Marketing Strategy: Text and Cases, 8th Edition PDF by O C Ferrell, Michael D Hartline and Bryan W Hochstein

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Marketing Strategy: Text and Cases, Eight Edition

By O C Ferrell, Michael D Hartline and Bryan W Hochstein

Marketing Strategy Text and Cases, Eight Edition

Contents

PART 1 Setting the Stage for Marketing Strategy

CHAPTER 1

Marketing in Today’s Economy 1

Introduction 1

Beyond the Pages 1.1 The Future of Marketing 2

The Challenges and Opportunities of Marketing in Today’s Economy 3

Power Shift to Customers 3

Changes in Products and Selection 4

Audience and Media Fragmentation 5

Changing Value Propositions 6

Shifting Demand Patterns 6

Privacy, Security, and Ethical Concerns 7

Unclear Legal Jurisdiction 8

Basic Marketing Concepts 8

What Is a Market? 9

What Is Exchange? 10

What Is a Product? 11

Beyond the Pages 1.2 The A-to-z of Amazon’s Marketing Strategy 14

Major Marketing Activities and Decisions 14

Strategic Planning 14

Research and Analysis 15

Developing Competitive Advantage 16

Marketing Strategy Decisions 16

Social Responsibility and Ethics 18

Implementation and Control 19

Developing and Maintaining Customer Relationships 20

Beyond the Pages 1.3 A Perfect Fit: Strategy at Zappos 21

Taking on the Challenges of Marketing Strategy 21

Lessons from Chapter 1 23

CHAPTER 2

Strategic Marketing Planning 27

Introduction 27

Beyond the Pages 2.1 Escaping the Commodity Trap 28

The Strategic Planning Process 29

Organizational Mission Versus Organizational Vision 30

Corporate or Business-Unit Strategy 33

Beyond the Pages 2.2 Johnson & Johnson Strengthens Its Credo 34

Functional Goals and Objectives 35

Functional Strategy 35

Implementation 35

Evaluation and Control 36

The Marketing Plan 36

Marketing Plan Structure 37

Using the Marketing Plan Structure 42

Purposes and Significance of the Marketing Plan 44

Organizational Aspects of the Marketing Plan 44

Maintaining Customer Focus and Balance in Strategic Planning 45

Customer-Focused Planning 45

Balanced Strategic Planning 47

Beyond the Pages 2.3 Spotify Eyes the Next Generation 47

Lessons from Chapter 2 49

PART 2 Discovering Market Opportunities

CHAPTER 3

Collecting and Analyzing Marketing Information 53

Introduction 53

Beyond the Pages 3.1 Big Data, Big Marketing Analytics 54

Conducting a Situation Analysis 55

The Human Element 55

Data, Analytics, and Insights Are Not the Same 56

Situation Analysis Should Be Used Strategically 56

The Internal Environment 58

Review of Current Objectives, Strategy, and Performance 59

Availability of Resources 59

Organizational Culture and Structure 60

The Customer Environment 61

Who Are Our Current and Potential Customers? 61

What Do Customers Do With Our Products? 61

Where Do Customers Purchase Our Products? 63

When Do Customers Purchase Our Products? 64

Why (and How) Do Customers Select Our Products? 64

Beyond the Pages 3.2 Cleaning Up E-waste 65

Why Do Potential Customers Not Purchase Our Products? 66

The External Environment 66

Competition 68

Economic Growth and Stability 69

Political Trends 70

Legal and Regulatory Issues 70

Technological Advancements 71

Sociocultural Trends 72

Collecting Marketing Data and Information 75

Secondary Information Sources 75

Beyond the Pages 3.3 Instagram Uses Big Data to Discover Trends 76

Primary Data Collection 78

Overcoming Problems in Data Collection 79

Lessons from Chapter 3 80

CHAPTER 4

Developing Competitive Advantage and Strategic Focus 83

Introduction 83

Beyond the Pages 4.1 Why Innovative Companies Succeed 84

Modern Relevance of SWOT Analysis 86

Making SWOT Analysis Productive 86

Stay Focused 87

