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Valentin St. Wendel St. Jobs in the spotlight. Elberfeld, Wuppertal. Gutenberg, Rhineland-Palatinate, de. Flexible Arbeitszeiten. Attraktiver Verdienst. Sie sind Ihr eigener Chef. Amazon Flex LieferpartnerSie suchen nach einem lukrativen Nebenverdienst mit Integrated marketing—ensuring that multiple means of creating, delivering, and communicating value are employed and combined in the best way.
Relationship marketing—having rich, multifaceted relationships with customers, channel members, and other marketing partners. Performance marketing—understanding returns to the business from marketing activities and programs, as well as addressing broader concerns and their legal, ethical, social, and environmental effects.
These four dimensions are woven throughout the book and at times spelled out explicitly. The text is organized to specifically address the following eight tasks that constitute modern marketing management in the 21st century:. Developing marketing strategies and plans 2. Capturing marketing insights 3. Connecting with customers 4. Building strong brands 5. Creating value 6.
Delivering value 7. Communicating value 8. Conducting marketing responsibly for long-term success. Marketing is of interest to everyone, whether they are marketing goods, services, properties, persons, places, events, information, ideas, or organizations. As it has maintained its respected position among students, educators, and businesspeople, Marketing Management has kept up to date and contemporary.
Students and instructors feel that the book is talking directly to them in terms of both content and delivery. Marketing Management owes its marketplace success to its ability to maximize three dimensions that characterize the best marketing texts—depth, breadth, and relevance—as measured by the following criteria:. Does the book have solid academic grounding? Does it contain important theoretical concepts, models, and frameworks?
Does it provide conceptual guidance to solve practical problems? Does the book cover all the right topics? Does it provide the proper amount of emphasis on those topics? Does the book engage the reader? Is it interesting to read? Does it have lots of compelling examples?
The 15th edition builds on the fundamental strengths of past editions that collectively distinguish it from all other marketing management texts:. Marketing Management presents conceptual tools and frameworks for analyz- ing recurring problems in marketing management.
Cases and examples illustrate effective marketing principles, strategies, and practices. The book draws on the rich findings of various scientific disciplines— economics, behavioral science, management theory, and mathematics—for fundamental concepts and tools directly applicable to marketing challenges.
The book applies strategic thinking to the complete spectrum of marketing: products, services, persons, places, information, ideas, and causes; consumer and business markets; profit and nonprofit organizations; domestic and foreign companies; small and large firms; manufacturing and intermediary businesses; and low- and high-tech industries.
Marketing Management covers all the topics an informed marketing manager needs to understand to execute strategic, tactical, and administrative marketing. If assistance is needed, our dedicated technical support team is ready to help with the media supplements that accompany this text.
Anderson, James C. Anderson, Robert C. Blattberg, Miguel C. Brendl, Bobby J. Calder, Gregory S. Carpenter, Alex Chernev, Anne T. Sawhney, Louis W. Stern, Brian Sternthal, Alice M. Tybout, and Andris A. I also want to thank the S. Johnson Family for the generous support of my chair at the Kellogg School. Completing the Northwestern team are my former Deans, Donald P.
Jacobs and Dipak Jain and my current Dean, Sally Blount, for provid- ing generous support for my research and writing. Several former faculty members of the marketing department had a great influence on my think- ing: Steuart Henderson Britt, Richard M. Clewett, Ralph Westfall, Harper W. Boyd, Sidney J. Levy, John Sherry, and John Hauser.
I also want to acknowledge Gary Armstrong for our work on Principles of Marketing. I am indebted to the following coauthors of international editions of Marketing Management and Principles of Marketing who have taught me a great deal as we worked together to adapt marketing manage- ment thinking to the problems of different nations:.
I also want to acknowledge how much I have learned from working with coauthors on more special- ized marketing subjects: Alan Andreasen, Christer Asplund, Paul N.
Bloom, John Bowen, Roberta C. My overriding debt continues to be to my lovely wife, Nancy, who provided me with the time, support, and inspiration needed to prepare this edition. It is truly our book. I also gratefully acknowledge the invaluable research and teaching contributions from my faculty colleagues and collaborators through the years.
I am also appreciative of all that I have learned from working with many industry executives who have generously shared their insights and experiences. Alison Pearson provided superb administrative support. Finally, I give special thanks to Punam, my wife, and Carolyn and Allison, my daughters, who make it all happen and make it all worthwhile. We would also like to thank colleagues who have reviewed previous editions of Marketing Management:. Lee Matthews, Ohio State University.
Wasmer, St. A warm welcome and many thanks to the following people who contributed to the global case studies developed for the 14th edition:.
