Chapter Summary:

In our final chapter, we see that the key for ensuring the marketing components work together is to have a full understanding of the marketing planning process.  We begin with a discussion of the importance of planning and show why the development of a Marketing Plan is a necessary undertaking for nearly all marketers.  As part of this discussion, we distinguish between strategies and tactics and examine the role these play in the planning process.  Next, to aid in our understanding of planning, we see how the Product Life Cycle (PLC) offers valuable guidance for marketing decisions.  We cover in detail the circumstances marketers face as their products move through the PLC and why marketing decisions must be continually fine-tuned to adjust to these changes.  Throughout this discussion, we see how the PLC can offer insight into what challenges marketers may face as the market for their product continues to evolve.

Key Issues:

  • Importance of Planning
  • The Marketing Plan
  • Planning and Strategy with the PLC
  • Development Stage
  • Introduction Stage
  • Growth Stage
  • Maturity Stage
  • Decline Stage

Links to Cited References:

(note: Some links may no longer be active, if this is the case check Accessing Marketing Stories for hints on accessing.)

  1. Carney, D., “Sales Stalling, Smart Takes to the Street,” MSNBC, August 14, 2010.  http://www.msnbc.msn.com/id/38629228/ns/business-autos/
  2. Chu, K., “Fast-Food Chains in Asia Cater Menus to Customers,” USA Today, September 7, 2010.  http://www.usatoday.com/money/world/2010-09-07-asiatastes07_ST_N.htm
  3. For a detailed tutorial on creating a Marketing Plan see KnowThis.com’s How to Write a Marketing Plan Tutorialhttp://www.knowthis.com/principles-of-marketing-tutorials/how-to-write-a-marketing-plan/
  4. Patton, L., “Starbucks Targets Folks Who Shun Starbucks,” BusinessWeek, April 21, 2011.  http://www.businessweek.com/magazine/content/11_18/b4226026215941.htm
  5. Greene, J., “How LEGO Revived Its Brand,” BusinessWeek, July 23, 2010. http://www.businessweek.com/innovate/content/jul2010/id20100722_781838.htm
  6. “P&G's Pringles Chips Headed to Diamond Foods,” USA Today, April 5, 2011.  http://www.usatoday.com/money/industries/food/2011-04-05-pringles-pg-diamond.htm
  7. Procter & Gamble website.  http://www.pg.com/en_US/brands/index.shtml
  8. Carr, D., “News Trends Tilt Toward Niche Sites,” New York Times, September 11, 2011.  http://www.nytimes.com/2011/09/12/business/media/news-consumption-tilts-toward-niche-sites.html
  9. Hsu, T., “Tablet Computer Market at Rising Risk of a Bubble Burst,” Los Angeles Times, March 10, 2011.  http://articles.latimes.com/2011/mar/10/business/la-fi-tablets-20110310
  10. Runk, D., “Companies Cater to Rooftop Gardeners,” MSNBC, June 18, 2010.  http://www.msnbc.msn.com/id/37778839/ns/business-small_business/
  11. Linn, A., “Crowded Coupon Industry Competes for Users,” MSNBC, May 10, 2011.  http://today.msnbc.msn.com/id/42936160/ns/today-money/
  12. Wong, E., “Inventions That Were Accidents,” Forbes, December 23, 2010.  http://www.forbes.com/2010/12/23/ten-accidental-inventions-leadership-cmo-network-common.html
  13. Bunkley, N., “Mocked as Uncool, the Minivan Rises Again,” New York Times, January 3, 2011.   http://www.nytimes.com/2011/01/04/business/04minivan.html

Chapter Summary:

In this chapter, we explore factors outside of marketers’ control but that play a vital role in shaping an organization’s marketing strategies and tactics.  As we will see, external forces present both opportunities and threats.  Each force holds the potential to alter how an industry conducts its business and how individual marketing organizations make decisions.  Our coverage includes in-depth evaluation of seven key external forces: demographics, economic conditions, governmental environment, influential stakeholders, cultural and societal change, innovation, and competitors.

