CARL McDANIEL Department of Marketing University of Texas at Arlington
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1 CARL McDANIEL Department of Marketing University of Texas at Arlington CHARLES W. LAMB MJ. Neeley School of Business Texas Christian University JOSEPH F. HAIR, JR. Department of Marketing Kennesaw State University '% SOUTH-WESTERN i c? CENGAGE Learning- Australia Brazil 'Japan Korea Mexico Singapore Spain United Kingdom United States
2 The World of Marketing 1 AN OVERVIEW OF MARKETING 2 What Is Marketing? 3 Marketing Management Philosophies 4 Production Orientation 4 Sales Orientation 4 Market Orientation 5 Societal Marketing Orientation 6 Differences between Sales and Market Orientations 7 The Organization's Focus 7 The Firm's Business 11 Those to Whom the Product is Directed 12 The Finn's Primary Goal 13 Tools the Organization Uses to Achieve Its Goals 14 A Word of Caution 14 Why Study Marketing? 14 Marketing Plays an Important Role in Society 15 Marketing Is Important to Business 15 Marketing Offers Outstanding Career Opportunities 15 Marketing Affects Your Life Every Day 15 Review and Applications 16 Exercises 18 Case Study 20 Company Clips 21 Career Appendix 22 STRATEGIC PLANNING FOR COMPETITIVE ADVANTAGE 34 Defining the Business Mission 37 Conducting a Situation Analysis 38 Setting Marketing Plan Objectives 39 Competitive Advantage 40 Cost Competitive Advantage 40 Product/Service Differentiation Competitive Advantage 41 Niche Competitive Advantage 42 Building Sustainable Competitive Advantage 42 Strategic Directions 43 Strategic Alternatives 43 Selecting a Strategic Alternative 44 Describing the Target Market 46 Target Market Strategy 46 The Marketing Mix 47 Product Strategies 47 Place (Distribution) Strategies 48 Promotion Strategies 48 Pricing Strategies 48 Following Up on the Marketing Plan 48 Implementation 48 Evaluation and Control 49 Effective Strategic Planning 50 Review and Applications 51 Exercises 54 Case Study 55 Company Clips 57 Marketing Plan Outline: Appendix I 58 The E-Motion Software Marketing Plan: Appendix II 63 The Nature of Strategic Planning 35 What Is a Marketing Plan? 36 Writing the Marketing Plan 37
3 ETHICS AND SOCIAL RESPONSIBILITY 72 Determinants of a Civil Society 73 The Concept of Ethical Behavior 74 Ethical Theories 75 Ethical Behavior in Business 78 Morality and Business Ethics 78 Ethical Decision Making 79 Ethical Guidelmes and Training 80 Cultural Differences in Ethics 84 Ethical Dilemmas Related to Developing Countries 85 Corporate Social Responsibility 86 Stakeholders.and Social Responsibility 87 Arguments against and for Corporate Social Responsibility (CSR) 88 Arguments Against CSR 88 Arguments for Social Responsibility 88 Growth of Social Responsibility 89 The Cost of Ignoring Social Responsibilities 93 Green Marketing 94 Cause-Related Marketing 94 Cause-Related Marketing Controversy 95 Review and Applications 96 Exercises 98 Case Study 99 Company Clips 101 THE MARKETING ENVIRONMENT 102 The External Marketing Environment 103 Understanding the External Environment 103 Environmental Management 105 Social Factors 105 American Values 105 Personality Traits Vary by Region 106 The Growth of Component Lifestyles 106 The Changing Role of Families and Working Women 107 There Is Never Enough Time 107 Demographic Factors 109 Population 109 Tweens 110 Teem 110 Generation Y 111 Generation X 112 Baby Boomers America's Mass Market 113 Growing Ethnic Markets 1 15 Marketing to Hispanic Americans 115 Marketing to African Americans 117 Marketing to Asian Americans 118 Ethnic and Cultural Diversity 121 Economic Factors 121 Consumers'Incomes 121 Purchasing Power 122 Inflation 122 Recession 123 Technological Factors 1 24 Research 125 Global Innovation 125 Innovation Carries to the Bottom Line 126 Political and Legal Factors 127 Federal Legislation 128 State Laws 129 Regulatory Agencies 130 The Battle Over Consumer Privacy 130 Competitive Factors Competition for Market Share and Profits 133 Global Competition 133 Review and Applications 135 Exercises 137 Case Study 139 Company Clips 140 DEVELOPING A GLOBAL VISION 142 Rewards of Global Marketing 143 Importance of Global Marketing to