Cover
Title Page
Copyright
Dedication
Pearson’s Commitment to Diversity, Equity, and Inclusion
Brief Contents
Contents
Preface
About the Authors
Part 1: Defining Marketing And The Marketing Process
Chapter 1. Marketing: Creating Customer Value and Engagement
Objectives Outline
Previewing the Concepts
First Stop: Amazon: Obsessed with Creating Customer Value, Engagement, and Relationships
What Is Marketing?
Marketing Defined
The Marketing Process
Understanding the Marketplace and Customer Needs
Customer Needs, Wants, and Demands
Market Offerings—Products, Services, and Experiences
Marketing at Work 1.1: The Walt Disney World Resort: Making Magical Moments
Customer Value and Satisfaction
Exchanges and Relationships
Markets
Designing a Customer Value–Driven Marketing Strategy and Plan
Customer Value–Driven Marketing Strategy
Preparing an Integrated Marketing Plan and Program
Managing Customer Relationships and Capturing Customer Value
Engaging Customers and Managing Customer Relationships
Capturing Value from Customers
The Changing Marketing Landscape
The Digital Age: Online, Mobile, and Social Media Marketing
Marketing at Work 1.2: Zoom: A Winning Product and Agile Marketing in the Digital Age
The Growth of Not-for-Profit Marketing
Rapid Globalization
Sustainable Marketing: The Call for More Environmental and Social Responsibility
So, What Is Marketing? Pulling It All Together
Developing Skills for Your Career
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 2. Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships
Objectives Outline
Previewing the Concepts
First Stop: Rolex: Building Brand Equity through a Customer-Driven Marketing Mix
Company-Wide Strategic Planning: Defining Marketing’s Role
Defining a Market-Oriented Mission
Setting Company Objectives and Goals
Designing the Business Portfolio
Marketing at Work 2.1: IKEA’s Mission: Creating a Better Everyday Life for the Many People
Analyzing the Current Business Portfolio
Developing Strategies for Growth and Downsizing
Planning Marketing: Partnering to Build Customer Relationships
Partnering with Other Company Departments
Partnering with Others in the Marketing System
Marketing Strategy and the Marketing Mix
Customer Value–Driven Marketing Strategy
Marketing at Work 2.2: How Milk Is Becoming Dairy-Free
Developing an Integrated Marketing Mix
Managing the Marketing Effort and Marketing Return on Investment
Managing the Marketing Effort
Measuring and Managing Marketing Return on Investment
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Part 2: Understanding The Marketplace And Consumer Value
Chapter 3. Analyzing the Marketing Environment
Objectives Outline
Previewing the Concepts
First Stop: Microsoft: Adapting to the Fast-Changing Marketing Environment
The Microenvironment and Macroenvironment
The Microenvironment
The Macroenvironment
Marketing at Work 3.1: Marketing in the Age of Disruption: Managing the Present and Planning for the Future
The Demographic and Economic Environments
The Demographic Environment
The Economic Environment
The Natural and Technological Environments
The Natural Environment
The Technological Environment
The Political–Social and Cultural Environments
The Political and Social Environment
Marketing at Work 3.2: Cause-Related Marketing: Linking Brands, Consumers, and Causes
The Cultural Environment
Responding to the Marketing Environment
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 4. Managing Marketing Information to Gain Customer Insights
Objectives Outline
Previewing the Concepts
First Stop: Ferrero: Managing Marketing Information and Customer Insights
Marketing Information and Customer Insights
Marketing Information and Today’s “Big Data”
Developing Customer Insights
The Marketing Information System
Assessing Information Needs and Developing Data
Assessing Marketing Information Needs
Developing Marketing Information
Marketing at Work 4.1: Social Media Command Centers: Listening to and Engaging Customers in Social Space
Marketing Research
Traditional Marketing Research in Transition
Defining the Problem and Research Objectives
Developing the Research Plan
Gathering Secondary Data
Primary Data Collection
Implementing the Research Plan
Interpreting and Reporting the Findings
