporate or Business-Unit Strategy     36
Functional Goals and Objectives     37
Functional Strategy     38
Implementation     38
Evaluation and Control     38
The Marketing Plan     39
Marketing Plan Structure     40
Using the Marketing Plan Structure     46
Purposes and Significance of the Marketing Plan     48
Organizational Aspects of the Marketing Plan     48
Maintaining Customer Focus and Balance in Strategic Planning     49
Customer-Focused Planning     49
Balanced Strategic Planning     52
Lessons from Chapter 2     54
Questions for Discussion     57
Exercises     57
Marketing Ethics and Social Responsibility in Strategic Planning     59
Introduction     59
The Role of Ethics and Social Responsibility in Marketing Strategy     61
Dimensions of Social Responsibility     61
Marketing Ethics and Strategy     64
The Challenges of Being Ethical and Socially Responsible     68
Deceptive Practices In Marketing     69
Deceptive Communication and Promotion     70
Regulating Deceptive Marketing Practices     71
Organizational Determinants of Marketing Ethics and Social Responsibility     72
Codes of Conduct     73
Marketing Ethics and Leadership      76
Stakeholders, Market Orientation, and Marketing Performance     76
Market Orientation     77
Stakeholder Orientation     77
Marketing Performance     78
Incorporating Ethics and Social Responsibility into Strategic Planning     79
Lessons from Chapter 3     80
Questions for Discussion     84
Exercises     84
Collecting and Analyzing Marketing Information     85
Introduction     85
Conducting a Situation Analysis     86
Analysis Alone Is Not a Solution     87
Data Are Not the Same as Information     87
The Benefits of Analysis Must Outweigh the Costs     88
Conducting a Situation Analysis Is a Challenging Exercise     88
The Internal Environment     90
Review of Current Objectives, Strategy, and Performance     91
Availability of Resources     91
Organizational Culture and Structure     92
The Customer Environment     92
Who Are Our Current and Potential Customers?     93
What Do Customers Do with Our Products?     93
Where Do Customers Purchase Our Products?     95
When Do Customers Purchase Our Products?     96
Why (and How) Do Customers Select Our Products?     96
Why Do Potential Customers Not Purchase Our Products?     97
The External Environment     98
Competition     98
Economic Growth and Stability     102
Political Trends     103
Legal and Regulatory Issues     103
Technological Advancements     104
Sociocultural Trends     105
Collecting Marketing Data and Information     107
Secondary Information Sources     108
Primary Data Collection     111
Overcoming Problems in Data Collection     113
Lessons from Chapter 4     114
Questions for Discussion     115
Exercises     116
Developing Competitive Advantage and Strategic Focus     117
Introduction     117
Making SWOT Analysis Productive     119
Stay Focused     120
Search Extensively for Competitors     121
Collaborate with Other Functional Areas     122
Examine Issues from the Customers' Perspective     122
Look for Causes, Not Characteristics     123
Separate Internal Issues from External Issues     125
SWOT-Driven Strategic Planning     125
Strengths and Weaknesses     126
Opportunities and Threats     127
The SWOT Matrix     128
Developing and Leveraging Competitive Advantages     131
Establishing a Strategic Focus     134
Developing Marketing Goals and Objectives     137
Developing Marketing Goals     139
Developing Marketing Objectives     140
Moving Beyond Goals and Objectives     143
Lessons from Chapter 5     144
Questions for Discussion     146
Exercises     147
Customers, Segmentation, and Target Marketing     148
Introduction     148
Buyer Behavior in Consumer Markets     150
The Consumer Buying Process     150
Factors That Affect the Consumer Buying Process     156
Buyer Behavior in Business Markets     159
Unique Characteristics of Business Markets     160
The Business Buying Process     161
Market Segmentation     163
Traditional Market Segmentation Approaches     164
Individualized Segmentation Approaches     166
Criteria for Successful Segmentation     168
Identifying Market Segments     169
Segmenting Consumer Markets      170
Segmenting Business Markets     175
Target-Marketing Strategies     177
Lessons from Chapter 6     179
Questions for Discussion     184
Exercises     185
Product Strategy     186
Introduction     186
The Product Portfolio     188
The Challenges of Service Products     191
New Product Development     193
Branding Strategy     196
Strategic Issues in Branding Strategy     196
Packaging and Labeling     201
Differentiating and Positioning the Product Offering     202
Differentiation Strategies     204
Positioning Strategies     206
Managing Products and Brands Over Time     208
Development Stage     209
Introduction Stage     210
Growth Stage     211
Maturity Stage     212
Decline Stage     214
Lessons from Chapter 7     216
Questions for Discussion     219
Exercises     220
Pricing Strategy     221
Introduction     221
The Role of Pricing in Marketing Strategy     223
The Seller's Perspective on Pricing      223
