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Principles of Marketing

Table of contents
Chapter One. What is Marketing?
1.1 - Defining Marketing
1.2 - Who Does Marketing?
1.3 - Why Study Marketing?
1.4 - Themes and Organization of This Book
1.5 - Discussion Questions and Activities
Chapter Two. Strategic Planning
2.1 - The Value Proposition
2.2 - Components of the Strategic Planning Process
2.3 - Developing Organizational Objectives and Formulating Strategies
2.4 - Where Strategic Planning Occurs within Firms
2.5 - Strategic Portfolio Planning Approaches
2.6 - Discussion Questions and Activities
Chapter Three. Consumer Behavior: How People Make Buying Decisions
3.1 - Factors That Influence Consumers’ Buying Behavior
3.2 - Low-Involvement Versus High-Involvement Buying Decisions and the Consumer’s Decision-Making Process
3.3 - Discussion Questions and Activities
Chapter Four. Business Buying Behavior
4.1 - The Characteristics of Business-to-Business (B2B) Markets
4.2 - Types of B2B Buyers
4.3 - Buying Centers
4.4 - Stages in the B2B Buying Process and B2B Buying Situations
4.5 - International B2B Markets and E-commerce
4.6 - Ethics in B2B Markets
4.7 - Discussion Questions and Activities
Chapter Five. Market Segmenting, Targeting, and Positioning
5.1 - Targeted Marketing versus Mass Marketing
5.2 - How Markets Are Segmented
5.3 - Selecting Target Markets and Target-Market Strategies
5.4 - Positioning and Repositioning Offerings
5.5 - Discussion Questions and Activities
Chapter Six. Creating Offerings
6.1 - What Composes an Offering?
6.2 - Types of Consumer Offerings
6.3 - Types of Business-to-Business (B2B) Offerings
6.4 - Branding, Labeling, and Packaging
6.5 - Managing the Offering
6.6 - Discussion Questions and Activities
Chapter Seven. Developing and Managing Offerings
7.1 - The New Offering Development Process
7.2 - Managing New Products: The Product Life Cycle
7.3 - Discussion Questions and Activities
Chapter Eight. Using Marketing Channels to Create Value for Customers
8.1 - Marketing Channels and Channel Partners
8.2 - Typical Marketing Channels
8.3 - Functions Performed by Channel Partners
8.4 - Marketing Channel Strategies
8.5 - Channel Dynamics
8.6 - Discussion Questions and Activities
Chapter Nine. Using Supply Chains to Create Value for Customers
9.1 - Sourcing and Procurement
9.2 - Demand Planning and Inventory Control
9.3 - Warehousing and Transportation
9.4 - Track and Trace Systems and Reverse Logistics
9.5 - Discussion Questions and Activities
Chapter Ten. Gathering and Using Information: Marketing Research and Market Intelligence
10.1 - Marketing Information Systems
10.2 - Steps in the Marketing Research Process
10.3 - Discussion Questions and Activities
Chapter Eleven. Integrated Marketing Communications and the Changing Media Landscape
11.1 - Integrated Marketing Communications (IMC)
11.2 - The Promotion (Communication) Mix
11.3 - Factors Influencing the Promotion Mix, Communication Process, and Message Problems
11.4 - Advertising and Direct Marketing
11.5 - Message Strategies
11.6 - The Promotion Budget
11.7 - Sales Promotions
11.8 - Discussion Questions and Activities
Chapter Twelve. Public Relations, Social Media, and Sponsorships
12.1 - Public Relations Activities and Tools
12.2 - Social Media
12.3 - Discussion Questions and Activities
Chapter Thirteen. Professional Selling
13.1 - The Role Professional Salespeople Play
13.2 - Customer Relationships and Selling Strategies
13.3 - Sales Metrics (Measures)
13.4 - Ethics in Sales and Sales Management
13.5 - Integrating Sales and Marketing
13.6 - Outsourcing the Sales Function
13.7 - Discussion Questions and Activities
Chapter Fourteen. Customer Satisfaction, Loyalty, and Empowerment
14.1 - Customer Communities
14.2 - Loyalty Management
14.3 - Customer Satisfaction
14.4 - Ethics, Laws, and Customer Empowerment
14.5 - Discussion Questions and Activities
Chapter Fifteen. Price, the Only Revenue Generator
15.1 - The Pricing Framework and a Firm’s Pricing Objectives
15.2 - Factors That Affect Pricing Decisions
15.3 - Pricing Strategies
15.4 - Discussion Questions and Activities
Chapter Sixteen. The Marketing Plan
16.1 - Marketing Planning Roles
16.2 - Functions of the Marketing Plan
16.3 - Forecasting
16.4 - Ongoing Marketing Planning and Evaluation
16.5 - Discussion Questions and Activities
Chapter Seventeen. Please share your supplementary material!
Principles of Marketing
2nd Edition
University of Minnesota Libraries Publishing
Table Of Contents
  • Introduction - Principles of Marketing
  • Chapter One - What is Marketing?
    • 1.1 - Defining Marketing
    • 1.2 - Who Does Marketing?
    • 1.3 - Why Study Marketing?
    • 1.4 - Themes and Organization of This Book