Analyzing and Using Marketing Information
Customer Relationship Management (CRM)
Big Data, Marketing Analytics, and Artificial Intelligence
Distributing and Using Marketing Information
Marketing at Work 4.2: Artificial Intelligence in Marketing: “A Bigger Deal Than Fire or Electricity”
Other Marketing Information Considerations
Marketing Research in Small Businesses and Nonprofit Organizations
International Marketing Research
Public Policy and Ethics in Marketing Research
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 5. Understanding Consumer and Business Buyer Behavior
Objectives Outline
Previewing the Concepts
First Stop: Lenovo: Understanding Customers and Building Profitable Relationships
Consumer Markets and Consumer Buyer Behavior
Model of Consumer Behavior
Characteristics Affecting Consumer Behavior
Marketing at Work 5.1: Influencer Marketing: Leveraging Relationships between Influencers and Their Followers
The Buyer Decision Process
Need Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Postpurchase Behavior
The Customer Journey
The Buyer Decision Process for New Products
Stages in the Adoption Process
Individual Differences in Innovativeness
Influence of Product Characteristics on Rate of Adoption
Business Markets and Business Buyer Behavior
Business Markets
Business Buyer Behavior
Major Types of Buying Situations
Participants in the Business Buying Process
Major Influences on Business Buyers
The Business Buyer Decision Process
Problem Recognition
General Need Description
Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review
Engaging Business Buyers with Digital and Social Marketing
E-procurement and Online Purchasing
Business-to-Business Digital and Social Media Marketing
Marketing at Work 5.2: LinkedIn: The Place to Be for B-to-B
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Part 3: Designing A Customer Value–Driven Strategy And Mix
Chapter 6. Customer Value–Driven Marketing Strategy: Creating Value for Target Customers
Objectives Outline
Previewing the Concepts
First Stop: Henkel’s Persil in the Gulf States
Marketing Strategy
Market Segmentation
Segmenting Consumer Markets
Segmenting Business Markets
Marketing at Work 6.1: VOX Cinemas: Movie Experiences for Everyone
Segmenting International Markets
Requirements for Effective Segmentation
Market Targeting
Evaluating Market Segments
Selecting Target Market Segments
Marketing at Work 6.2: Fila Sneaks Back into Fashion
Differentiation and Positioning
Positioning Maps
Choosing a Differentiation and Positioning Strategy
Communicating and Delivering the Chosen Position
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 7. Products, Services, and Brands: Building Customer Value
Objectives Outline
Previewing the Concepts
First Stop: FiLLi Café: A Saffron-Infused Tea Experience
What Is a Product?
Products, Services, and Experiences
Levels of Product and Services
Product and Service Classifications
Product and Service Decisions
Individual Product and Service Decisions
Marketing at Work 7.1: Nike Pro Hijab: Combining Branding and an Innovative Design
Product Line Decisions
Product Mix Decisions
Services Marketing
The Nature and Characteristics of a Service
Marketing Strategies for Service Firms
The Service Profit Chain
Branding Strategy: Building Strong Brands
Brand Equity and Brand Value
Building Strong Brands
Marketing at Work 7.2: Store Brands: Price Is Important, but It’s More about the Customer Experience
Managing Brands
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 8. Developing New Products and Managing the Product Life Cycle
Objectives Outline
Previewing the Concepts
First Stop: Google (. . . er, Alphabet): The New Product Moon Shot Factory
New Product Development Strategy
The New Product Development Process
Idea Generation
Idea Screening
Concept Development and Testing
Marketing Strategy Development
Business Analysis
Product Development
Test Marketing
Commercialization
Managing New Product Development
Marketing at Work 8.1: Apple: Innovative to Its Core
Product Life-Cycle Strategies
Introduction Stage
Marketing at Work 8.2: Managing L’Oréal’s Product Life Cycle: More Than Just Makeup
Growth Stage
Maturity Stage
Decline Stage
Additional Product and Service Considerations
Product Decisions and Social Responsibility