Key Issues:

  • What are External Forces?
  • The External Forces Facing Marketing
  • Demographics
  • Economic Conditions
  • Governmental Environment
  • Influential Stakeholders
  • Cultural and Societal Change
  • Innovation
  • Competitors

Links to Cited References:

(note: Some links may no longer be active, if this is the case check Accessing Marketing Stories for hints on accessing.)

  1. Olivarez-Giles, N., “Amazon Launches College Textbook Rentals Program,” Los Angeles Times, July 19, 2011.  http://articles.latimes.com/2011/jul/19/business/la-fi-kindle-textbook-20110719
  2. Stambor, Z., “Smarter Service,” Internet Retailer, March 1, 2011.  http://www.internetretailer.com/2011/03/01/retailers-finding-new-ways-keep-costs-check
  3. Byron, E., “The Just-in-Time Consumer,” Wall Street Journal, November 23, 2010.  http://online.wsj.com/article/SB10001424052748704865704575610452319977706.html
  4. Lifsher, M., “Amazon Won't Collect Sales Tax; Cuts Off California Affiliates,” Los Angeles Times, June 30, 2011.  http://latimesblogs.latimes.com/money_co/2011/06/amazon-wont-collect-sales-tax-cuts-off-california-affiliates.html
  5. Gregory, S., “Congress Tells Commercials to Quiet Down,” Time, December 15, 2010.  http://www.time.com/time/business/article/0,8599,2037066,00.html
  6. Helft, M., “Charges Settled Over Fake Reviews on iTunes,” New York Times, August, 26 2010.  http://www.nytimes.com/2010/08/27/technology/27ftc.html
  7. Povoledo, E., “Behind Venice’s Ads, the Restoration of Its Heritage,” New York Times,  September 18, 2010.  http://www.nytimes.com/2010/09/19/world/europe/19venice.html
  8. “Mass Mingling,” Trendwatching.com, June-July 2010.  http://www.trendwatching.com/trends/massmingling/
  9. Ackerman, A., “P&G Shapes the Store, Consumer Goods Technology, September 16, 2011.  http://consumergoods.edgl.com/case-studies/P-G-Shapes-the-Store75556
  10. Steiner, C., “Six Ways to Spy On the Competition,” Forbes, May 24, 2010.  http://www.forbes.com/2010/05/24/competition-rivals-intelligence-entrepreneurs-spying.html
  11. Helm, B., “How to Use Competitive Intelligence to Gain an Advantage,” Inc. Magazine, April 2011.  http://www.inc.com/magazine/20110401/how-to-use-competitive-intelligence-to-gain-an-advantage.html
  12. Lidsky, D., “The Brief but Impactful History of YouTube,” Fast Company, February 1, 2010.  http://www.fastcompany.com/magazine/142/it-had-to-be-you.html

Chapter Summary:

In this chapter, our primary emphasis is to look at pricing as a five-step process.  The process takes into consideration many different decisions before the marketer arrives at a final selling price.  We will examine this process by first assessing how price fits into the organization’s overall marketing objectives.  Next, we look at several approaches for setting the initial product price.  For many marketers, the initial price is not the final price and adjustments must be made.  In the next step, we consider situations where marketers must make changes to their initial price and the various methods that are available for doing this.  We conclude the five-step process by looking payment options marketers can choose when selling their product.  We complete the discussion of pricing by looking at two additional methods, bid and auction pricing, and see how these fit within pricing strategy.

Key Issues:

  • Steps in the Price Setting Process
  • Step 1: Examine Objectives
  • Step 2: Determine an Initial Price
  • Step 3: Set Standard Price Adjustments
  • Step 4: Determine Promotional Pricing
  • Step 5: State Payment Options
  • Other Pricing Methods

Links to Cited References:

(note: Some links may no longer be active, if this is the case check Accessing Marketing Stories for hints on accessing.)