    • 1.5 - Discussion Questions and Activities
  • Chapter Two - Strategic Planning
    • 2.1 - The Value Proposition
    • 2.2 - Components of the Strategic Planning Process
    • 2.3 - Developing Organizational Objectives and Formulating Strategies
    • 2.4 - Where Strategic Planning Occurs within Firms
    • 2.5 - Strategic Portfolio Planning Approaches
    • 2.6 - Discussion Questions and Activities
  • Chapter Three - Consumer Behavior: How People Make Buying Decisions
    • 3.1 - Factors That Influence Consumers’ Buying Behavior
    • 3.2 - Low-Involvement Versus High-Involvement Buying Decisions and the Consumer’s Decision-Making Process
    • 3.3 - Discussion Questions and Activities
  • Chapter Four - Business Buying Behavior
    • 4.1 - The Characteristics of Business-to-Business (B2B) Markets
    • 4.2 - Types of B2B Buyers
    • 4.3 - Buying Centers
    • 4.4 - Stages in the B2B Buying Process and B2B Buying Situations
    • 4.5 - International B2B Markets and E-commerce
    • 4.6 - Ethics in B2B Markets
    • 4.7 - Discussion Questions and Activities
  • Chapter Five - Market Segmenting, Targeting, and Positioning
    • 5.1 - Targeted Marketing versus Mass Marketing
    • 5.2 - How Markets Are Segmented
    • 5.3 - Selecting Target Markets and Target-Market Strategies
    • 5.4 - Positioning and Repositioning Offerings
    • 5.5 - Discussion Questions and Activities
  • Chapter Six - Creating Offerings
    • 6.1 - What Composes an Offering?
    • 6.2 - Types of Consumer Offerings
    • 6.3 - Types of Business-to-Business (B2B) Offerings
    • 6.4 - Branding, Labeling, and Packaging
    • 6.5 - Managing the Offering
    • 6.6 - Discussion Questions and Activities
  • Chapter Seven - Developing and Managing Offerings
    • 7.1 - The New Offering Development Process
    • 7.2 - Managing New Products: The Product Life Cycle
    • 7.3 - Discussion Questions and Activities
  • Chapter Eight - Using Marketing Channels to Create Value for Customers
    • 8.1 - Marketing Channels and Channel Partners
    • 8.2 - Typical Marketing Channels
    • 8.3 - Functions Performed by Channel Partners
    • 8.4 - Marketing Channel Strategies
    • 8.5 - Channel Dynamics
    • 8.6 - Discussion Questions and Activities
  • Chapter Nine - Using Supply Chains to Create Value for Customers
    • 9.1 - Sourcing and Procurement
    • 9.2 - Demand Planning and Inventory Control
    • 9.3 - Warehousing and Transportation
    • 9.4 - Track and Trace Systems and Reverse Logistics
    • 9.5 - Discussion Questions and Activities
  • Chapter Ten - Gathering and Using Information: Marketing Research and Market Intelligence
    • 10.1 - Marketing Information Systems
    • 10.2 - Steps in the Marketing Research Process
    • 10.3 - Discussion Questions and Activities
  • Chapter Eleven - Integrated Marketing Communications and the Changing Media Landscape
    • 11.1 - Integrated Marketing Communications (IMC)
    • 11.2 - The Promotion (Communication) Mix
    • 11.3 - Factors Influencing the Promotion Mix, Communication Process, and Message Problems
    • 11.4 - Advertising and Direct Marketing
    • 11.5 - Message Strategies
    • 11.6 - The Promotion Budget
    • 11.7 - Sales Promotions
    • 11.8 - Discussion Questions and Activities
  • Chapter Twelve - Public Relations, Social Media, and Sponsorships
    • 12.1 - Public Relations Activities and Tools
    • 12.2 - Social Media
    • 12.3 - Discussion Questions and Activities
  • Chapter Thirteen - Professional Selling
    • 13.1 - The Role Professional Salespeople Play
    • 13.2 - Customer Relationships and Selling Strategies
    • 13.3 - Sales Metrics (Measures)
    • 13.4 - Ethics in Sales and Sales Management
    • 13.5 - Integrating Sales and Marketing
    • 13.6 - Outsourcing the Sales Function
    • 13.7 - Discussion Questions and Activities
  • Chapter Fourteen - Customer Satisfaction, Loyalty, and Empowerment
    • 14.1 - Customer Communities
    • 14.2 - Loyalty Management
    • 14.3 - Customer Satisfaction
    • 14.4 - Ethics, Laws, and Customer Empowerment
    • 14.5 - Discussion Questions and Activities
  • Chapter Fifteen - Price, the Only Revenue Generator
    • 15.1 - The Pricing Framework and a Firm’s Pricing Objectives
    • 15.2 - Factors That Affect Pricing Decisions
    • 15.3 - Pricing Strategies
    • 15.4 - Discussion Questions and Activities
  • Chapter Sixteen - The Marketing Plan
    • 16.1 - Marketing Planning Roles
    • 16.2 - Functions of the Marketing Plan
    • 16.3 - Forecasting
    • 16.4 - Ongoing Marketing Planning and Evaluation
    • 16.5 - Discussion Questions and Activities
  • Chapter Seventeen - Please share your supplementary material!
Introduction
Principles of Marketing

