- Series: McGraw-Hill/Irwin Series in Marketing
- Hardcover: 733 pages
- Publisher: McGraw-Hill/Irwin; 8 edition (March 28, 2005)
- Language: English
- ISBN-10: 0073080152
- ISBN-13: 978-0073080154
- Product Dimensions: 8.9 x 1.2 x 10.7 inches
- Shipping Weight: 4.2 pounds
- Average Customer Review: 3.8 out of 5 stars See all reviews (18 customer reviews)
- Amazon Best Sellers Rank: #1,463,876 in Books (See Top 100 in Books)
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Marketing w/ PowerWeb (McGraw-Hill/Irwin Series in Marketing) 8th Edition
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Part I lays the foundation for the entire book, explaining what marketing and strategic marketing process are, and relate the importance of environmental, ethical and social responsibility factors to the marketing actions. It mentions briefly the use of BCG (Boston Consulting Group) business portfolio analysis to quantify performance measures and growth targets to analyze a firm's business units. Similarly firms can also view growth opportunities using the market-product analysis. The 3 key phases in a strategic marketing process (planning, implementation and control) are introduced. More details on each step in the planning phase is provided, such as SWOT (strength, weakness, opportunity, threat) analysis, environment scanning, market-product grid, market segmentation, target markets, developing the marketing program 4Ps( product, price, place / distribution, promotion), budgeting, etc.
Part II discusses on the ultimate consumer and organizational (industrial, reseller, government) markets and buyer behavior. The NAICS allows the classification or common industry definitions of industrial, reseller and government markets for Canada, Mexico and US. The breakdown or definition of the NAICS is shown in detail. On a global perspective, the dynamics of the world trade is discussed. Porter's diamond of national competitive advantage shows the 4 key elements affecting world trade; factor conditions, demand conditions, related and supporting industries and company strategy, structure and rivalry. Further on, 4 global market-entry strategies are discussed next; exporting, licensing, joint venture and direct investment, in terms of the marketing mix (product, promotion, distribution and pricing) strategies.
Part III discusses the key marketing methods and then focuses on the marketing efforts on those key segments most likely to buy the product. The role of marketing research and the 5-step marketing research approach leading to marketing actions are defined. From the market research conducted, the 5-steps in segmenting and identifying the target markets, product positioning and sales forecasting techniques can be performed.
Part IV covers the 4Ps of the marketing mix that can be used to implement the marketing program. It provides correlation of the stages of the product life cycle (introduction, growth, maturity and decline) to the specific marketing objective (gain awareness, stress differentiation, maintain brand loyalty and harvesting/deletion) and the characteristics of the product, price, promotion and place strategy. 3 ways can be used to manage a product through its life cycle; modifying the product, modifying the market and repositioning the product. A brief discussion is on branding and brand management. The differences between products and services are highlighted. The 6 steps in setting price are discussed next. A few factors will affect the pricing decisions such as the type of competitive market (pure monopoly, oligopoly, monopolistic competition, pure competition), the pricing objectives and constraints, the estimation of demand and revenue, the determination of cost, volume and profit relationships, etc. Various pricing strategies such as skimming, penetration, prestige, bundle, standard markup, cost-plus, target return on investment, loss leader, etc can help to select an approximate price level. Following this, the marketing channels of distribution is discussed next. The channels' terminologies (broker, wholesaler, retailer, distributor, dealer), functions (transactional, logistical, facilitating), structure (direct versus indirect channel) and organization (traditional, vertical marketing system) are introduced. An entire chapter is dedicated to supply chain and logistics management. This section concludes with the promotion factor of the marketing mix. The concept of integrated marketing communications (IMC) is introduced as designing marketing communications programs that coordinate all promotional activities (advertising, personal selling, sales promotion, public relations, direct marketing) to provide a consistent message across all audiences. Guidelines are given on developing an IMC program. Since selling must be managed if it is going to contribute to a firm's marketing objectives, the sales management process is next explained.
The last part, part V, shows how marketing weave a myriad of controllable (4Ps of the marketing mix elements) and uncontrollable (environmental scanning) factors into interactive, traditional and multi-channel marketing programs. Among the marketing channels available, interactive marketing allows for interaction, individualization and customer relationship building through the choices of choiceboards, collaborative filtering, etc. The 3 phases (planning, implementation, control) in the strategic marketing process are again reviewed. Under planning phase, 3 marketing planning frameworks can be used; Porter's generic strategies, profit enhancement options and market-product synergies. Guidelines are provided for an effective marketing plan. As for the implementation phase, there is a need to schedule precise tasks, responsibilities and deadlines, as well as a marketing organization. The final control phase involves measuring results using sales analysis, profitability analysis and ROI marketing, and ends with taking appropriate marketing actions.
Overall, each chapter guides you on writing individual sections of the marketing plan. An example of a marketing plan is provided in Appendix A. In addition, there are case studies based on actual companies' experiences. Since finance is intertwined within marketing concepts, Appendix B gives an introduction into the financial aspects of marketing. In addition, this book pinpoints to a few websites where you can obtain more information such as [...] [...] etc.
One of the setbacks is on the topic of building a price foundation. This book elaborates only on the demand curve, with no mention on the supply curve at all. Since pricing is based on the laws of supply and demand, I feel the supply curve needs to be taken into account as well. Another setback is the book does not delve deep into each subject matter. As an example, for pricing, this book highlights various methods of pricing such as price penetration, price skimming, target return on sales, cost-plus or standard markup. It provides definitions and only brief elaborations. For further understanding, other specialized resources have to be used such as courses or books on pricing, etc.
Nevertheless, this book is highly recommended for someone who is interested to gain an initial understanding on marketing.