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Marketing, 4th Edition

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Marketing, 4th Edition was designed with the first-year marketing student in mind and covers key marketing concepts in a style that is easy to follow and understand. This new edition uses a number of regional case studies to illustrate the relevance and importance of marketing topics covered in class. New to this edition is a whole new chapter on Data and Analytics.

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Table of Contents

About the authors ix

Applications at a glance xii

CHAPTER 1 Introduction to marketing 1

Introduction 3

1.1 What is marketing? 3

The marketing approach to business 6

The marketing process 8

1.2 The exchange of value 11

The market 12

Customers 13

Clients 13

Partners 13

Society 13

1.3 Ethics, corporate social responsibility and sustainable marketing 15

Ethics 15

Corporate social responsibility 17

Sustainability 20

Implementation of CSR and sustainability 21

1.4 The marketing mix 24

Product 24

Price 25

Promotion 26

Distribution (place) 26

People 27

Process 27

Physical evidence 27

1.5 Why study marketing? 29

Improve business performance 29

Higher quality of life 30

Contribute to a better world 31

Be a better customer 31

A rewarding career 31

Summary 34

Key terms 35

Case study 36

Advanced activity 38

Marketing plan activity 38

Websites 38

Endnotes 38

Acknowledgements 41

CHAPTER 2 The marketing environment and market analysis 42

Introduction 43

2.1 The marketing environment 44

2.2 Internal environment 46

Internal marketing 48

2.3 Micro environment 51

Customers and clients 51

Partners 51

Competitors 52

2.4 The macro environment 55

Political forces 57

Economic forces 57

Sociocultural forces 57

Technological forces 58

Environmental forces 58

Legal forces 59

Macro?]environmental complexity 59

2.5 Situation analysis and marketing planning 62

Marketing metrics 65

SWOT analysis 66

Summary 71

Key terms 72

Case study 72

Advanced activity 76

Marketing plan activity 76

Websites 76

Endnotes 76

Acknowledgements 77

CHAPTER 3 Market research 78

Introduction 79

3.1 The role of market research in marketing decisions 80

Marketing information systems 82

Overview of the market research process 83

When market research is appropriate 83

Ethics in market research 84

3.2 Defining a market research problem 86

Preparing a market research brief 87

3.3 Key research design issues 90

Types of research 90

Types of data 91

3.4 Data collection, analysis and reporting 100

Managing data collection 100

Data analysis 101

Drawing conclusions 103

Reporting the findings 103

Responding to the research problem 105

Summary 107

Key terms 108

Case study 109

Advanced activity 112

Marketing plan activity 112

Websites 112

Endnotes 112

Acknowledgements 114

CHAPTER 4 Consumer behaviour 115

Introduction 117

4.1 What is consumer behaviour? 118

Influences on consumer behaviour 118

4.2 Group factors 121

Cultural factors 122

Social factors 125

4.3 Individual factors 131

Personal characteristics 131

Psychological characteristics 135

4.4 Consumer involvement and the decision?]making process 142

Need/want recognition 143

Information search 144

Evaluation of options 144

Purchase 144

Post?]purchase evaluation 145

Summary 148

Key terms 149

Case study 150

Advanced activity 153

Marketing plan activity 153

Websites 153

Endnotes 153

Acknowledgements 154

CHAPTER 5 Business buying behaviour 155

Introduction 156

5.1 Business markets 157

Reseller markets 157

Producer markets 159

Government markets 160

Institutional markets 161

5.2 Marketing to business customers 162

High?]value/high?]volume purchases 163

Price competition and negotiation 163

Number of buyers and sellers 164

Formal assessment of purchase alternatives 164

Ongoing relationships 165

Demand characteristics 166

5.3 Characteristics of business demand 167

Derived demand 167

Joint demand 168

Pricing and demand 168

5.4 Business buying behaviour 171

The organisational buyer 172

The business decision?]making process 173

Environmental influences 176

Summary 179

Key terms 179

Case study 180

Advanced activity 182

Marketing plan activity 182

Websites 182

Endnotes 183

Acknowledgements 183

CHAPTER 6 Markets: segmentation, targeting and positioning 184

Introduction 185

6.1 Knowing the market 186

6.2 Target marketing 188

Mass marketing 190

One?]to?]one marketing 190

Target marketing based on segments 190

The target marketing process 192

6.3 Market segmentation 193

Identify segmentation variables 193