[Author removed at request of original publisher]

UNIVERSITY OF MINNESOTA LIBRARIES PUBLISHING EDITION, 2015. THIS EDITION ADAPTED FROM A WORK ORIGINALLY PRODUCED IN 2010 BY A PUBLISHER WHO HAS REQUESTED THAT IT NOT RECEIVE ATTRIBUTION. MINNEAPOLIS, MN

Principles of Marketing by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

Introduction.1. Publisher Information

Principles of Marketing is adapted from a work produced and distributed under a Creative Commons license (CC BY-NC-SA) in 2010 by a publisher who has requested that they and the original author not receive attribution. This adapted edition is produced by the University of Minnesota Libraries Publishing through the eLearning Support Initiative.

This adaptation has reformatted the original text, and replaced some images and figures to make the resulting whole more shareable. This adaptation has not significantly altered or updated the original 2010 text. This work is made available under the terms of a Creative Commons Attribution-NonCommercial-ShareAlike license.

Introduction.2. About the Authors

Principles of Marketing is adapted from a work produced by a publisher who has requested that they and the original author not receive attribution. This adapted edition is produced by the University of Minnesota Libraries Publishing through the eLearning Support Initiative. Though the publisher has requested that they and the original author not receive attribution, this adapted edition reproduces all original text and sections of the book, except for publisher and author name attribution.

Unnamed Author

Unnamed Author is professor of marketing at the Hankamer School of Business, Baylor University. He is an internationally recognized expert in sales and sales management. He is the author or coauthor of twelve books, including two best-selling textbooks with McGraw-Hill—Selling: Building Partnerships and Business Marketing: Connecting Strategy, Relationships and Learning. His books have been translated into several languages and distributed in over thirty countries.

Dr. Unnamed Author spent eight years in marketing and sales with Rockwell International and Xerox Corporation. In 1988, he earned his PhD from the University of Georgia and joined the faculty at Baylor University, where he currently serves as the research director of the Center for Professional Selling.

In addition to writing and research, Dr. Unnamed Author maintains an active consulting and training practice. Recent clients include IBM, Hillcrest Medical System, and others. He is the managing partner of Team Fulcrum, which conducts sales training and marketing research, and he is a founder and research director of BPT Partners, the premier training and education company focused on advancing the skills and competency of professionals in the customer relationship management industry.

Unnamed Author

Unnamed Author is a professor and chair of marketing at Clemson University. Prior to joining the faculty at Clemson, she served on the faculty at American University in Washington, DC, and helped coordinate the graduate marketing program at Johns Hopkins University. Previously, she was an invited Fulbright Professor of Marketing at Seoul National University in Seoul, Korea.

Dr. Unnamed Author received her PhD from the University of Georgia. She has extensive industry experience doing strategic planning and acquisition analysis, marketing research, and investment analysis for Holiday Inns, Inc.; Freeport Sulphur; and Howard, Weil, Labouisse, Friedrichs. Dr. Unnamed Author also does consulting, seminars, and marketing training for multinational companies, which have included organizations such as Merit Communications in Seoul, Korea; the Conference Center and Inn at Clemson University; and Sangyong Group.

