A Preface to Marketing Management

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1 A Preface to Marketing Management Thirteenth Edition J. Paul Peter University of Wisconsin-Madison James H. Donnelly, Jr. Gatton College of Business and Economics University of Kentucky Me Graw Hill McGraw-Hill Irwin

2 Contents SECTION I ESSENTIALS OF MARKETING MANAGEMENT 1 PART A INTRODUCTION 1 Chapter 1 Strategic Planning and the Marketing Management Process 2 The Marketing Concept 2 What Is Marketing? 3 What Is Strategic Planning? 4 Strategic Planning and Marketing Management 4 The Strategic Planning Process 5 The Complete Strategic Plan 14 The Marketing Management Process 14, Situation Analysis 14 Marketing Plann ing 17 Implementation and Control of the Marketing Plan 18 Marketing Information Systems and Marketing Research 19 The Strategic Plan, the Marketing Plan, and Other Functional Area Plans 19 Marketing's Role in Cross-Functional Strategic Planning 19 Summary 20 Appendix Portfolio Models 25 PARTB MARKETING INFORMATION, RESEARCH, AND UNDERSTANDING THE TARGET MARKET 29 Chapter 2 Marketing Research: Process and Systems for Decision Making 30 The Role of Marketing Research The Marketing Research Process Purpose of the Research 31 Plan of the Research 32 Performance of the Research 37 Processing of Research Data Preparation of the Research Report 38 Limitations of the Research Process 38 Marketing Information Systems 40 Summary 41 Chapter 3 Consumer Behavior 43 Social Influences on Consumer Decision Making 44 Culture and Subculture 44 Social Class 45 Reference Groups and Families 46 Marketing Influences on Consumer Decision Making 46 Product Influences 46 Price Influences 46 Promotion Influences 47 Place Influences 47 Situational Influences on Consumer Decision Making 49 Psychological Influences on Consumer Decision Making 49 Product Knowledge 49 Product Involvement 50 Consumer Decision Making 50 Need Recognition 51 Alternative Search 52 Alternative Evaluation 53 Purchase Decision 53 Postpurchase Evaluation 54 Summary 56 Chapter 4 Business, Government, and Institutional Buying 58 Categories of Organizational Buyers 58 Producers 58 Intermediaries 59 Government Agencies 59 Other Institutions 59 The Organizational Buying Process 59 Purchase-Type Influences on Organizational Buying 60 Straight Rebuy 60 Modified Rebuy 60 New Task Purchase 60

3 Contents xiii Structural Influences on Organizational Buying 61 Purchasing Roles 61 Organization-Specific Factors 62 Purchasing Policies and Procedures 63 Behavioral Influences on Organizational Buying 63 Personal Motivations 63 Role Perceptions 64 Stages in the Organizational Buying Process 66 Organizational Need 66 Vendor Analysis 66 Purchase Activities 67 Postpurchase Evaluation 68 Summary 68 Chapter 5 Market Segmentation 70 Delineate the Firm's Current Situation 70 Determine Consumer Needs and Wants 71 Divide Markets on Relevant Dimensions 71 A Priori versus Post Hoc Segmentation 72 Relevance of Segmentation Dimensions 72 Bases for Segmentation 73 Develop Product Positioning 77 Decide Segmentation Strategy 80 Design Marketing Mix Strategy 81 Summary 82 PARTC THE MARKETING MIX 83 Chapter 6 Product and Brand Strategy 84 Basic Issues in Product Management 84 Product Definition 84 Product Classification 85 Product Quality and Value 86 Product Mix and Product Line 87 Branding and Brand Equity 88 Packaging 94 Product Life Cycle 95 Product Adoption and Diffusion 97 The Product Audit 98 Deletions 98 Product Improvement 99 Organizing for Product Management 99 Summary 101 Chapter 7 New Product Planning and Development 103 New Product Strategy 104 New Product Planning and Development Process 106 Idea Generation 106 Idea Screening 108,' Project Planning 109 Product Development 110 Test Marketing 110 Commercialization 111 The Importance of Time 111 Some Important New Product Decisions 112 Quality Level 112 Product Features 113 Product Design 114 Product Safety 114 Causes of New Product Failure 114 Need for Research 115 Summary 116 Chapter 8 Integrated Marketing Communications 118 Strategic Goals of Marketing ' Communication 118 Create Awareness 118 Build Positive Images 118 Iden tify Prospects 118 Build Channel Relationships 119 Retain Customers 119 The Promotion Mix 119 Integrated Marketing Communications 120 Advertising: Planning and Strategy 122 Objectives of Advertising 122 Advertising Decisions 123 The Expenditure Question 124 The Allocation Question 125 Sales Promotion 130 Push versus Pull Marketing 130 Trade Sales Promotions 131 Consumer Promotions 131 What Sales Promotion Can and Can't Do 132 Public Relations 133 Direct Marketing 134 Summary 135 Appendix Major Federal Agencies Involved in Control of Advertising 137