Brooks, Jr. The talented staff at Pearson deserves praise for their role in shaping the 15th edition. We want to thank our editor, Mark Gaffney, for his contribution to this revision, as well as our program manager, Jennifer M. We also want to thank our project manager, Becca Groves, for making sure everything was moving along and falling into place in such a personable way, both with regard to the book and supple- ments.
We benefited greatly from the superb editorial help of Elisa Adams, who lent her considerable talents as a development editor to this edition. Certainly, we are grateful for the editorial support provided by Daniel Petrino. Unilever is fundamentally changing how it is doing its marketing, including putting more emphasis on developing markets. Improve Your Grade! Over 10 million students improved their results using the Pearson MyLabs.
Visit mymktlab. In other words, there must be a top line for there to be a bottom line. Thus, financial success often depends on marketing ability. Successful marketing builds demand for products and services, which, in turn, creates jobs. By contributing to the bottom line, success- ful marketing also allows firms to more fully engage in socially responsible activities.
Good marketing is no accident. It is both an art and a science, and it results from careful planning and execution using state-of-the-art tools and techniques. In this book, we describe how skillful marketers are updating classic practices and inventing new ones to find creative, practical solutions to new marketing realities.
In the first chapter, we lay our foundation by reviewing important marketing concepts, tools, frameworks, and issues. Formally and informally, people and organizations engage in a vast number of activities we can call marketing. In the face of a digital revolution and other major changes in the business environment, good marketing today is both increasingly vital and radically new.
Consider Unilever. In Spain, it now sells Surf deter- gent in five-wash packs. In Greece, it offers mashed potatoes and mayonnaise in small packages. In an Internet-fueled environment where consumers, competition, technology, and economic forces change rapidly and consequences quickly multiply, marketers must choose features, prices, and markets and decide how much to spend on advertising, sales, and online and mobile marketing.
Meanwhile, the economic downturn that began globally in and the sluggish recovery since have brought budget cuts and intense pressure to make every marketing dollar count. There is little margin for error in marketing. Just a short time ago, MySpace, Yahoo!
What a difference a few years can make! Each of these brands has been completely overtaken by an upstart challenger—Facebook, Google, Netflix, and Amazon—and they now struggle, sometimes unsuccessfully, for mere survival. Firms must constantly move forward. At greatest risk are those that fail to carefully monitor their customers and competitors, continuously improve their value offerings and marketing strategies, or satisfy their employees, stockholders, suppliers, and channel partners in the process.
Consider American Express. Among businesses that participated, sales rose 28 percent. In , American Express provided social media marketing kits, e-mail templates, and signage to help spread the word. The company reported a roughly 21 percent increase in transactions for both and due to the program. Other top marketers are following suit.
More than 3 million people saw a five-video teaser campaign, and 20, gave their contact details. BMW also targeted influential bloggers and used feedback from social media as input to styling and sales forecasts.
Even business-to-business firms are getting into the action. Corning has struggled transcending its reputa- tion as sellers of Pyrex cookware—a business it sold more than a decade ago—to its current status as makers of highly engineered specialty glass and ceramic products. Made Possible by Corning.
Much of the social conversation it created revolved around themes of glass, product toughness, and hope for the future—exactly what Corning wanted. The Scope of Marketing To be a marketer, you need to understand what marketing is, how it works, who does it, and what is marketed. What Is MarketInG?
Marketing is about identifying and meeting human and social needs. When IKEA noticed that people wanted good furnishings at substantially lower prices, it created knock- down furniture. These two firms demonstrated marketing savvy and turned a private or social need into a profit- able business opportunity. The American Marketing Association offers the following formal definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. Thus, we see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. We can distinguish between a social and a managerial definition of marketing.
Cocreation of value among consumers and with businesses and the importance of value creation and sharing have become important themes in the development of modern marketing thought. Selling is only the tip of the marketing iceberg. Peter Drucker, famed management theorist, put it this way There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous.
The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available.
When Nintendo designed its Wii game system, when Apple launched its iPad tablet computer, and when Toyota introduced its Prius hybrid automobile, these manufacturers were swamped with orders because they had designed the right product, based on careful marketing homework about consumers, competition, and all the external fac- tors that affect cost and demand.
What Is MarketeD? Marketers market 10 main types of entities: goods, services, events, experiences, persons, places, properties, orga- nizations, information, and ideas. Each year, U. The U. Many market offerings mix goods and services, such as a fast-food meal. Global sporting events such as the Olympics and the World Cup are promoted aggressively to companies and fans.
Customized experiences include a week at a baseball camp with retired baseball greats, a four-day rock and roll fantasy camp, and a climb up Mount Everest. They are bought and sold, and these exchanges require marketing. Real estate agents work for property owners or sellers, or they buy and sell residential or commercial real estate.
Investment companies and banks market securities to both institutional and individual investors. Some universities have created chief marketing officer CMO positions to better manage their school identity and image, via everything from admission brochures and Twitter feeds to brand strategy.
