Marketing management : a strategic decision-making approach /
John W. Mullins, Orville C. Walker, Jr.
- Eighth edition.
- xxi, 547 pages : illustrations ; 25 cm
Includes bibliographical references and index.
Contents note continued: Appropriate Conditions for a Defender Strategy -- How Different Business Strategies Influence Marketing Decisions -- Product Policies -- Pricing Policies -- Distribution Policies -- Promotion Policies -- What If the Best Marketing Program for a Product Does Not Fit the Business's Competitive Strategy? -- Take-aways -- Endnotes -- 10. Product Decisions -- Product Decisions in a Services Business -- Marketing Challenges Addressed in Chapter 10 -- Product Design Decisions for Competitive Advantage -- Goods and Services: Are the Product Decisions the Same? -- Product Quality and Features Decisions -- Branding Decisions -- Packaging Decisions -- Services Decisions and Warranties -- Managing Product Lines for Customer Appeal and Profit Performance -- Product Systems -- New Product Development Process Decisions -- The Importance of New Products to Long-Term Profitability -- New Product Success and Failure -- Organizing for New Product Development. Contents note continued: Differential Pricing -- Product-Line Pricing Adjustments -- Take-aways -- Endnotes -- 12. Distribution Channel Decisions -- Selling Soft Drinks in Africa---Coke Builds a Distribution System -- Marketing Challenges Addressed in Chapter 12 -- Why Do Multifirm Marketing Channels Exist? -- Designing Distribution Channels: What Are the Objectives to Be Accomplished? -- Product Availability -- Meeting Customers' Service Requirements -- Promotional Effort -- Market Information -- Cost-Effectiveness -- Flexibility -- Designing Distribution Channels: What Kinds of Institutions Might Be Included? -- Merchant Wholesalers -- Agent Middlemen -- Retailers -- Nonstore Retailing -- Channel Design Alternatives -- Alternative Consumer Goods Channels -- Alternative Industrial Goods Channels -- Which Alternative Is Best? It Depends on the Firm's Objectives and Resources -- Availability and the Satisfaction of Customer Service Requirements. Contents note continued: Differentiation among Competing Brands -- Physical Positioning -- Limitations of Physical Positioning -- Perceptual Positioning -- Levers Marketers Can Use to Establish Brand Positioning -- Preparing the Foundation for Marketing Strategies: The Brand Positioning Process -- Step 1 Identify a Relevant Set of Competitive Products -- Step 2 Identify Determinant Attributes -- Step 3 Collect Data about Customers' Perceptions for Brands in the Competitive Set -- Step 4 Analyze the Current Positions of Brands in the Competitive Set -- Step 5 Determine Customers' Most Preferred Combination of Attributes -- Step 6 Consider Fit of Possible Positions with Customer Needs and Segment Attractiveness -- Step 7 Write Positioning Statement or Value Proposition to Guide Development of Marketing Strategy -- The Outcome of Effective Positioning: Building Brand Equity -- Managing Brand Equity -- Some Caveats in Positioning Decision-Making -- Take-aways -- Endnotes. Contents note continued: Formulating Strategic Marketing Programs for Specific Situations -- Implementation and Control of the Marketing Program -- The Marketing Plan---A Blueprint for Action -- Who Does What? -- Marketing Institutions -- Who Pays the Cost of Marketing Activities---And Are They Worth It? -- Room for Improvement in Marketing Efficiency -- The Role of the Marketing Decision Maker -- Some Recent Developments Affecting Marketing Management -- Globalization -- Increased Importance of Service -- Information Technology -- Relationships across Functions and Firms -- Take-aways -- Endnotes -- 2. The Marketing Implications of Corporate and Business Strategies -- IBM Switches Strategies -- Technology Changes and Competitor Actions Require a Shift in Strategy -- A New Corporate Strategy -- New Business and Marketing Strategies -- The Bottom Line -- Marketing Challenges Addressed in Chapter 2 -- What Is Marketing's Role in Formulating and Implementing Strategies? Contents note continued: Global Marketing Monitoring -- A Tool for Periodic Assessment of Marketing Performance: The Marketing Audit -- Types of Audits -- Measuring and Delivering Marketing Performance -- Take-aways -- Endnotes. Contents note continued: Global Reach, 24/7 Access, and Instantaneous Delivery -- Are These Digital World Attributes Opportunities or Threats? -- First-Mover Advantage: Fact or Fiction? -- Developing a Strategy for a Digitally Networked World -- Marketing Applications for a Digitally Networked World -- Developing Digital World Marketing Strategies: The Critical Questions -- Managing Digitally Networked Strategies: The Talent Gap -- Developing Strategies to Serve Digital World Markets -- Serving the Dot-Com Markets of Tomorrow -- Take-aways -- Endnotes -- 15. Strategies for New and Growing Markets -- Canon, Inc.---Success That Is Hard to Copy -- Marketing Challenges Addressed in Chapter 15 -- How New Is New? -- Market Entry Strategies: Is It Better to Be a Pioneer or a Follower? -- Pioneer Strategy -- Not All Pioneers Capitalize on Their Potential Advantages -- Follower Strategy -- Determinants of Success for Pioneers and Followers -- Strategic Marketing Programs for Pioneers. Contents note continued: How They Behave: Behavioral Segmentation -- Innovative Segmentation: A Key to Marketing Breakthroughs -- Choosing Attractive Market Segments: A Five-Step Process -- Step 1 Select Market-Attractiveness and Competitive-Position Factors -- Step 2 Weight Each Factor -- Step 3 Rate Segments on Each Factor, Plot Results on Matrices -- Step 4 Project Future Position for Each Segment -- Step 5 Choose Segments to Target, Allocate Resources -- Different Targeting Strategies Suit Different Opportunities -- Niche-Market Strategy -- Mass-Market Strategy -- Growth-Market Strategy -- Global Market Segmentation -- Take-aways -- Endnotes -- 8. Differentiation and Brand Positioning -- Fast Food Turns Healthy -- The Jared Diet -- Repositioning Fuels Subway's Growth -- Value: A Second Dimension to Subway's Positioning -- Marketing Challenges Addressed in Chapter 8 -- Differentiation: One Key to Customer Preference and Competitive Advantage. Contents note continued: Key Decisions in the New Product Development Process -- Limitations of Stage Gate Thinking and Processes -- Product Decisions over the Product Life Cycle -- Market and Competitive Implications of Product Life Cycle Stages -- Strategic Implications of the Product Life Cycle -- Limitations of the Product Life Cycle Framework -- Take-aways -- Endnotes -- 11. Pricing Decisions -- Ryanair: Low Prices, High Profits---But Increasing Costs -- Marketing Challenges Addressed in Chapter 11 -- A Process for Making Pricing Decisions -- Strategic Pricing Objectives -- Estimating Demand and Perceived Value -- Estimating Costs -- Analyzing Competitors' Costs and Prices -- Methods Managers Use to Determine an Appropriate Price Level -- Cost-Oriented Methods -- Competition-Oriented Methods -- Customer-Oriented Methods -- Deciding on a Price Structure: Adapting Prices to Market Variations -- Geographic Adjustments -- Global Adjustments -- Discounts and Allowances. Contents note continued: Marketing Challenges Addressed in Chapter 16 -- Challenges in Mature Markets -- Challenges in Declining Markets -- Strategic Choices in Mature Markets -- Strategies for Maintaining Competitive Advantage -- Methods of Differentiation -- Are the Dimensions the Same for Service Quality on the Internet? -- Methods of Maintaining a Low-Cost Position -- Customers' Satisfaction and Loyalty Are Crucial for Maximizing Their Lifetime Value -- Marketing Strategies for Mature Markets -- Strategies for Maintaining Current Market Share -- Strategies for Extending Volume Growth -- Strategies for Declining Markets -- Relative Attractiveness of Declining Markets -- Divestment or Liquidation -- Marketing Strategies for Remaining Competitors -- Take-aways -- Endnotes -- Section Five