International Product and Services Marketing
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 9. Pricing: Understanding and Capturing Customer Value
Objectives Outline
Previewing the Concepts
First Stop: Peloton: Premium Priced. But It’s Not about the Price
Major Pricing Strategies
Customer Value–Based Pricing
Marketing at Work 9.1: ALDI: Doing Things “Differentli” to Bring Customers Amazingly Low Prices
Cost-Based Pricing
Competition-Based Pricing
Other Internal and External Considerations Affecting Price Decisions
Overall Marketing Strategy, Objectives, and Mix
Organizational Considerations
The Market and Demand
The Economy
Other External Factors
New Product Pricing Strategies
Market-Skimming Pricing
Market-Penetration Pricing
Product Mix Pricing Strategies
Product Line Pricing
Optional-Product Pricing
Captive-Product Pricing
By-Product Pricing
Product Bundle Pricing
Price Adjustment Strategies and Price Changes
Discount and Allowance Pricing
Segmented Pricing
Psychological Pricing
Promotional Pricing
Geographical Pricing
Dynamic and Personalized Pricing
Marketing at Work 9.2: Dynamic and Personalized Pricing: Walking a Fine Line
International Pricing
Price Changes
Public Policy and Pricing
Pricing within Channel Levels
Pricing across Channel Levels
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 10. Marketing Channels: Delivering Customer Value
Objectives Outline
Previewing the Concepts
First Stop: Airbnb: Disrupting Traditional Distribution Channels
Supply Chains and the Value Delivery Network
The Nature and Importance of Marketing Channels
How Channel Members Add Value
Channel Behavior and Organization
Channel Behavior
Vertical Marketing Systems
Horizontal Marketing Systems
Multichannel Distribution Systems
Changing Channel Organization
Marketing at Work 10.1: Zara: Through Disintermediation to the Top of World Fashion
Channel Design Decisions
Analyzing Consumer Needs
Setting Channel Objectives
Identifying Major Alternatives
Evaluating the Major Alternatives
Designing International Distribution Channels
Channel Management Decisions
Selecting Channel Members
Managing and Motivating Channel Members
Evaluating Channel Members
Public Policy and Distribution Decisions
Marketing at Work 10.2: Microsoft Azure: Partnering with Customers in the Cloud
Marketing Logistics and Supply Chain Management
Nature and Importance of Marketing Logistics
Sustainable Supply Chains
Goals of the Logistics System
Major Logistics Functions
Integrated Logistics Management
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 11. Retailing and Wholesaling
Objectives Outline
Previewing the Concepts
First Stop: UNIQLO: The Innovative Route in Fashion Retailing
Retailing
Retailing: Connecting Brands with Consumers
The Shifting Retailing Model
Store Retailing
Non-Store Direct Retailing
Omni-Channel Marketing: Blending In-Store, Online, Mobile, and Social Media Channels
Retailer Marketing Decisions
Marketing at Work 11.1: Sharaf DG’s Omni-Channel Strategy
Segmentation, Targeting, Differentiation, and Positioning Decisions
Product Assortment and Services Decision
Price Decision
Promotion Decision
Place Decision
Retailing Trends and Developments
Increased Uncertainty and Disruption
Tighter Consumer Spending
New Retail Forms, Shortening Retail Life Cycles, and Retail Convergence
The Rise of Megaretailers
Rapid Advances in Retail Technology
Marketing at Work 11.2: The Future of Retailing: Using Technology to Enhance the Customer Experience
Sustainable Retailing
Global Expansion of Major Retailers
Wholesaling
Types of Wholesalers
Trends in Wholesaling
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 12. Engaging Consumers and Communicating Customer Value: Advertising and Public Relations
Objectives Outline
Previewing the Concepts
First Stop: Jollibee: Communicating Family Values
The Promotion Mix
Integrated Marketing Communications
The New Marketing Communications Model
Marketing at Work 12.1: Just Don’t Call It Advertising: It’s Content Marketing
The Need for Integrated Marketing Communications
Shaping the Overall Promotion Mix
Advertising and Major Advertising Decisions
Setting Advertising Objectives
Setting the Advertising Budget
Marketing at Work 12.2: Promoting Social Responsibility: It’s the Right Thing to Do