Oprah Winfrey has built a personal brand worth billions which she has used across many lines of business. If two parties are seeking to sell something to each other, we call them both marketers. Eight demand states are possible:. Negative demand—Consumers dislike the product and may even pay to avoid it.
Nonexistent demand—Consumers may be unaware of or uninterested in the product. Latent demand—Consumers may share a strong need that cannot be satisfied by an existing product. Declining demand—Consumers begin to buy the product less frequently or not at all. Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. Full demand—Consumers are adequately buying all products put into the marketplace.
Overfull demand—More consumers would like to buy the product than can be satisfied. Unwholesome demand—Consumers may be attracted to products that have undesirable social consequences. In each case, marketers must identify the underlying cause s of the demand state and determine a plan of action to shift demand to a more desired state.
Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class such as the housing market or the grain market. Five basic markets and their connecting flows are shown in Figure 1. Manufacturers go to resource markets raw material markets, labor markets, money markets , buy resources and turn them into goods and services, and sell finished products to intermediaries, who sell them to consumers.
Consumers sell their labor and receive money with Lathe Tools Princess Auto Gear which they pay for goods and services. The government collects tax revenues to buy goods from resource,. Marketers view sellers as the industry and use the term market to describe customer groups. Figure 1. Sellers send goods and services and com- munications such as ads and direct mail to the market; in return they receive money and information such as cus- tomer attitudes and sales data.
The inner loop shows an exchange of money for goods and services; the outer loop shows an exchange of information. Consumer Markets Companies selling mass consumer goods and services such as juices, cosmetics, athletic shoes, and air travel establish a strong brand image by developing a superior product or service, ensuring its availability, and backing it with engaging communications and reliable performance.
Business Markets Companies selling business goods and services often face well-informed professional buyers skilled at evaluating competitive offerings. Global Markets Companies in the global marketplace navigate cultural, language, legal, and political differences while deciding which countries to enter, how to enter each as exporter, licenser, joint venture partner, contract manufacturer, or solo manufacturer , how to adapt product and service features to each country, how to set prices, and how to communicate in different cultures.
Nonprofit and Governmental Markets Companies selling to nonprofit organizations with limited purchasing power such as churches, universities, charitable organizations, and government agencies need to price carefully.
Much government purchasing requires bids; buyers often focus on practical solutions and favor the lowest bid, other things equal. Core Marketing Concepts To understand the marketing function, we need to understand the following core set of concepts see Table 1. Humans also have strong needs for recreation, education, and entertainment. These needs become wants when directed to specific objects that might satisfy the need. A person in Afghanistan needs food but may want rice, lamb, and carrots.
Our wants are shaped by our society. Demands are wants for specific products backed by an ability to pay. Many people want a Mercedes; only a few can buy one. Companies must measure not only how many people want their product, but also how many are will- ing and able to buy it.
They do not, however, create the need for social status. Some customers have needs of which they are not fully conscious or cannot articulate. The marketer must probe further. We can distin- guish five types of needs:. Stated needs The customer wants an inexpensive car.
Real needs The customer wants a car whose operating cost, not initial price, is low. Unstated needs The customer expects good service from the dealer. Delight needs The customer would like the dealer to include an onboard GPS system.
Secret needs The customer wants friends to see him or her as a savvy consumer. Responding only to the stated need may shortchange the customer. To gain an edge, companies must help customers learn what they want. Marketers therefore identify distinct segments of buyers by identifying demographic, psychographic, and behavioral differences between them. They then decide which segment s present the greatest opportunities.
For each of these target markets, the firm develops a market. Volvo develops its cars for the buyer to whom safety is a major concern, positioning them as the safest a customer can buy. Porsche targets buyers who seek pleasure and excitement in driving and want to make a statement about their wheels. The intangible value proposition is made physical by an offering, which can be a combination of products, services, information, and experiences.
A brand is an offering from a known source. All companies strive to build a brand image with as many strong, favorable, and unique brand associations as possible. MarketInG channels To reach a target market, the marketer uses three kinds of marketing channels.
Communication channels deliver and receive messages from target buyers and include newspapers, magazines, radio, television, mail, telephone, smart phone, billboards, posters, fliers, CDs, audiotapes, and the Internet. Beyond these, firms communicate through the look of their retail stores and Web sites and other media, adding dialogue channels such as e-mail, blogs, text messages, and URLs to familiar monologue channels such as ads.
Distribution channels help display, sell, or deliver the physical product or service s to the buyer or user. These channels may be direct via the Internet, mail, or mobile phone or telephone or indirect with distributors, wholesal- ers, retailers, and agents as intermediaries.