Profile market segments 202

6.4 Market targeting 204

Evaluate potential segments 205

Select target markets 206

6.5 Positioning 209

Determine positioning for each segment 210

Determine the marketing mix for

each segment 212

Summary 214

Key terms 215

Case study 215

Advanced activity 218

Marketing plan activity 218

Websites 218

Endnotes 218

Acknowledgements 219

CHAPTER 7 Product 220

Introduction 221

7.1 Products: goods, services and ideas 222

The total product concept 222

Product relationships 224

Product classification 224

7.2 Product life cycle 228

Overview of the product life cycle 228

New product development 229

Product adoption process 231

7.3 Product differentiation 235

7.4 Branding 237

Brand name 238

Brand equity 238

Brand strategies 239

7.5 Packaging 243

Labelling 245

7.6 Managing products 246

Approaches to management 246

Product/market growth strategy matrix 247

Managing products through the life cycle 248

Summary 253

Key terms 254

Case study 255

Advanced activity 257

Marketing plan activity 257

Websites 257

Endnotes 258

Acknowledgements 259

CHAPTER 8 Price 260

Introduction 261

8.1 Pricing objectives 262

Determining pricing objectives 263

Not?]for?]profit pricing 267

The legal environment 267

Selecting the pricing method 270

8.2 Demand considerations 272

The demand schedule and

demand curve 273

Price elasticity of demand 275

8.3 Cost and revenue analysis 278

Break?]even analysis 279

Marginal analysis 281

Pricing based on costs 282

8.4 Competition considerations 284

Understanding competitors’ pricing 285

Alternatives to competing on price 287

8.5 Business?]to?]business pricing 289

Pricing for intermediaries 289

Pricing for distribution 290

8.6 Price management 292

The psychology of pricing 292

Pricing throughout the product life cycle 294

Setting and managing the final price 296

Summary 301

Key terms 302

Case study 303

Advanced activity 304

Marketing plan activity 305

Websites 305

Endnotes 305

Acknowledgements 306

CHAPTER 9

Promotion 307

Introduction 308

9.1 What is promotion? 309

A model of communication 309

Objectives of promotion 312

9.2 Integrated marketing communications 315

The promotion mix 315

Integrating promotion mix elements 318

9.3 Advertising 320

Creating an advertising campaign 321

Legal issues in advertising 328

9.4 Public relations 332

Approaches and methods 333

Public relations as a profession 334

9.5 Sales promotion 336

Consumer sales promotions 336

Trade sales promotions 338

9.6 Personal selling 340

A model of personal selling 340

Managing a sales force 341

9.7 Additional forms of promotion 343

Ambush marketing 343

Guerilla marketing 344

Product placement 345

Viral marketing 347

Permission marketing 347

Sponsorship 348

Summary 350

Key terms 351

Case study 352

Advanced activity 354

Marketing plan activity 354

Websites 355

Endnotes 355

Acknowledgements 357

CHAPTER 10

Distribution (place) 358

Introduction 359

10.1 Distribution channels 360

Consumer product distribution

channels 362

Business?]to?]business product distribution channels 364

Supply?]chain management 364

10.2 Distribution of goods 367

Order processing 368

Inventory management 369

Warehousing 369

Transportation 370

Technology in physical distribution 372

10.3 Distribution of services 374

Physical inputs 374

Delivery infrastructure 374

Scheduling 374

10.4 Retailing 376

Retailing strategy 376

Benefits of retailers 377

Types of retailers 378

10.5 Agents and brokers 386

Agents 386

Brokers 386

10.6 Wholesaling 388

Major wholesaling functions 388

Types of wholesalers 388

Summary 391

Key terms 392

Case study 393

Advanced activity 395

Marketing plan activity 395

Websites 396

Endnotes 396

Acknowledgements 397

CHAPTER 11 Services marketing 398

Introduction 400

11.1 Service?]dominant economies 400

‘Services’ and ‘service’ 402

Service product classification 402

11.2 The services marketing mix 405

Unique characteristics of services 406

The extended services marketing mix 415

11.3 Services marketing challenges 421

Managing differentiation 421

Developing profitable customer relationships 422

Delivering consistent customer

service quality 422

Summary 428

Key terms 428

Case study 429

Advanced activity 431

Marketing plan activity 431

Websites 431

Endnotes 431

Acknowledgements 432

CHAPTER 12

Digital marketing 434

Introduction 435

12.1 Digital marketing 436

12.2 Characteristics of digital marketing 438

Profiling 438

Interaction and community 439

Control 440

Accessibility and comparability 440

Digitalisation 441

12.3 Digital marketing methods 443

Paid, owned and earned media 443