Search Extensively for Competitors 87

Collaborate With Other Functional Areas 87

Examine Issues From the Customers’ Perspective 88

Look for Causes, Not Characteristics 89

Separate Internal Issues From External Issues 90

Adopt a Disruptive Mindset 91

SWOT-Driven Strategic Planning 92

Strengths and Weaknesses 93

Opportunities and Threats 94

The SWOT Matrix 95

Developing and Leveraging Competitive Advantages 98

Establishing a Strategic Focus 102

Beyond the Pages 4.2 Kroger Goes Digital for Grocery Growth 102

Developing Marketing Goals and Objectives 105

Beyond the Pages 4.3 Diving Into Blue Ocean Strategy 105

Developing Marketing Goals 106

Developing Marketing Objectives 108

Moving Beyond Goals and Objectives 110

Lessons from Chapter 4 110

PART 3 Developing Marketing Strategy

CHAPTER 5

Customers, Segmentation, and Target Marketing 113

Introduction 113

Beyond the Pages 5.1 How Social Media Segmentation Impacts Strategy 114

Buyer Behavior in Consumer Markets 115

The Consumer Decision Journey 115

Factors That Affect the Consumer Purchase Decision Journey 122

Buyer Behavior in Business Markets 124

Unique Characteristics of Business Markets 125

The Business Buying Process 126

Market Segmentation 128

Traditional Market Segmentation Approaches 128

Beyond the Pages 5.2 The Opportunities in Multicultural Marketing 129

Individualized Segmentation Approaches 130

Criteria for Successful Segmentation 132

Identifying Market Segments 133

Beyond the Pages 5.3 Strategies Pop in the Beverage Industry 133

Segmenting Consumer Markets 134

Segmenting Business Markets 138

Target Marketing Strategies 139

Lessons from Chapter 5 140

CHAPTER 6

The Marketing Program 145

Introduction 145

Beyond the Pages 6.1 Tesla Veers Away From Traditional Marketing Strategy 146

Product Strategy 147

Strategic Issues in the Product Portfolio 147

The Challenges of Service Products 149

Developing New Products 151

Pricing Strategy 152

Key Issues in Pricing Strategy 153

Beyond the Pages 6.2 Clearance Pricing Is Unclear 153

Base Pricing Strategies 160

Adjusting the Base Price 161

Supply Chain Strategy 162

Strategic Supply Chain Issues 164

Trends in Supply Chain Strategy 167

Beyond the Pages 6.3 Walmart Dominates Supply Chain Management 169

Integrated Marketing Communications 171

Strategic Issues in Integrated Marketing Communications 172

Advertising 173

Public Relations 175

Personal Selling and Sales Management 176

Sales Promotion 179

Lessons from Chapter 6 181

CHAPTER 7

Branding and Positioning 187

Introduction 187

Beyond the Pages 7.1 Is It Really Made in USA? 188

Strategic Issues in Branding 189

Basic Branding Decisions 190

Strategic Brand Alliances 193

Brand Value 193

Packaging and Labeling 195

Beyond the Pages 7.2 Barbie Gets a Makeover 196

Differentiation and Positioning 196

Bases for Differentiation 198

Positioning Strategies 200

Mananging Brands Over Time 201

Development Stage 202

Introduction Stage 203

Growth Stage 204

Maturity Stage 205

Decline Stage 205

Beyond the Pages 7.3 Nintendo Bets Big on the Switch 206

Lessons from Chapter 7 207

PART 4 Putting Strategy into Action

CHAPTER 8

Ethics and Social Responsibility in Marketing Strategy 211

Introduction 211

Beyond the Pages 8.1 Salesforce Adopts a Stakeholder Orientation 212

Ethics and Social Responsibility in Marketing Strategy 213

Dimensions of Social Responsibility 213

Sustainability 216

Beyond the Pages 8.2 It’s Not Easy Being Green 217

Marketing Ethics and Strategy 218

Ethics and Social Responsibility Challenges 219

Ethical Issues in the Marketing Program 221

Product-Related Ethical Issues 222

Pricing-Related Ethical Issues 222

Supply Chain-Related Ethical Issues 224