To carry out transactions with potential buyers, the marketer also uses service channels that include warehouses, transportation companies, banks, and insurance companies. Marketers clearly face a design challenge in choosing the best mix of communication, distribution, and service channels for their offerings. We can group communication options into three categories.
Owned media are communication channels marketers actually own, like a company or brand brochure, Web site, blog, Facebook page, or Twitter account. Earned media are streams in which consumers, the press, or other outsid- ers voluntarily communicate something about the brand via word of mouth, buzz, or viral marketing meth- ods.
The emergence of earned media has allowed some companies, such as Chipotle, to reduce paid media expenditures. The company supports family farms and sources sustainable ingredients from local growers who behave responsibly toward animals and the environment. It has over 1, stores and over 1.
Surprisingly, the rise of digital options did not initially depress the amount of TV viewing, in part because, as one Nielsen study found, three of five consumers use two screens at once. It reflects a much more active response than a mere impression and is more likely to create value for the firm.
Value anD satIsfactIon The buyer chooses the offerings he or she perceives to deliver the most value, the sum of the tangible and intangible benefits and costs. Value, a central marketing concept, is primarily a combination of quality, service, and price qsp , called the customer value triad. Value perceptions increase with quality and service but decrease with price. We can think of marketing as the identification, creation, communication, delivery, and monitoring of customer value.
If performance falls short of expectations, the customer is disappointed. If it matches expectations, the customer is satis- fied. If it exceeds them, the customer is delighted.
As Figure 1. The ATO transports the coffee to the developed world where it can sell it directly or via retail channels. When a company acquires competitors or expands upstream or downstream, its aim is to capture a higher percentage of supply chain value.
Problems with a supply chain can be damaging or even fatal for a business. An automobile manufacturer can buy steel from U. Clearly, U. The task environ- ment includes the actors engaged in producing, distributing, and promoting the offering. These are the company, suppliers, distributors, dealers, and target customers. In the supplier group are material suppliers and service suppliers, such as marketing research agencies, advertising agencies, banking and insurance companies, transpor- tation companies, and telecommunications companies.
Distributors and dealers include agents, brokers, manufac- turer representatives, and others who facilitate finding and selling to customers. The broad environment consists of six components: demographic environment, economic environment, social-cultural environment, natural environment, technological environment, and political-legal environ- ment. Marketers must pay close attention to the trends and developments in these and adjust their marketing strategies as needed.
New opportunities are constantly emerging that await the right marketing savvy and ingenuity. Consider Pinterest. Pinterest One of the fastest-growing social media sites ever—its surpassed 10 million monthly unique U. Part of its appeal is its unique customizable grid of images. Nevertheless, Pinterest is still exploring how to best monetize its business venture. The New Marketing Realities The marketplace is dramatically different from even 10 years ago, with new marketing behaviors, opportunities, and challenges emerging.
In this book we focus on three transformative forces: technology, globalization, and social responsibility. With iTriage, users can research ailments, find nearby physicians, and learn about prescribed medicines. In 40 locations worldwide, a mas- sive business sphere can display real-time market share, profits, and prices by country, region, brand, and product.
When Tide was used to clean up a nasty fuel spill in a NASCAR race, the brand ran social media ads with real news footage within 72 hours. One pilot study showed that field salespeople increased revenue 1. Pinterest has tapped into consumer desire to collect and share personally relevant images online. Once a year, are chosen to contribute ideas to product development. Even traditional marketing activities are profoundly affected by technology.
To improve sales force effectiveness, drug maker Roche decided to issues iPads to its entire sales team. Though the company had a sophisticated cus- tomer relationship management CRM software system before, it still depended on sales reps to accurately input data in a timely fashion, which unfortunately did not always happen.
With iPads, however, sales teams can do real-time data entry, improving the quality of the data entered while freeing up time for other tasks. GloBalIzatIon The world has become a smaller place. New transportation, shipping, and communication technologies have made it easier for us to know the rest of the world, to travel, to buy and sell anywhere. Demographic trends favor developing markets such as India, Pakistan, and Egypt, with populations whose median age is below Globalization has made countries increasingly multicultural.
The buying power of U. One survey found that 87 percent of companies planned to increase or maintain multicultural media budgets. Globalization changes innovation and product development as companies take ideas and lessons from one country and apply them to another.
Later, it began to successfully sell the product throughout the developed world for use in ambu- lances and operating rooms where existing models were too big. The private sector is taking some responsibility for improving living conditions, and firms all over the world have elevated the role of corporate social responsibility. Getting to Marketing 3. Successful marketing is thus distinguished by its human or emotional element.
Its three central trends are increased consumer participation and collaborative marketing, globalization, and and the rise of a creative society. Expressive and collaborative social media, such as Facebook and Wikipedia, have changed the way market- ers operate and interact with consumers. A cultural brand might position itself as a national or local alternative to a global brand with poor environmental standards, for instance.