Brochure sites 444

Social media 444

Viral marketing 446

Portals 446

Search engine optimisation 446

Search engine marketing 447

Email, SMS and MMS marketing 448

Apps 448

VR — the new technological frontier for marketers 448

E?]commerce 449

12.4 Ethical and legal issues 451

Privacy 451

Misleading or deceptive conduct 452

Spam 453

Intellectual property 454

Consumer protection 454

Technology burnout 455

Legal enforcement 455

12.5 Digital marketing and marketing strategy 457

Target markets 457

Customer relationship management 457

The marketing mix 458

Evaluating digital marketing effectiveness 459

Electronic business 461

Summary 463

Key terms 464

Case study 464

Advanced activity 467

Marketing plan activity 467

Websites 467

Endnotes 467

Acknowledgements 469

CHAPTER 13 International marketing 470

Introduction 471

13.1 International marketing fundamentals 472

A global village? 473

Standardisation versus customisation 474

Global trade 475

13.2 The international marketing environment 478

Political forces 480

Economic forces 483

Sociocultural forces 484

Technological forces 485

Environmental forces 486

Legal forces 487

13.3 Why and how organisations go

international 489

Selecting overseas markets 489

Methods of market entry 491

Born global 493

13.4 The international marketing mix 494

Summary 499

Key terms 499

Case study 500

Advanced activity 502

Marketing plan activity 502

Websites 502

Endnotes 503

Acknowledgements 504

CHAPTER 14 Social marketing and not?]forprofit

marketing 505

Introduction 506

14.1 What is social marketing? 507

Scope of social marketing 509

14.2 Benchmark criteria for social marketing 512

Behaviour change 514

Audience research 514

Segmentation 515

Exchange 515

Marketing mix 516

Competition 517

14.3 Three social marketing streams 519

Downstream social marketing 519

Midstream social marketing 519

Upstream social marketing 519

14.4 What is (and is not) social marketing? 522

14.5 Not?]for?]profit marketing 524

Summary 527

Key terms 528

Case study 528

Advanced activity 530

Marketing plan activity 530

Websites 530

Endnotes 531

Acknowledgements 532

CHAPTER 15 Marketing planning, implementation and

evaluation 533

Introduction 535

15.1 The marketing cycle 535

Understanding, planning, implementation and evaluation 536

15.2 Marketing planning 538

Marketing objectives 541

15.3 Marketing implementation 545

Potential internal barriers 545

Environmental factors 547

Maximising success 547

15.4 Evaluating marketing performance 550

Measuring performance 551

Summary 555

Key terms 555

Case study 556

Advanced activity 558

Marketing plan activity 558

Websites 558

Endnotes 559

Acknowledgements 560

CHAPTER 16 Data and analytics 561

Introduction 562

16.1 Data?]driven marketing 563

Definition of data and analytics 564

Data?]driven decision making 564

Data?]driven results 566

16.2 Big data 567

Internet of Things 568

Social media data 569

Understanding and obtaining data 569

Computing resources 572

Data governance 573

16.3 Data analytics in marketing 574

Obtaining customer data for analytics 575

Marketing analytics 575

Machine learning 578

16.4 Issues in analytics 581

Legal and ethical issues in data analytics 582

Analytics skills for decision makers 583

Future of data analytics in marketing 583

Summary 585

Key terms 585

Case study 586

Advanced activity 587

Marketing plan activity 587

Websites 587

Endnotes 587

Acknowledgements 588

APPENDIX

Marketing plan 589

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The Wiley Advantage

  • Aligned Content: Unlike many existing marketing resources, this new edition is designed specifically to align with the most common topics in a marketing unit.
  • Interactive Online Textbook: The WileyPLUS Learning Space interactive textbook is full of rich media and activities to facilitate engaged learning.
  • New Chapter: A brand new chapter on Data and Analytics covers this crucial topic that affects the majority of marketers in the real world.
  • Accessible Content: This new edition comprises insightful and engaging content delivered in concise, digestible chunks to support students’’ engagement and retention.
  • Visibility of Progress: When purchased by the institution for all students, WileyPLUS Learning Space provides sophisticated insight into students’ participation, engagement and proficiency in the course through real-time, actionable reports.
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Marketing, 4th Edition
ISBN : 978-0-7303-3373-9
72 pages
August 2017, ©2017
$45.15   BUY

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