The Buyer's Perspective on Pricing     225
A Shift in the Balance of Power     226
The Relationship Between Price and Revenue     226
Key Issues in Pricing Strategy     227
Pricing Objectives     228
Supply and Demand     228
The Firm's Cost Structure     229
Competition and Industry Structure     230
Stage of the Product Life Cycle     231
Pricing Service Products     232
Price Elasticity of Demand     234
Situations That Increase Price Sensitivity     235
Situations That Decrease Price Sensitivity     236
Pricing Strategies     238
Base-Pricing Strategies     238
Adjusting Prices in Consumer Markets     242
Adjusting Prices in Business Markets     244
Fixed Versus Dynamic Pricing     245
Legal and Ethical Issues in Pricing     247
Price Discrimination     247
Price Fixing     248
Predatory Pricing     248
Deceptive Pricing     248
Lessons from Chapter 8     249
Questions for Discussion     253
Exercises     254
Distribution and Supply Chain Management      255
Introduction     255
Distribution and Supply Chain Concepts     257
Marketing Channel Functions     258
Channel Effectiveness and Efficiency     260
Strategic Issues in Distribution and Supply Chain Management     261
Marketing Channel Structure     261
Channel Integration     263
Creating and Enhancing Value in the Supply Chain     264
Conflict and Collaboration in the Supply Chain     265
The Basis of Conflict in the Supply Chain     265
Collaborative Supply Chains     267
Trends in Marketing Channels     270
Advancing Technology     270
Shifting Power in the Channel     270
Outsourcing Channel Functions     272
The Growth of Direct Distribution and Nonstore Retailing     273
The Growth of Dual Distribution     275
Legal and Ethical Issues in the Supply Chain     275
Dual Distribution     275
Exclusive Channel Arrangements     276
Tying Arrangements     276
Counterfeit Products     277
Lessons from Chapter 9     277
Questions for Discussion     280
Exercises     281
Integrated Marketing Communications     282
Introduction     282
Strategic Issues in Integrated Marketing Communications     284
Advertising     286
Types of Advertising     288
Determining the Advertising Budget     291
Evaluating Advertising Effectiveness     292
Public Relations     294
Public Relations Methods     295
Negative Public Relations     296
Personal Selling and Sales Management     298
The Sales Management Process     299
The Impact of Technology on Personal Selling     302
Sales Promotion     303
Sales Promotion in Consumer Markets     304
Sales Promotion in Business Markets     306
Lessons from Chapter 10     307
Questions for Discussion     310
Exercises     310
Marketing Implementation and Control     311
Introduction     311
Strategic Issues in Marketing Implementation     313
The Link Between Planning and Implementation     313
The Elements of Marketing Implementation     316
Approaches to Marketing Implementation     320
Implementation by Command     321
Implementation Through Change     322
Implementation Through Consensus     323
Implementation as Organizational Culture     323
Internal Marketing and Marketing Implementation     324
The Internal Marketing Approach     326
The Internal Marketing Process     326
Evaluating and Controlling Marketing Activities     328
Formal Marketing Controls     329
Informal Marketing Controls     334
Scheduling Marketing Activities     335
Lessons from Chapter 11     336
Questions for Discussion     339
Exercises     339
Developing and Maintaining Long-Term Customer Relationships     341
Introduction     341
Managing Customer Relationships     342
Developing Relationships in Consumer Markets     343
Developing Relationships in Business Markets     346
Quality and Value: The Keys to Developing Customer Relationships     348
Understanding the Role of Quality     349
Delivering Superior Quality     351
Understanding the Role of Value     354
Competing on Value     357
Customer Satisfaction: The Key to Customer Retention     358
Understanding Customer Expectations      358
Satisfaction Versus Quality Versus Value     362
Customer Satisfaction and Customer Retention     363
Customer Satisfaction Measurement     365
Lessons from Chapter 12     367
Questions for Discussion     371
Exercises     372
Napster     373
USA Today and the Future of Information Distribution     389
Saturn     403
Champ Car World Series     416
Blockbuster     427
Mobile ESPN     435
Gillette     444
Best Buy     455
New Belgium Brewing Company (A)     463
New Belgium Brewing Company (B)     471
Mattel, Inc.     477
PETCO Develops Successful Stakeholder Relationships     492
FedEx Corporation     502
IKEA     513
Mistine     520
Museum of Fine Arts Boston     530
G.I. Joe: Marketing an Icon     558
Strategic Inflection: TiVo in 2005     579
The Brand in the Hand: Mobile Marketing at adidas     603
Santa Fe Relocation Services: Regional Brand Management     624
Marketing Plan Worksheets     639
Example Marketing Plan     650
Endnotes     674
Brands and Companies Index     695
Name Index     704
Subject Index     706

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