Marketing can now help companies tap into creativity and spirituality by instilling marketing values in corporate culture, vision, and mission. These authors believe the future of marketing will be horizontal: consumer-to-consumer. They feel the recent economic downturn has not fostered trust in the marketplace and that customers now increas- ingly turn to one another for credible advice and information when selecting products.
As goods become more commoditized and consumers grow more socially conscious, some companies—including The Body Shop, Timberland, and Patagonia—incorporate social responsibility as a way to differentiate themselves from competitors, build consumer preference, and achieve notable sales and profit gains. A Dramatically Changed Marketplace These three forces—technology, globalization, and social responsibility—have dramatically changed the mar- ketplace, bringing consumers and companies new capabilities.
The marketplace is also being transformed by changes in channel structure and heightened competition. In Germany, the percentage of consumers over 65 accessing the Internet increased from 24 percent to 33 percent from to ; most belonged to a social media service. The number of Germans browsing the Web wirelessly increased to 29 million in and was expected to hit 60 million in More than 10 percent of Germans were using tablets to access the Internet in Almost two- thirds of German companies surveyed in reported positive payback to their social media activities Facebook, Twitter, social media newsrooms, customer feedback communities.
Empowerment is not just about technology, though. Consumers are willing to move to another brand if they think they are not being treated right or do not like what they are seeing, as Progressive Insurance found out.
Her family felt they had to sue the driver for negligence to prompt Progressive to make up what the driver could not pay. More than 1, customers reported dropping Progressive, and many more said they would not do business with the company. Expanded information, communication, and mobility enable customers to make better choices and share their preferences and opinions with others around the world. Table 1. From the home, office, or mobile phone, they can compare product prices and features, consult user reviews, and order goods online.
Consumers increasingly integrate smart phones and tablets into their daily lives. One study found the majority of European smart phone own- ers use their devices to research products and make purchases. Personal connections and user- generated content thrive on social media such as Facebook, Flickr, Wikipedia, and YouTube.
Sites like Dogster for dog lovers, TripAdvisor for travelers, and Moterus for bikers bring together consumers with a common interest. At CarSpace. Consumers see their favorite companies as work- shops from which to draw out the offerings they want.
By opting in or out of lists, they can receive marketing and sales-related communications, discounts, coupons, and other special deals. Some customers today may see fewer product differences and feel less brand loyal.
Others may become more price- and quality-sensitive in their search for value. Almost two-thirds of consumers in one survey reported that they disliked advertising. They can choose to screen out online messages, skip commercials with their DVRs, and avoid marketing appeals through the mail or over the phone. A Web site can list products and services, history, business philosophy, job opportunities, and other information of interest to consumers worldwide.
Solo Cup marketers note that linking their store- fronts to their Web site and Facebook page makes it easier for consumers to buy Solo paper cups and plates while engaging with the brand online.
Can use the Internet as a powerful information and sales channel, including for individually differentiated goods. Can reach customers quickly and efficiently via social media and mobile marketing, sending targeted ads, coupons, and information. Marketers can conduct fresh marketing research by using the Internet to arrange focus groups, send out questionnaires, and gather primary data in several other ways.
The drugstore chain CVS uses loyalty-card data to better understand what consumers purchase, the frequency of store visits, and other buying preferences. Its ExtraCare program supports 69 million shoppers in more than 7, stores.
Location- based advertising is attractive because it reaches consumers closer to the point of sale. Social media and buzz are also powerful. By mid, the DellOutlet Twitter account had more than 1. Firms can recruit new employees online, and many have Internet training products for their employees, dealers, and agents. Blogging has waned as companies embrace social media.
Seeking a single online employee portal that transcended business units, General Motors launched a platform called mySocrates in to carry announcements, news, links, and historical information.
Companies can improve logistics and operations to reap substantial cost savings while improving accuracy and service quality. Small businesses can especially unleash the power of the Internet. Physicians operating a small practice can use Facebook-like services such as Doximity to connect with referring physicians and specialists.
Store-based retailers face competition from catalog houses; direct-mail firms; newspaper, magazine, and TV direct-to-customer ads; home shopping TV; and e-commerce. Early dot-coms such as Amazon. Some with plentiful resources and established brand names became stronger contenders than pure-click firms.
Brand manufacturers are further buffeted by powerful retailers that market their own store brands, increasingly indistinguishable from any Lathe Tools Princess Auto Ltd other type of brand.
Many strong brands have become mega-brands and extended into related product categories, including new opportunities at the intersection of two or more industries. Computing, telecommunications, and consumer electronics are converging, with Apple and Samsung releasing a stream of state-of-the-art devices from MP3 players to LCD TVs to fully loaded smart phones. Many countries have deregulated industries to create greater competition and growth oppor- tunities.