the United States 144 The Fear of Trade and Globalization 145 Benefits of Globalization 146 Multinational Firms 147 Blocking Foreign Investment 148 Global Marketing Standardization 148 External Environment Facing Global Marketers 150 Culture 150 Economic and Technological Development 152 Doing Business in China and India 152 Political Structure and Actions 153 Legal Considerations 154 Uruguay Round, the Failed Doha Round, and Bilateral Agreements 155 North American Free Trade Agreement 156 Central America Free Trade Agreement 157 European Union 158 The World Bank and International Monetary Fund 160 Demographic Makeup 160 Natural Resources 161 Global Marketing by the Individual Firm 161 Exporting 162 Licensing and Franchising 164 Contract Manufacturing 165 ]oint Venture 166 Direct Investment 167 The Global Marketing Mix 168 Product and Promotion 169 One Product, One Message 169
4 Product Invention 171 Product Adaptation 172 Promotion Adaptation 173 Place (Distribution) 174 Pricing 175 Exchange Rates 176 Dumping 176 Countertrade 177 The Impact of the Internet 177 Review and Applications 1 80 Exercises 182 Case Study 1 83 Company Clips 1 85 Analyzing Marketing Opportunities 187 CONSUMER DECISION MAKING 188 The Importance of Understanding Consumer Behavior 1 89 The Consumer Decision-Making Process 1 89 Need Recognition 190 Information Search 191 Evaluation of Alternatives and Purchase 193 Postpurchase Behavior 195 Types of Consumer Buying Decisions and Consumer Involvement 197 Factors Determining the Level of Consumer Involvement 198 Marketing Implications of Involvement 199 Factors Influencing Consumer Buying Decisions 199 Cultural Influences on Consumer Buying Decisions 200 Culture and Values 200 Understanding Cultural Differences 202 Subculture 203 Social Class 204 Social Influences on Consumer Buying Decisions 207 Reference Groups 207 Opinion Leaders 208 Family 210 Individual Influences on Consumer Buying Decisions 21 1 Gender 212 Age and Family Life-Cycle Stage 212 Personality, Self-Concept, and Lifestyle 214 Psychological Influences on Consumer Buying Decisions 215 Perception 215 Motivation 218 Learning 219 Beliefs and Attitudes 220 Review and Applications 224 Exercises 226 Case Study 227 Company Clips 229 BUSINESS MARKETING 230 What Is Business Marketing? 231 Business Marketing on the Internet 232 Measuring Online Success 233 Trends in B2B Internet Marketing 233 Relationship Marketing and Strategic Alliances 234 Strategic Alliances 235 Relationships in Other Cultures 236 Major Categories of Business Customers 237 Producers 237 Resellers 237 Governments 238 Institutions 239 The North American Industry Classification System 239 Business versus Consumer Markets 241 Demand 241 Purchase Volume 242 Number of Customers 242 Location of Buyers 242 Distribution Structure 242 Nature of Buying 242 Nature of Buying Influence 243 Type of Negotiations 243 Use of Reciprocity 243 Use of Leasing 243 Primary Promotional Method 244 o U VI
5 Types of Business Products 244 Major Equipment 244 Accessory Equipment 244 Raw Materials 244 Component Parts 244 Processed Materials 245 Supplies 245 Business Services 246 Business Buying Behavior 246 Buying Centers 246 Evaluative Criteria 248 Buying Situations 248 Business Ethics 249 Customer Service 249 Review and Applications 251 Exercises 253 Case Study 255 Company Clips 256 SEGMENTING AND TARGETING MARKETS 258 Market Segmentation 259 The Importance of Market Segmentation 260 Criteria for Successful Segmentation 261 Bases for Segmenting Consumer Markets 262 Geographic Segmentation 262 Demographic Segmentation 263 Psychographic Segmentation 269. Benefit Segmentation 270 Usage-Rate Segmentation 271 Bases for Segmenting Business Markets 271 Company Characteristics 271 Buying Processes 272 Steps in Segmenting a Market 272 Strategies for Selecting Target Markets 274 Undifferentiated Targeting 274 Concentrated Targeting 275 Multisegment Targeting 277 One-to-One Marketing 278 Positioning 279 Perceptual Mapping 280 Positioning Bases 280 Repositioning 281 Review and Applications 283 Exercises 285 Case Study 286 Company Clips 288 DECISION SUPPORT SYSTEMS AND MARKETING RESEARCH 290 Marketing Decision Support Systems 