4 xiv Contents Chapter 9 Personal Selling, Relationship Building, and Sales Management 138 Importance of Personal Selling 138 The Sales Process' 139 Objectives of the Sales Force 139 The Sales Relationship-Building Process 140 People Who Support the Sales Force 145 Managing the Sales and Relationship-Building Process 146 The Sales Management Task 147 Controlling the Sales Force 148 Motivating and Compensating Performance 150 Summary 152 Chapter 10 Distribution Strategy 154 The Need for Marketing Intermediaries 154 Classification of Marketing Intermediaries and Functions 154 Channels of Distribution 156 Selecting Channels of Distribution 157 Specific Considerations 157 Managing a Channel of Distribution 160 Relationship Marketing in Channels 160 Vertical Marketing Systems 160 Wholesaling 163 Store and Nonstore Retailing 164 Store Retailing 164 Nonstore Retailing 165 Summary 168 Chapter 11 Pricing Strategy 170 Demand Influences on Pricing Decisions 170 Demographic Factors 170 Psychological Factors 170 Price Elasticity 172 Supply Influences on Pricing Decisions 172 Pricing Objectives 172 Cost Considerations in Pricing 173 Product Considerations in Pricing 174 Environmental Influences on Pricing Decisions 175 Competition 175 Government Regulations 176 A General Pricing Model 176 Set Pricing Objectives 176 Evaluate Product-Price Relationships 177 Estimate Costs and Other Price Limitations 178 Analyze Profit Potential 179 Set Initial Price Structure 179 Change Price as Needed 179 Summary 179 PARTD MARKETING IN SPECIAL FIELDS 181 Chapter 12 The Marketing of Services 182 Important Characteristics of Services 184 Intangibility 184 Inseparability 185 Perishability and Fluctuating Demand 186 Client Relationship 186 Customer Effort 187 Uniformity 188 Providing Quality Services 188 Customer Satisfaction Measurement 190 The Importance of Internal Marketing 190 Overcoming the Obstacles in Service Marketing 192 Limited View of Marketing 192 Limited Competition 192 Noncreative Management 193 No Obsolescence 193 The Service Challenge 194 Banking 194 Health Care 194 Insurance 195 Travel 195 Implications for Service Marketers 196 Summary 197 Chapter 13 Global Marketing 199 The Competitive Advantage of Nations 200 Organizing for Global Marketing 201 Problems with Entering Foreign Markets 201 Organizing the Multinational Company 204 Programming for Global Marketing 206 Global Marketing Research 206 Global Product Strategy 209 Global Distribution Strategy 209 Global Pricing Strategy 210 Global Advertising and Sales Promotion Strategy 210 Entry and Growth Strategies for Global Marketing 211 Summary 214

5 Contents xv SECTION II ANALYZING MARKETING PROBLEMS AND CASES 215 A Case Analysis Framework Analyze 'and Record the Current Situation Analyze and Record Problems and Their Core Elements Formulate, Evaluate, and Record Alternative Courses of Action Select and Record the Chosen Alternative and Implementation Details 223 Pitfalls to Avoid in Case Analysis 223 Communicating Case Analyses 226 The Written Report 226 The Oral Presentation 228 Summary 228 SECTION III FINANCIAL ANALYSIS FOR MARKETING DECISIONS 229 Financial Analysis 230 Break-Even Analysis 230 Net Present Value Analysis 232 Ratio Analysis 234 Summary 238 SECTION IV DEVELOPING MARKETING PLANS 239 A Marketing Plan Framework 240 Title Page 241 Executive Summary 241 Table of Contents 242 Introduction 242 Situational Analysis 242 ^ Marketing Planning 242 Implementation and Control of the Marketing Plan 244 Summary 246 Appendix Financial Analysis 246 References 249 Summary 249 Chapter Notes 251 Index 258

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