In the United States, laws restricting financial services, telecommunications, and electric utilities have all been loosened in the spirit of greater competition. Many countries have converted public companies to private ownership and management to increase their efficiency.
The telecommuni- cations industry has seen much privatization in countries such as Australia, France, Germany, Italy, Turkey, and Japan.
Marketing in Practice Given the new marketing realities, organizations are challenging their marketers to find the best balance of old and new and to provide demonstrable evidence of success.
MarketInG Balance Companies must always move forward, innovating products and services, staying in touch with customer needs, and seeking new advantages rather than relying on past strengths. Moving forward especially means incorporating the Internet and digital efforts into marketing plans. Marketers must balance increased spending on search advertising, social media, e-mails, and text messages with appropriate spend- ing on traditional marketing communications.
But they must do so in tough economic times, when accountability has become a top priority and returns on investment are expected from every marketing activity. The ideal is retaining win- ning practices from the past while adding fresh approaches that reflect the new marketing realities. MarketInG accountaBIlItY Marketers are increasingly asked to justify their investments in financial and profitability terms, as well as in terms of building the brand and growing the customer base.
Organizations recognize that much of their market value comes from intangible assets, particularly brands, customer base, employees, distributor and supplier relations, and intellectual capital.
They are thus applying more metrics—brand equity, customer lifetime value, return on marketing investment ROMI —to understand and measure their marketing and business performance and a broader variety of financial measures to assess the direct and indirect value their marketing efforts create.
Marketers now must properly manage all possible touch points: store layouts, package designs, product functions, employee training, and shipping and logistics. To create a strong marketing organization, mar- keters must think like executives in other departments, and executives in other departments must think more like marketers.
Interdepartmental teamwork that includes marketers is needed to manage key processes like production innovation, new-business development, customer acquisition and retention, and order fulfillment.
It holds that consumers prefer products that are widely available and inexpensive. Managers of production-oriented businesses concentrate on achieving high pro- duction efficiency, low costs, and mass distribution. This orientation has made sense in developing countries such. Coca-Cola is fundamentally changing the way it does marketing, primarily by adding a strong digital component to its traditional marketing tools. The new model is based on moving consumers from impressions to expressions to conversations to transactions.
Coca-Cola strives to put strongly sharable pieces of communications online that will generate impressions but also lead to expres- sions from consumers who join or extend the communication storyline and ultimately buy the product.
Within in a week, the video generated million impressions. Coca-Cola actively experiments, allocating 70 percent of its budget to activities it knows will work, 20 percent to improving those activities, and 10 percent to experimentation. The company accepts that experiments can fail but believes in taking chances to learn and develop better solutions. Even in its traditional advertising and promotion, it looks for innovation.
For instance, Coca-Cola places much importance on cultural leadership and causes that benefit others. The mission of its Artic Home project is to protect the habitat of polar bears—who have starred in animated form in its holiday ads for years. Marketers also use the production concept when they want to expand the market.
However, managers are sometimes caught in a love affair with their products. Marketing based on hard selling is risky.
The job is to find not the right customers for your products, but the right products for your customers. Rather, it provides product platforms on which each person customizes the features he or she desires in the machine. The marketing concept holds that the key to achieving organizational goals is being more effective than com- petitors in creating, delivering, and communicating superior customer value to your target markets.
Selling focuses on the needs of the seller; marketing on the needs of the buyer. The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.
Holistic marketing acknowledges that everything matters in mar- keting—and that a broad, integrated perspective is often necessary. Holistic marketing thus recognizes and reconciles the scope and complexities of marketing activities.
Relationship marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. Four key constituents for relationship marketing are customers, employees, marketing partners channels, sup- pliers, distributors, dealers, agencies , and members of the financial community shareholders, investors, analysts.
Marketers must create prosperity among all these constituents and balance the returns to all key stakeholders. To develop strong relationships with them requires understanding their capabilities and resources, needs, goals, and desires. The ultimate outcome of relationship marketing is a unique company asset called a marketing network, con- sisting of the company and its supporting stakeholders—customers, employees, suppliers, distributors, retailers, and others—with whom it has built mutually profitable business relationships.
The operating principle is simple: build an effective network of relationships with key stakeholders, and profits will follow. Thus more companies are choosing to own brands rather than physical assets, and they are subcontracting activities to firms that can do them better and more cheaply while retaining core activities at home.
Companies are also shaping separate offers, services, and messages to individual customers, based on infor- mation about their past transactions, demographics, psychographics, and media and distribution preferences. Marketing must skillfully conduct not only customer relationship management CRM , but partner relation- ship management PRM as well. Companies are deepening their partnering arrangements with key suppliers and distributors, seeing them as partners in delivering value to final customers so everybody benefits.