291 The Role of Marketing Research 292 Management Uses of Marketing Research 292 Understanding the Ever-Changing Marketplace 295 Steps in a Marketing Research Project 296 Secondary Data 297 The New Age of Secondary Information: The Internet 298 Marketing Research Aggregators 299 Planning the Research Design and Gathering Primary Data 299 Survey Research 300 Questionnaire Design 303 Observation Research 305 Ethnographic Research 306 Observation Research and Virtual Shopping 307 Experiments 308 Specifying the Sampling Procedures 308 Collecting the Data 310 Analyzing the Data 310 Preparing and Presenting the Report 312 Following Up 312 The Profound Impact of the Internet on Marketing Research 31 3 Advantages of Internet Surveys 313 Uses of the Internet by Marketing Researchers 314 Methods of Conducting Online Surveys 314 Online Panel Providers 314 Online Focus Groups 315 Web Community Research 317 The Role of Consumer Generated Media in Marketing Research 318 Behavioral Targeting 319 Other Uses of the Internet by Marketing Researchers 320 Scanner-Based Research 320 When Should Marketing Research Be Conducted? 321 Competitive Intelligence 321 Sources of Competitive Intelligence 322 Review and Applications 324 Exercises 327 Case Study 328 Company Clips 330 o o
6 PAtf 3 Product and Distribution Decisions 331 g PRODUCT CONCEPTS 332 What Is a Product? 333 Types of Consumer Products 333 Convenience Products 334 Shopping Products 334 Specialty Products 335 Unsought Products 335 The Importance of Services 335 How Services Differ From Goods 336 Intangibility 336 Inseparability 336 Heterogeneity 337 Perishability 337 Product Items, Lines, and Mixes 337 Adjustments to Product Items, Lines, and Mixes 339 Branding 341 Benefits of Branding 341 Branding Strategies 342 Trademarks 345 Packaging 346 Packaging Functions 346 Labeling 348 Universal Product Codes 349 Global Issues in Branding and Packaging 349 Branding 349 Packaging 350 Product Warranties 350 Review and Applications 353 Exercises 355 Case Study 357 Company Clips 358 "jl DEVELOPING AND MANAGING PRODUCTS 360 The Importance of New Products 361 Categories of New Products 361 The New-Product Development Process 363 New-Product Strategy 364 Idea Generation 365 Idea Screening 366 Business Analysis 367 Development 367 Test Marketing 368 Commercialization 370 Why Some Products Succeed and Others Fail 370 1j % Global Issues in New-Product Development 372 The Spread of New Products 373 Diffusion of Innovation 373 Product Characteristics and the Rate of Adoption 375 Marketing Implications of the Adoption Process 375 Product Life Cycles 376 Introductory Stage 377 Growth Stage 378 Maturity Stage 378 Decline Stage 379 Implications for Marketing Management 379 Review and Applications 382 Exercises 383 Case Study 385 Company Clips 386 MARKETING CHANNELS AND SUPPLY CHAIN MANAGEMENT 388 Marketing Channels 389 Providing Specialization and Division of Labor 389 Overcoming Discrepancies 390 Providing Contact Efficiency 391 Channel Intermediaries and Their Functions 392 Channel Functions Performed by Intermediaries 393 Channel Structures 395 Channels for Consumer Products 395 Channels for Business and Industrial Products 396 Alternative Channel Arrangements 397 Supply Chains and Supply Chain Management 399 Benefits of Supply Chain Management 401 Making Channel Strategy Decisions 401 Factors Affecting Channel Choice 401 Levels of Distribution Intensity 402 Types of Channel Relationships 405 Channel Relationship Types 405 The Logistics Function in the Supply Chain 406 Sourcing and Procurement 407 Order Processing 407 Inventory Management and Control 408 Warehousing and Materials-Handling 409 Transportation 410 Trends in Supply Chain Management 41 1 Global Supply Chain Management 412 Advanced Computer Technology 412 Outsourcing Logistics Functions 413