Developing Advertising Strategy
Evaluating Advertising Effectiveness and the Return on Advertising Investment
Other Advertising Considerations
Public Relations
The Role and Impact of PR
Major Public Relations Tools
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 13. Personal Selling and Sales Promotion
Objectives Outline
Previewing the Concepts
First Stop: Salesforce: You Need a Great Sales Force to Sell Salesforce
Personal Selling
The Nature of Personal Selling
The Role of the Sales Force
Managing the Sales Force
Designing the Sales Force Strategy and Structure
Recruiting and Selecting Salespeople
Training Salespeople
Compensating Salespeople
Supervising and Motivating Salespeople
Evaluating Salespeople and Sales Force Performance
Social Selling: Using Digital Sales Platforms and Tools
Marketing at Work 13.1: Digital Selling Technologies: Changing the Face of Professional Sales
The Personal Selling Process
Steps in the Selling Process
Personal Selling and Managing Customer Relationships
Sales Promotion
The Rapid Growth of Sales Promotion
Sales Promotion Objectives
Major Sales Promotion Tools
Marketing at Work 13.2: Red Bull: The Mother of All Event Marketers
Developing the Sales Promotion Program
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 14. Digital Marketing
Objectives Outline
Previewing the Concepts
First Stop: Samsung Electronics: Engaging Customers Globally via Social Media Marketing
Understanding Digital Marketing
The New Digital Marketing Models
Benefits of Digital Marketing to Buyers and Sellers
Preparing for a Digital Marketing Campaign
Knowing the Digital Consumer
Understanding Consumer Omni-Channel Navigation Behavior
Using Experimentation to Understand What Works
Employing Digital Channels in an Omni-Channel Strategy
Online Marketing
Social Media Marketing
Marketing at Work 14.1: Instagram: A Win-Win-Win for the Company, Advertisers, and Instagrammers
Mobile Marketing
Marketing at Work 14.2: Mobile Marketing: Engaging Consumers in Moments That Matter
Creating an Integrated Omni-Channel Strategy
Public Policy Issues in Digital Marketing
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Part 4: Extending Marketing
Chapter 15. The Global Marketplace
Objectives Outline
Previewing the Concepts
First Stop: L’ORÉAL: “Beauty for All. .Beauty for Each Individual.”
Global Marketing Today
Understanding the Global Marketing Context
Political Context
Economic Context
Sociocultural Context
Marketing at Work 15.1: Tata Steel: Entering High-Potential International Markets
Technological Context
The Legal and Institutional Context
The Environmental and Ecological Context
Deciding Whether to Go Global and Which Markets to Enter
Deciding Whether to Go Global
Deciding Which Markets to Enter
Deciding How to Enter Global Markets
Exporting
Joint Venturing
Direct Investment
Deciding on the Global Marketing Program
Product
Promotion
Marketing at Work 15.2: Localizing Chinese Brand Names: Important but Tricky
Price
Distribution Channels
Deciding on the Global Marketing Organization
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Chapter 16. Sustainable Marketing: Social Responsibility and Ethics
Objectives Outline
Previewing the Concepts
First Stop: Patagonia’s “Conscious Consumption”: Telling Consumers to Buy Less
Sustainable Marketing
Social Criticisms of Marketing
Marketing’s Impact on Individual Consumers
Marketing’s Impact on Society as a Whole
Marketing’s Impact on Other Businesses
Pathways to Sustainable Marketing
Consumer Actions to Promote Sustainable Marketing
Business Actions toward Sustainable Marketing
Marketing at Work 16.1: Starbucks: Serving the Underserved—Doing Good and Doing Well
Building the Sustainable Marketing Organization
Sustainable Marketing Principles
Marketing at Work 16.2: Waitrose: Bring Your Own Bag
The Sustainable Marketing Organization
Reviewing And Extending The Concepts
Objectives Review
Key Terms
Discussion Questions
Critical Thinking Exercises
Digital Marketing
Marketing Ethics
Marketing by the Numbers
Company Cases
Appendix 1. Company Cases
Appendix 2. Marketing Plan
Appendix 3. Marketing by the Numbers
Appendix 4. Careers in Marketing
Glossary
References
Index
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