Implementing and Controlling Marketing Programs -- 17.Organizing and Planning for Effective Implementation -- Electrolux---Organizing to Rule the World of Household Appliances. Contents note continued: Market-Oriented Management -- Does Being Market-Oriented Pay? -- Factors That Mediate Marketing's Strategic Role -- Three Levels of Strategy: Similar Components, but Different Issues -- Strategy: A Definition -- The Components of Strategy -- The Hierarchy of Strategies -- Corporate Strategy -- Business-Level Strategy -- Marketing Strategy -- The Marketing Implications of Corporate Strategy Decisions -- Corporate Scope---Defining the Firm's Mission -- Corporate Objectives -- Corporate Sources of Competitive Advantage -- Corporate Growth Strategies -- Allocating Corporate Resources -- Limitations of the Growth-Share Matrix -- Sources of Synergy -- The Marketing Implications of Business-Unit Strategy Decisions -- How Should Strategic Business Units Be Designed? -- The Business Unit's Objectives -- The Business Unit's Competitive Strategy -- Take-aways -- Endnotes -- Section Two Market Opportunity Analysis -- 3. Understanding Market Opportunities. Contents note continued: Mass-Market Penetration -- Niche Penetration -- Skimming and Early Withdrawal -- Marketing Program Components for a Mass-Market Penetration Strategy -- Marketing Program Components for a Niche Penetration Strategy -- Marketing Program Components for a Skimming Strategy -- Growth-Market Strategies for Market Leaders -- Marketing Objectives for Share Leaders -- Marketing Actions and Strategies to Achieve Share-Maintenance Objectives -- Fortress, or Position Defense, Strategy -- Flanker Strategy -- Confrontation Strategy -- Market Expansion -- Contraction or Strategic Withdrawal -- Share-Growth Strategies for Followers -- Marketing Objectives for Followers -- Marketing Actions and Strategies to Achieve Share Growth -- Frontal Attack Strategy -- Leapfrog Strategy -- Flanking and Encirclement Strategies -- Supporting Evidence -- Take-aways -- Endnotes -- 16. Strategies for Mature and Declining Markets -- Johnson Controls---Making Money in Mature Markets. Contents note continued: Projected Profit-and-Loss Statement -- Contingency Plans -- Take-aways -- Endnotes -- 18. Measuring and Delivering Marketing Performance -- Metrics Pay for Walmart -- Changing Metrics for a Changing Strategy -- Can Walmart's Overseas Stores Plug the Gap? -- Marketing Challenges Addressed in Chapter 18 -- Designing Marketing Metrics Step by Step -- Setting Standards of Performance -- Specifying and Obtaining Feedback Data -- Evaluating Feedback Data -- Taking Corrective Action -- Design Decisions for Strategic Monitoring Systems -- Identifying Key Variables -- Tracking and Monitoring -- Strategy Reassessment -- Design Decisions for Marketing Metrics -- Who Needs What Information? -- SEO and SEM Analysis -- When and How Often Is the Information Needed? -- In What Media and in What Format(s) or Levels of Aggregation Should the Information Be Provided? -- Does Your System of Marketing Metrics Measure Up? -- What Contingencies Should Be Planned For? Contents note continued: Promotional Effort, Market Information, and Postsale Service Objectives -- Cost-Effectiveness -- Flexibility -- Multichannel Distribution -- Channel Design for Global Markets -- Market Entry Strategies -- Channel Alternatives -- Channel Design for Services -- Channel Management Decisions -- Vertical Marketing Systems -- Sources of Channel Power -- Channel Control Strategies -- Trade Promotions---Incentives for Motivating Channel Members -- Channel Conflicts and Resolution Strategies -- Take-aways -- Endnotes -- 13. Integrated Promotion Decisions -- Nano Goes Nowhere -- Marketing Missteps -- Tata Responds -- Marketing Challenges Addressed in Chapter 13 -- The Promotion Mix: A Communication Tool Kit -- Developing an Integrated Marketing Communications Plan -- Step 1 Define the Audience(s) to Be Targeted -- Step 2 Set the Promotional Objectives -- Step 3 Set the Promotion Budget -- Step 4 Design the Promotion Mix -- Step 5 Evaluate the Results. Contents note continued: Section Three Developing Strategic Marketing Programs -- 9. Business Strategies: A Foundation for Marketing Program Decisions -- Business Strategies and Marketing Programs at 3M -- Marketing Challenges Addressed in Chapter 9 -- How Do Businesses Compete? -- Generic Business-Level Competitive Strategies -- Do the Same Competitive Strategies Work for Single-Business Firms and Start-ups? -- Do the Same Competitive Strategies Work for Service Businesses? -- Do the Same Competitive Strategies Work for Global Competitors? -- Will the Internet Change Everything? -- How Do Competitive Strategies Differ from One Another? -- Differences in Scope -- Differences in Goals and Objectives -- Differences in Resource Deployments -- Differences in Sources of Synergy -- Deciding When a Strategy Is Appropriate: The Fit between Business Strategies and the Environment -- Appropriate Conditions for a Prospector Strategy -- Appropriate Conditions for an Analyzer Strategy. Contents note continued: Step 2 Determine the Data Sources and Types of Data Required -- Step 3 Design the Research -- Step 4 Collect the Data -- Step 5 Analyze the Data -- Step 6 Report the Results to the Decision Maker -- What Users of Marketing Research Should Ask -- Rudimentary Competence: Are We There Yet? -- Take-aways -- Endnotes -- 7. Targeting Attractive Market Segments -- The Developing World's Emerging Middle Class -- The New Middle Class: Who and How Large? -- Targeting India's New Middle Class -- Targeting: One Ingredient in Marketing Success -- Marketing Challenges Addressed in Chapter 7 -- Do Market Segmentation and Target Marketing Make Sense in Today's Global Economy? -- Most Markets Are Heterogeneous -- Today's Market Realities Often Make Segmentation Imperative -- How Are Market Segments Best Defined? -- Who They Are: Segmenting Demographically -- Where They Are: Segmenting Geographically -- Geodemographic Segmentation. Contents note continued: Surveys or Focus Groups -- Analogy -- Judgment -- Market Tests -- Psychological Biases in Forecasting -- Mathematics Entailed in Forecasting -- Rate of Diffusion of Innovations: Another Perspective on Forecasting -- The Adoption Process and Rate of Adoption -- Adopter Categories -- Implications of Diffusion of Innovation Theory for Forecasting Sales of New Products and New Firms -- Cautions and Caveats in Forecasting -- Keys to Good Forecasting -- Common Sources of Error in Forecasting -- Why Data? Why Marketing Research? -- Customer Relationship Management: Charting a Path toward Competitive Advantage -- Internal Records Systems -- Marketing Databases Make CRM Possible -- Why CRM Efforts Fail -- Client Contact Systems -- Competitive Intelligence Systems -- Marketing Research: A Foundation for Marketing Decision Making -- Step 1 Identify the Managerial Problem and Establish Research Objectives. Contents note continued: The Cellular Telephone Business: Increasing Competition in a Growing Market -- The Mobile Telephony Market -- Cell Phone Manufacturing -- Cell Phone Service Providers -- Network Equipment Down, Too -- Marketing Challenges Addressed in Chapter 3 -- Markets and Industries: What's the Difference? -- Assessing Market and Industry Attractiveness -- Macro Trend Analysis: A Framework for Assessing Market Attractiveness, Macro Level -- The Demographic Environment -- The Sociocultural Environment -- The Economic Environment -- The Regulatory Environment -- The Technological Environment -- The Natural Environment -- Your Market Is Attractive: What about Your Industry? -- Porter's Five Competitive Forces -- A Five Forces Analysis of the Cellular Phone Service Industry -- Challenges in Macro-Level Market and Industry Analysis -- Information Sources for Macro-Level Analyses -- Understanding Markets at the Micro Level -- Understanding Industries at the Micro Level. Contents note continued: The Nitty-Gritty of Promotional Decision Making -- Making Advertising Decisions -- Making