Her research focuses on strategy in domestic and international markets, public policy issues, and social marketing. Dr. Unnamed Author has published over one hundred papers appearing in journals such as International Marketing Review, the Journal of Advertising Research, the Journal of Marketing Education, the Journal of Personal Selling and Sales Management, and the Journal of Public Policy and Marketing, as well as numerous other journals and international conference proceedings. Dr. Unnamed Author has also received numerous awards and recognition for her teaching and research. She received the Professor of the Year Award from Clemson University Panhellenic Association, the Undergraduate Teaching Excellence Award from the College of Business and Behavioral Science at Clemson three times, the Eli Lilly Faculty Excellence Awards for Outstanding Research and Outstanding Teaching, and the Eli Lilly Partnership Awards, and recognition for Leadership in Student Development from the Dow Chemical Company.

Introduction.3. Acknowledgments

The authors would like to thank the following reviewers for their feedback, which helped shape the second edition:

  • Stephen M. Berry, Anne Arundel Community College
  • Bob Conrad, Ph.D., APR, Conrad Communications, LLC.
  • Ted Lapekas, SUNY/Empire State College
  • Donald G. Purdy, University at Albany
  • Elizabeth F. Purinton, Marist College
  • Kelly Sell, Bucks County Community College
  • Richard L. Sharman, Lone Star College-Montgomery
  • Gary Tucker, Northwestern Oklahoma State University
  • Gregory R. Wood, Canisius College
  • Anne Zahradnik, Marist College

The authors would like to thank Camille Schuster for her input, examples, and feedback on the first edition chapters. The authors would also like to thank the following colleagues who have reviewed the first edition text and provided comprehensive feedback and suggestions for improving the material:

  • Christie Amaot, University of North Carolina, Charlotte
  • Andrew Baker, Georgia State University
  • Jennifer Barr, The Richard Stockton College of New Jersey
  • George Bernard, Seminole Community College
  • Patrick Bishop, Ferris State University
  • Donna Crane, Northern Kentucky University
  • Lawrence Duke, Drexel University
  • Mary Ann Edwards, College of Mount St. Joseph
  • Paulette Faggiano, Southern New Hampshire University
  • Bob Farris, Mt. San Antonio College
  • Leisa Flynn, Florida State University
  • Renee Foster, Delta State University
  • Alfredo Gomez, Broward College
  • Jianwei Hou, Minnesota State University, Mankato
  • Craig Kelley, California State University, Sacramento
  • Marilyn Liebrenz-Himes, George Washington University
  • Alicia Lupinacci, Tarrant County College
  • John Miller, Pima Community College, Downtown
  • Melissa Moore, Mississippi State University
  • Kathy Rathbone, Tri-County Community College
  • Michelle Reiss, Spalding University
  • Tom Schmidt, Simpson College
  • Richard Sharman, Lonestar College
  • Karen Stewart, The Richard Stockton College of New Jersey
  • Victoria Szerko, Dominican College
  • Robert Winsor, Loyola Marymount University
Introduction.4. Preface

Principles of Marketing 2.0 teaches the experience and process of actually doing marketing—not just the vocabulary. It carries five dominant themes throughout in order to expose students to marketing in today’s environment:

  1. Service-dominant logic—This textbook employs the term “offering” instead of the more traditional first P—product. That is because consumers don’t sacrifice value when alternating between a product and a service. They are evaluating the entire experience, whether they interact with a product, a service, or a combination. So the fundamental focus is providing value throughout the value chain, whether that value chain encompasses a product, a service, or both.
  2. Sustainability—Increasingly, companies are interested in their impact on their local community as well as on the overall environment. This is often referred to as the “triple bottom line” of financial, social, and environment performance.
  3. Ethics and social responsibility—Following on the sustainability notion is the broader importance of ethics and social responsibility in creating successful organizations. The authors make consistent references to ethical situations throughout chapter coverage, and end-of-chapter material in many chapters will encompass ethical situations.
  4. Global coverage—Whether it is today’s price of gasoline, the current U.S. presidential race, or midwestern U.S. farming, almost every industry and company needs strong global awareness. And today’s marketing professionals must understand the world in which they and their companies operate. Examples of decisions relative to the global marketplace are discussed throughout the text.
  5. Metrics—Firms today have the potential to gather more information than ever before about their current and potential customers. That information gathering can be costly, but it can also be very revealing. With the potential to capture so much more detail about micro transactions, firms should now be more able to answer, “Was this marketing strategy really worth it?” and “What is the marketing ROI?” and finally, “What is this customer or set of customers worth to us over their lifetime?”

In this second edition, you’ll also find more emphasis on omni-channel marketing, social media in marketing, and the other components of the digital media revolution that are changing marketing so rapidly. Examples, videos, illustrations, and more reflect the latest in how marketing gets done.

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