Marketing Strategy: Text and Cases, Eight Edition
By O C Ferrell, Michael D Hartline and Bryan W Hochstein
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
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