Promotion-Related Ethical Issues 225

Managing and Controlling Ethical Issues 226

Regulating Marketing Ethics 226

Beyond the Pages 8.3 Evrnu Changes Fashion 226

Ethics Dilemmas Related to Technology 227

Codes of Conduct 227

Ethical Leadership 228

Relationship to Marketing and Financial Performance 229

Stakeholder Orientation 230

Marketing Financial Performance 230

Incorporating Ethics and Social Responsibility into Strategic Planning 231

Lessons from Chapter 8 232

CHAPTER 9

Marketing Implementation and Control 237

Introduction 237

Beyond the Pages 9.1 Managing Risk Through Culture 238

Strategic Issues in Marketing Implementation 239

The Link Between Planning and Implementation 239

The Elements of Marketing Implementation 241

Approaches to Marketing Implementation 245

Implementation by Command 245

Beyond the Pages 9.2 Microsoft: Embracing the Competition 246

Implementation Through Change 246

Implementation Through Consensus 247

Implementation as Organizational Culture 248

Internal Marketing and Marketing Implementation 250

The Internal Marketing Approach 250

The Internal Marketing Process 250

Evaluating and Controlling Marketing Activities 252

Formal Marketing Controls 253

Informal Marketing Controls 257

Scheduling Marketing Activities 258

Beyond the Pages 9.3 Harnessing the Power of AI for Marketing Success 258

Lessons from Chapter 9 260

CHAPTER 10

Developing and Maintaining Long-Term Customer Relationships 263

Introduction 263

Beyond the Pages 10.1 1-800-Flowers Focuses on Customers 264

Managing Customer Relationships 265

Developing Relationships in Consumer Markets 266

Developing Relationships in Business Markets 269

Quality and Value: The Keys to Developing Customer Relationships 270

Understanding the Role of Quality 270

Delivering Superior Quality 273

Understanding the Role of Value 274

Beyond the Pages 10.2 Using AI to Enhance Customer Service 274

Competing on Value 277

Customer Satisfaction: The Key to Customer Retention 278

Understanding Customer Expectations 278

Satisfaction Versus Quality Versus Value 281

Beyond the Pages 10.3 Dealing With Declining Customer Loyalty 282

Customer Satisfaction and Customer Retention 283

Customer Satisfaction Measurement 284

Lessons from Chapter 10 286

PART 5 Cases

CASE 1 Tesla Races Ahead With Nontraditional Marketing Strategy 291

CASE 2 Businesses Sink or Swim in the Face of COVID-19 Crisis 301

CASE 3 Gainsight Provides a Data-Driven Customer Relationship Platform to Retain Subscription Customers 311

CASE 4 Apple Bites Back 319

CASE 5 Uber: The Opportunities and Challenges of Market Disruption 333

CASE 6 Social Responsibility Is the Key Ingredient at New Belgium Brewing 345

CASE 7 Bayer Grows With Monsanto Acquisition 355

CASE 8 Netflix Fights to Stay Ahead of a Rapidly Changing Market 367

CASE 9 From the Outside In: Corporate Social Responsibility at Patagonia 375

CASE 10 Google Searches for Solution to Privacy Issues 381

CASE 11 IndyCar: Seeking a Return to Motorsports’ Fast Lane 399

CASE 12 Mattel Gives Its Marketing Strategy a Makeover 409

CASE 13 Starbucks Perfects Its Blend 419

CASE 14 Zappos Finds the Perfect Fit 431

CASE 15 Gillette’s Razor-Sharp Innovation May Not Be Enough 441

CASE 16 TOMS Kicks the One for One Model to the Curb 451

CASE 17 Herbalife Manages Risks for Long-Term Success 461

CASE 18 Walmart Dominates With World-Class Supply Chain 477

CASE 19 E-commerce Soars With Shopify 487

CASE 20 Mini Case: Cutting Edge Quality at Cutco 497

CASE 21 Mini Case: The Cocoa Exchange Finds a Sweet Spot in the Supply Chain 503

Appendix Marketing Plan Worksheets 507

Glossary 517

Index 525

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