Marketing Basics 2nd Edition Chapter Material

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