  1. Banham, R., “The Price is (More) Right,” CFO Magazine, June 1, 2011.  http://www.cfo.com/article.cfm/14577132/c_14577475
  2. Leegin Creative Leather Products vs. Psk Inc., U.S. Supreme Court, June 28, 2007.  http://www.supremecourtus.gov/opinions/06pdf/06-480.pdf
  3. Biskupic, J., “States Try to Counter Supreme Court's Minimum-Price Ruling,” USA Today, December 22, 2010.  http://www.usatoday.com/news/washington/judicial/2010-12-22-robertscourt22_CV_N.htm
  4. Rich, M., “Math of Publishing Meets the E-Book,” New York Times, February 28, 2010.  http://www.nytimes.com/2010/03/01/business/media/01ebooks.html
  5. Kunz, B., “How Apple Plays the Pricing Game,” MSNBC, September 6, 2010.  http://www.msnbc.msn.com/id/38980367/ns/business-bloomberg_businessweek/
  6. “Catering to the Costco Mindset: Finding the 'Sweet Spot' in Quantity Discounts,” Knowledge @ Wharton, October 27, 2010.  http://knowledge.wharton.upenn.edu/article.cfm?articleid=2624
  7. Elliott, S., “When 50 Percent Off Just Won’t Do,” New York Times, October 11, 2010.  http://www.nytimes.com/2010/10/12/business/media/12adco.html
  8. Oricchio, R., "The Pricing Mistake That Cost 6PM.com $1.6M," Inc. Magazine, March 24, 2010.   http://www.inc.com/tech-blog/the-pricing-mistake-that-cost-6pmcom-$16m-.html
  9. Palmer, J., “Walmart Deals Carefully Exclude Oklahoma,” NewsOK, March 2, 2011.  http://www.newsok.com/article/3545162
  10. Boehret, K., “Google Mobile App Aims to Turn Phones Into Wallets,” Wall Street Journal, September 21, 2011.  http://online.wsj.com/article/SB10001424053111904194604576582832937357862.html
  11. “Mobile Donations Make Giving Easier,” Marketplace - American Public Radio, January 14, 2010.  http://marketplace.publicradio.org//display/web/2010/01/14/pm-haiti-q/
  12. Fowler, G.A. and S. Morrison, “EBay Attempts to Clean Up the Clutter,” Wall Street Journal, October 31, 2010.  http://online.wsj.com/article/0,,SB10001424052748703817604575585320835209814,00.html
  13. Wasserman, E., “How to Price Your Products,” Inc. Magazine, February 1, 2010.  http://www.inc.com/guides/price-your-products.html

Chapter Summary:

In this chapter, we begin a two-part discussion of the pricing component of the Marketer’s Toolkit.  We start by defining price and see how it has a different meaning for different parties to a transaction.  We next look at why price is essential to marketing and to the organization.  Finally, considerable attention is given to the internal and external factors that influence pricing decisions.

Key Issues:

  • What is Price?
  • Importance of Pricing
  • Internal Factors Affecting Pricing Decisions
  • External Market Factors Affecting Pricing Decisions

Links to Cited References:

(note: Some links may no longer be active, if this is the case check Accessing Marketing Stories for hints on accessing.)

  1. Gregory, S., “Has Walmart's Price Chopping Come to an End?” Time, October 5, 2010.  http://www.time.com/time/business/article/0,8599,2023857,00.html
  2. Del Rey, J., “How to Raise Prices,” Inc. Magazine, January 20, 2011.  http://www.inc.com/magazine/20110201/case-study-how-to-raise-prices.html
  3. Mangalindan, J.P., “25 Ways of Downloading Angry Birds,” Fortune, June 3, 2011.  http://tech.fortune.cnn.com/2011/06/03/25-ways-angry-birds/
  4. Bustillo, M. and A. Zimmerman, “Phone-Wielding Shoppers Strike Fear Into Retailers,” Wall Street Journal, December 15, 2010.  http://online.wsj.com/article/SB10001424052748704694004576019691769574496.html
  5. Pincott, G., “Brand Equity: What's Price Got to Do With It?” Millward Brown, June 2011.  http://www.millwardbrown.com/Libraries/MB_POV_Downloads/MillwardBrown_POV_Brand_Equity_and_Pricing.sflb.ashx
  6. Chang, A., “99 Cents Only Stores Sued Over Price Increase,” Los Angeles Times, July 22, 2010.  http://articles.latimes.com/2010/jul/22/business/la-fi-0722-99-cents-only-20100722
  7. Olivarez-Giles, N., “Amazon Launches College Textbook Rentals Program,” Los Angeles Times, July 19, 2011.  http://articles.latimes.com/2011/jul/19/business/la-fi-kindle-textbook-20110719
  8. Hutchison, J., “The Price of a Jersey Sets Rugby Fans Against Adidas,” New York Times, August 24, 2011.  http://www.nytimes.com/2011/08/25/sports/rugby/adidas-angers-all-blacks-fans-with-price-policy.html
  9. Stone, B., “The Fight Over Who Sets Prices at the Online Mall,” New York Times, February 7, 2010.  http://www.nytimes.com/2010/02/08/technology/internet/08price.html
  10. Koenig, D., “Amazon.com to Capitulate to Macmillan Price Demand,” USA Today, February 1, 2010.  http://www.usatoday.com/tech/news/2010-02-01-amazon-macmillan_N.htm
  11. Brady, D., Essentials of International Marketing, M.E. Sharpe Inc, 2011.