IBM is a business-to-business powerhouse that has learned the value of strong customer bonds. Medical Systems division, for instance, it expects good installation, maintenance, and training services to go with the purchase. The company must develop an integrated channel strategy. It should assess each channel option for its direct effect on product sales and brand equity, as well as its indirect effect through interactions with other channel options.
All company communications also must be integrated so communication options reinforce and complement each other. A marketer might selectively employ television, radio, and print advertising, public relations and events, and PR and Web site communications so each contributes on its own and improves the effectiveness of the others.
Each must also deliver a consistent brand message at every contact. Consider this award-winning campaign for Iceland. Its enormous plumes of ash created the largest air-travel disruption since World War II, resulting in a wave of negative press and bad feelings throughout Europe and elsewhere.
Real-time Web cams across the country showed that the country was not ash-covered but green. The campaign was wildly successful— Smart marketers recognize that marketing activities within the company can be as important—or even more important—than those directed outside the company. Marketing succeeds only when all departments work together to achieve customer goals see Table 1. The following example highlights some of the potential challenge in integrating marketing:.
His strategy is to build up customer satisfaction by providing better food, cleaner cabins, better-trained cabin crews, and lower fares, yet he has no authority in these matters. The catering department chooses food that keeps food costs down; the maintenance department uses inexpensive cleaning services; the human resources department hires people without regard to whether they are naturally friendly; the finance de- partment sets the fares.
Because these departments generally take a cost or production point of view, the vice president of marketing is stymied in his efforts to create an integrated marketing program. Internal marketing requires vertical alignment with senior management and horizontal alignment with other departments so everyone understands, appreciates, and supports the marketing effort.
As noted previously, top marketers are increasingly going beyond sales revenue to examine the marketing scorecard and interpret what is happening to market share, customer loss rate, customer satisfaction, product quality, and other measures. They are also considering the legal, ethical, social, and environmental effects of marketing activities and programs.
Many firms have failed to live up to their legal and ethical responsibilites, and consumers are demanding more responsible behavior. Updating the Four Ps Many years ago, McCarthy classified various marketing activities into marketing-mix tools of four broad kinds, which he called the four Ps of marketing: product, price, place, and promotion.
Given the breadth, complexity, and richness of marketing, however—as exemplified by holistic marketing— clearly these four Ps are not the whole story anymore. If we update them to reflect the holistic marketing. People reflects, in part, internal marketing and the fact that employees are critical to marketing success. Marketing will only be as good as the people inside the organization. It also reflects the fact that marketers must view consumers as people to understand their lives more broadly, and not just as shoppers who consume products and services.
Processes reflects all the creativity, discipline, and structure brought to marketing management. Marketers must avoid ad hoc planning and decision making and ensure that state-of-the-art marketing ideas and concepts play an.
Accessibility Accessibility, the extent to which customers are able to readily acquire the product, has two dimensions: availability and convenience. Successful companies develop innovative ways to deliver both, as on- line shoe retailer Zappos does with excellent customer service and return policies and its tracking of up-to-the-minute information about warehouse stock, brands, and styles.
It has two dimensions: brand awareness and product knowledge. Sheth and Sisodia say awareness is ripest for improve- ment because most companies are either ineffectual or inefficient at developing it.
For instance, properly done advertising can be incred- ibly powerful, but word-of-mouth marketing and co-marketing can more effectively reach potential customers. Sheth and Sisodia base the 4 As framework on the four distinctive roles a consumer plays in the marketplace—seeker, buyer, payer, and user. A fifth consumer role—evangelizer—captures the fact that consumers often recommend products to others and are increasingly critical with the advent of the Internet and social media platforms.
Note that we can easily relate the 4 As to the traditional 4 Ps. Marketers set the product which mainly influences acceptability , the price which mainly influences affordability , the place which mainly influences accessibility , and promotion which mainly influences awareness.
Sources: Jagdish N. Understanding the 4 As of Marketing According to Jagdish Sheth and Rajendra Sisodia, poor management as a consequence of not knowing what drives consumers is behind the majority of marketing failures. The authors make the case that consumer knowledge is a much more reliable route to success. Their customer-centric marketing management framework emphasizes what they believe are the most important consumer values—acceptability, affordability, accessibility, and awareness—which they dub the four As.
The authors assert that Ac- ceptability is the dominant component in the framework and that design, in turn, is at the root of acceptability. Functional aspects of design can be boosted by, for instance, enhancing the core benefit or increasing reliability of the product; psychological acceptability can be improved with changes to brand image, packing and de- sign, and positioning.
It has two dimensions: economic ability to pay and psychological willingness to pay. It encompasses the old four Ps as well as a range of other marketing activities that might not fit as neatly into the old view of marketing. Regardless of whether they are online or offline, traditional or nontraditional, these activities must be integrated such that their whole is greater than the sum of their parts and they accomplish multiple objectives for the firm.
