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Marketing Principles Marketing Principles v. 2.0 This is the book Marketing Principles (v. 2.0). This book is licensed under a Creative Commons by-nc-sa 3.0 (http://creativecommons.org/licenses/by-nc-sa/ 3.0/) license. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. This book was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz (http://lardbucket.org) in an effort to preserve the availability of this book. Normally, the author and publisher would be credited here. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. Additionally, per the publisher's request, their name has been removed in some passages. More information is available on this project's attribution page (http://2012books.lardbucket.org/attribution.html?utm_source=header). For more information on the source of this book, or why it is available for free, please see the project's home page (http://2012books.lardbucket.org/). You can browse or download additional books there. ii Table of Contents About the Authors................................................................................................................. 1 Acknowledgments................................................................................................................. 3 Preface..................................................................................................................................... 5 Chapter 1: What Is Marketing? .......................................................................................... 7 Defining Marketing........................................................................................................................................ 8 Who Does Marketing?.................................................................................................................................. 17 Why Study Marketing?................................................................................................................................ 21 Themes and Organization of This Book..................................................................................................... 26 Discussion Questions and Activities........................................................................................................... 33 Chapter 2: Strategic Planning .......................................................................................... 36 The Value Proposition................................................................................................................................. 37 Components of the Strategic Planning Process........................................................................................ 40 Developing Organizational Objectives and Formulating Strategies.......................................................52 Where Strategic Planning Occurs within Firms ....................................................................................... 58 Strategic Portfolio Planning Approaches .................................................................................................. 62 Discussion Questions and Activities........................................................................................................... 67 Chapter 3: Consumer Behavior: How People Make Buying Decisions ..................... 69 Factors That Influence Consumers’ Buying Behavior .............................................................................. 72 Low-Involvement Versus High-Involvement Buying Decisions and the Consumer’s Decision-Making Process .......................................................................................................................................................... 95 Discussion Questions and Activities......................................................................................................... 105 Chapter 4: Business Buying Behavior........................................................................... 107 The Characteristics of Business-to-Business (B2B) Markets .................................................................108 Types of B2B Buyers................................................................................................................................... 113 Buying Centers ........................................................................................................................................... 120 Stages in the B2B Buying Process and B2B Buying Situations ..............................................................126 International B2B Markets and E-commerce.......................................................................................... 133 Ethics in B2B Markets................................................................................................................................ 140 Discussion Questions and Activities......................................................................................................... 144 iii Chapter 5: Market Segmenting, Targeting, and Positioning................................... 147 Targeted Marketing versus Mass Marketing .......................................................................................... 148 How Markets Are Segmented ................................................................................................................... 156 Selecting Target Markets and Target-Market Strategies ......................................................................177 Positioning and Repositioning Offerings................................................................................................. 184 Discussion Questions and Activities......................................................................................................... 188 Chapter 6: Creating Offerings ........................................................................................ 190 What Composes an Offering?.................................................................................................................... 191 Types of Consumer Offerings.................................................................................................................... 202 Types of Business-to-Business (B2B) Offerings....................................................................................... 207 Branding, Labeling, and Packaging.......................................................................................................... 212 Managing the Offering .............................................................................................................................. 218 Discussion Questions and Activities......................................................................................................... 221 Chapter 7: Developing and Managing Offerings ........................................................ 223 The New Offering Development Process ................................................................................................. 225 Managing New Products: The Product Life Cycle................................................................................... 235 Discussion Questions and Activities......................................................................................................... 249 Chapter 8: Using Marketing Channels to Create Value for Customers ................. 252 Marketing Channels and Channel Partners ............................................................................................ 253 Typical Marketing Channels ..................................................................................................................... 263 Functions Performed by Channel Partners............................................................................................. 274 Marketing Channel Strategies .................................................................................................................. 279 Channel Dynamics...................................................................................................................................... 285 Discussion Questions and Activities......................................................................................................... 293 Chapter 9: Using Supply Chains to Create Value for Customers ............................ 295 Sourcing and Procurement ....................................................................................................................... 298 Demand Planning and Inventory Control ............................................................................................... 306 Warehousing and Transportation............................................................................................................ 315 Track and Trace Systems and Reverse Logistics..................................................................................... 323 Discussion Questions and Activities......................................................................................................... 327 Chapter 10: Gathering and Using Information: Marketing Research and Market Intelligence......................................................................................................................... 328 Marketing Information Systems .............................................................................................................
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