Chapter Summary:

In this chapter, we define personal selling, look at the advantages and disadvantages, and see how it fits within an organization’s promotional strategy.  We also see there is a variety of different selling roles available to the marketing organization, including some whose objectives are not tied to getting customers to buy.  Finally, we examine several trends facing the personal selling field.

Key Issues:

  • What is Personal Selling?
  • Advantages and Disadvantages of Personal Selling
  • Objectives of Personal Selling
  • Classifying Selling Roles
  • Trends in Personal Selling

Links to Cited References:

(note: Some links may no longer be active, if this is the case check Accessing Marketing Stories for hints on accessing.)

  1. “National Occupational Employment and Wages Estimates United States,” Bureau of Labor Statistics - U.S. Department of Labor, May 2010.  http://www.bls.gov/oes/current/oes_nat.htm#41-0000
  2. Petrecca, L., “New Sales Outlets Are a Big Deal for Small Businesses,” USA Today, October 26, 2010.  http://www.usatoday.com/money/smallbusiness/2010-10-15-growing-by-finding-new-sales-outlets_N.htm
  3. “10 Greatest Salespeople of All Time,” Inc. Magazine, March 28, 2011.  http://www.inc.com/ss/10-greatest-salespeople-of-all-time
  4. For more information on what it takes to be successful at selling see: Anderson, R., Dubinsky, A., and Mehta, R., Personal Selling: Building Customer Relationships and Partnerships, Houghton-Mifflin, 2007.
  5. “10 Greatest Salespeople of All Time,” Inc. Magazine, March 28, 2011.  http://www.inc.com/ss/10-greatest-salespeople-of-all-time
  6. Wehrum, K., “Sales Tips From the World's Toughest Customers,” Inc. Magazine, April 5, 2010.  http://www.inc.com/magazine/20100401/sales-tips-from-the-worlds-toughest-customers.html
  7. Singer, N., “On Campus, It’s One Big Commercial,” New York Times, September 10, 2011.  http://www.nytimes.com/2011/09/11/business/at-colleges-the-marketers-are-everywhere.html
  8. For more details on word-of-mouth marketing see Word of Mouth Marketing Association website.  http://womma.org/
  9. Buchholtz, C., “A Winning Sales Pitch for CRM Adoption,” CRM Buyer, October 28, 2010.  http://www.crmbuyer.com/story/A-Winning-Sales-Pitch-for-CRM-Adoption-71124.html
  10. Christ, P., and R. Anderson, “The Impact of Technology on Evolving Roles of Salespeople,” Journal of Historical Research in Marketing, Spring 2011.  http://www.emeraldinsight.com/journals.htm?issn=1755-750x&volume=3&issue=2&PHPSESSID=jof7b04mu60jh2ji7grqaf1f95
  11. Virtual Conference & Trade Show Market Forecast 2010-2015, Market Research Media, March 2011.  http://www.marketresearchmedia.com/2010/02/07/virtual-conference/
  12. Markowitz,E., “New Tools for Sales Training,” Inc. Magazine, May 31, 2011.  http://www.inc.com/guides/201105/new-tools-for-sales-training.html