We define performance as in holistic marketing, to capture the range of possible outcome measures that have financial and nonfinancial implications profitability as well as brand and customer equity and implications beyond the company itself social responsibility, legal, ethical, and the environment. Finally, these new four Ps actually apply to all disciplines within the company, and by thinking this way, manag- ers more closely align themselves with the rest of the company.
Marketing Management Tasks Figure 1. With these concepts in place, we can identify a specific set of tasks that make up successful marketing management and marketing leadership. Zeus Inc. The company is organized into SBUs.
Corporate management is considering what to do with its Atlas camera division, which produces a range of professional quality 35mm and consumer-friendly digital cameras. Although Zeus has a sizable share and is producing revenue, the 35mm market is rapidly declining at an accelerating rate.
In the much faster-growing digital camera segment, Zeus faces strong competition and has been slow to gain sales. Atlas can design its cameras with better features. It can make a line of digital video cameras, or it can use its core competency in optics to design a line of binoculars and telescopes.
Whichever direction it chooses, it must develop concrete marketing plans that specify the marketing strategy and tactics going forward. Its microenvironment consists of all the players who affect its ability to produce and sell cameras—suppliers, marketing intermediaries, customers, and competitors.
Its macroenvironment includes demographic, economic, physical, technological, political-legal, and social-cultural forces that affect sales and profits see Chapter 3. Atlas also needs a dependable marketing research system.
To transform strategy into programs, marketing managers must make basic decisions about their expenditures, activities, and budget allocations. They may use sales-response functions that show how the amount of money spent in each application will affect sales and profits see Chapter 4. To do so, it needs to understand consumer markets see Chapter 6. Who buys cameras, and why? What features and prices are they looking for, and where do they shop?
Atlas also sells 35mm cameras to business markets, including large corporations, professional firms, retailers, and government agencies see Chapter 7 , where purchasing agents or buying committees make the decisions.
Atlas needs to gain a full understanding of how organizational buyers buy. It needs a sales force well trained in presenting product ben- efits. Atlas must also take into account changing global opportunities and challenges see Chapter 8. It must divide the market into major market segments, eval- uate each one, and target those it can best serve see Chapter 9.
Suppose Atlas decides to focus on the consumer market and develop a positioning strategy see Chapter Should it build a simple, low-priced camera aimed at more price-conscious consumers? Or something in between? Atlas must understand the strengths and weaknesses of the Zeus brand as customers see it see Chapter Is its 35mm film heritage a handicap in the digital camera market? Atlas must consider growth strategies while also paying close attention to competitors see Chapter 12 , antici- pating their moves and knowing how to react quickly and decisively.
It may want to initiate some surprise moves, in which case it needs to anticipate how its competitors will respond. To gain a competitive advantage, Atlas may provide leasing, delivery, repair, and training as part of its product offering see Chapter Based on its product positioning, Atlas must initiate new-product development, testing, and launching as part of its long- term view see Chapter A critical marketing decision relates to price see Chapter Atlas must decide on wholesale and retail prices, discounts, allowances, and credit terms.
DelIVerInG Value Atlas must also determine how to properly deliver to the target market the value embodied in its products and services. Channel activities include those the company undertakes to make the product accessible and available to target customers see Chapter Atlas must identify, recruit, and link various marketing facilitators to supply its products and services efficiently to the target market.
It must understand the various types of retailers, wholesal- ers, and physical-distribution firms and how they make their decisions see Chapter It will need an integrated marketing communication program that maximizes the individual and collective con- tribution of all communication activities see Chapter Atlas needs to set up mass communication programs consisting of advertising, sales promotion, events, and public relations see Chapter It also has to tap into online, social media, and mobile options to reach consumers whenever and wherever it may be appropriate see Chapter Atlas also needs to plan more personal communications, in the form of direct and database market- ing, as well as hire, train, and motivate salespeople see Chapter Because surprises and disappointments can occur as marketing plans unfold, Atlas will need feedback and control to understand the efficiency and effectiveness of its marketing activities and how it can improve them.
To create a strong marketing organiza- tion, marketers must think like executives in other departments, and executives in other departments must think more like marketers. In particular, technology, globalization, and social responsibility have created new opportunities and challenges and significantly changed marketing man- agement. Companies seek the right balance of tried- and-true methods with breakthrough new approaches to achieve marketing excellence.
There are five competing concepts under which orga- nizations can choose to conduct their business: the production concept, the product concept, the sell-. Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relation- ships in ways that benefit the organization and its stake- holders.
Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Marketers are skilled at managing demand: They seek to influence its level, timing, and composition for goods, services, events, experiences, persons, places, prop- erties, organizations, information, and ideas.
They also operate in four different marketplaces: consumer, busi- ness, global, and nonprofit.
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