7 Electronic Distribution 414 Supply Chain Security 415 Green Supply Chain Management 415 Managing Channel Relationships 416 Channel Power, Control, and Leadership 416 Channel Conflict 416 Channel Partnering 418 Channels and Distribution Decisions for Global Markets 419 Developing Global Marketing Channels 419 Channels and Distribution Decisions for Services 421 Review and Applications 424 Exercises 428 Case Study 429 Company Clips 431 g RETAILING 432 The Role of Retailing 433 Classification of Retail Operations 433 Ownership 434 Level of Service 435 Product Assortment 435 Price 435 Major Types of Retail Operations 435 Department Stores 436 Specialty Stores 436 Supermarkets 436 Drugstores 437 Convenience Stores 438 Discount Stores 438 Restaurants 441 Nonstore Retailing 442 Automatic Vending 442 Direct Retailing 442 Direct Marketing 443 Electronic Retailing 444 Franchising 446 Retail Marketing Strategy 449 Defining a Target Market 449 Choosing the Retailing Mix 450 New Developments in Retailing 458 Interactivity 458 M-Commerce 458 Pop-Up Shops 459 Review and Applications 462 Exercises 464 Case Study 466 Company Clips 467 n Promotion and Pricing Decisions 469 MARKETING COMMUNICATIONS AND ADVERTISING 470 The Role of Promotion in the Marketing Mix 471 Marketing Communication 472 The Communication Process 473 The Impact of Web 2.0 on Marketing Communication 475 The Goals of Promotion 478 Informing 478 Persuading 478 Reminding 479 The Promotional Mix 479 Advertising 479 Public Relations 480 Personal Selling 480 Sales Promotion 481 The Communication Process and the Promotional Mix 481 Promotional Goals and the AIDA Concept 482 Integrated Marketing Communications 484 Factors Affecting the Promotional Mix 485 Nature of the Product 486 Stages in the Product Life Cycle 486 Target Market Characteristics 487 Type of Buying Decision 488 Available Funds 488 Push and Pull Strategies 489 The Effects of Advertising 490 Advertising and Market Share 49 J The Effects of Advertising on Consumers 49 J Major Types of Advertising 493 Institutional Advertising 493 Product Advertising 494 Creative Decisions in Advertising 496 Identifying Product Benefits 497 Developing and Evaluating Advertising Appeals 497 Executing the Message 498 Post-Campaign Evaluation 501 Media Decisions in Advertising 501 Media Types 502
8 Media Selection Considerations 508 Media Scheduling 510 Review and Applications 514* Exercises 51 8 Case Study 521 Company Clips 522 PUBLIC RELATIONS, SALES PROMOTION, AND PERSONAL SELLING 524 Public Relations 525 Major Public Relations Tools 526 Managing Unfavorable Publicity 529 Sales Promotion 530 The Objectives of Sales Promotion 530 Tools for Consumer Sales Promotion 532 Coupons and Rebates 532 Premiums 534 Loyalty Marketing Programs 534 Contests and Sweepstakes 536 Sampling 536 Point-of-Purchase Promotion 537 Online Sales Promotion 537 Tools for Trade Sales Promotion 539 Personal Selling 540 Relationship Selling 542 Steps in the Selling Process 543 Generating Leads 544 Qualifying Leads 545 Approaching the Customer and Probing Needs 546 Developing and Proposing Solutions 546 Handling Objections 547' Closing the Sale 548 Following Up 548 Review and Applications 550 Exercises 554 Case Study 555 Company Clips 556 Pricing Objectives 561 Profit-Oriented Pricing Objectives 561 Sales-Oriented Pricing Objectives 562 Status Quo Pricing Objectives 564 The Demand Determinant of Price 564 The Nature of Demand 564 How Demand and Supply Establish Prices 565 Elasticity of Demand 566 The Power of Yield Management Systems and Targeting Technology 569 Behavioral Targeting Technology 570 The Cost Determinant of Price 571 Markup Pricing 573 Profit Maximization Pricing 573 Break-Even Pricing 574 Other Determinants of Price 576 Stages in the Product Life Cycle 576 The Competition 577 Distribution Strategy 577 The Impact of the Internet 578 Promotion Strategy 580 Guaranteed Price Matching 580 Demands of Large Customers 581 The Relationship of Price to Quality 581 How to Set a Price on a Product or Service 584 Establish Pricing Goals 584 Estimate Demand, Costs, and Profits 585 Choose a Price Strategy 585 The Legality and Ethics of Price Strategy 590 Unfair Trade Practices 590 Price Fixing 590 Price Discrimination 592 Predatory Pricing 593 Review and Applications 594 Exercises 597 Case Study 599 Company Clips 601 ^ PRICING CONCEPTS 558 The Importance of Price 559 What Is Price? 559 The Importance of Price to Marketing Managers 560 Glossary 602 End notes 612 Index 625
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