Personal Selling Decisions -- Making Sales Promotion Decisions -- Making Public Relations Decisions -- ... And All the Rest -- Take-aways -- Endnotes -- Section Four Strategic Marketing Programs for Selected Situations -- 14. Marketing Strategies for a Digitally Networked World -- Opportunities in the App Economy -- Games as Apps -- More than Games -- Business Models -- Is It Real, or Is It a Bubble? -- Marketing Challenges Addressed in Chapter 14 -- Does Every Company Need a Social Media Strategy? -- Threats or Opportunities? The Inherent Advantages and Disadvantages of the Digital World for Marketers -- The Syndication of Information -- Increasing Returns to Scale of Network Products -- The Ability to Efficiently Personalize and Customize Market Offerings -- Disintermediation and Restructuring of Distribution Channels. Contents note continued: The Team Domains: The Key to the Pursuit of Attractive Opportunities -- Mission, Aspirations, and Risk Propensity -- Ability to Execute on the Industry's Critical Success Factors -- It's Who You Know, Not What You Know -- Putting the Seven Domains to Work -- Anticipating and Responding to Environmental Change -- Impact and Timing of Event -- Swimming Upstream or Downstream: An Important Strategic Choice -- Take-aways -- Endnotes -- 4. Understanding Consumer Buying Behavior -- Cruise Ships---Not Just for Grandma and Grandpa Anymore -- Savvy Marketing Helped Fuel Industry Growth -- Future Challenges -- Marketing Challenges Addressed in Chapter 4 -- The Psychological Importance of the Purchase Affects the Decision-Making Process -- How Do Consumers Make High-Involvement Purchase Decisions? -- Low-Involvement Purchase Decisions -- Understanding the Target Consumer's Level of Involvement Enables Better Marketing Decisions. Contents note continued: How Organizational Members Make Purchase Decisions -- Types of Buying Situations -- The Purchase Decision-Making Process -- The Marketing Implications of Different Organizational Purchasing Situations -- Purchasing Processes in Government Markets -- Selling Different Kinds of Goods and Services to Organizations Requires Different Marketing Programs -- Raw Materials -- Component Materials and Parts -- Installations -- Accessory Equipment -- Operating Supplies -- Business Services -- Take-aways -- Endnotes -- 6. Measuring Market Opportunities: Forecasting and Market Knowledge -- Intel's Secret Weapon -- Bell's Charter at Intel -- How Do Anthropology and Ethnography Work? -- What Is Bell Learning about Generation X? -- Can Bell's Work Make a Difference? -- Marketing Challenges Addressed in Chapter 6 -- Every Forecast Is Wrong! -- A Forecaster's Tool Kit: A Tool for Every Forecasting Setting -- Statistical and Other Quantitative Methods -- Observation. Contents note continued: Why People Buy Different Things: Part 1---The Marketing Implications of Psychological and Personal Influences -- Perception and Memory -- Needs and Attitudes -- Demographics, Personality, and Lifestyle -- Why People Buy Different Things: Part 2---The Marketing Implications of Social Influences -- Culture -- Social Class -- Reference Groups -- The Family -- Take-aways -- Endnotes -- 5. Understanding Organizational Markets and Buying Behavior -- DHL Supply Chain: Building Long-Term Relationships with Organizational Buyers -- Building Long-Term Relationships with Customers -- Long-Term Relationships Enhance Long-Term Performance -- Marketing Challenges Addressed in Chapter 5 -- Who Is the Customer? -- A Comparison of Organizational versus Consumer Markets -- What Do the Unique Characteristics of Organizational Markets Imply for Marketing Programs? -- The Organizational Customer Is Usually a Group of Individuals. Contents note continued: Too Many Brands, Too Little Coordination -- A New Structure to Implement the New Strategy -- Preliminary Results -- Marketing Challenges Addressed in Chapter 17 -- Designing Appropriate Administrative Relationships for the Implementation of Different Competitive Strategies -- Business-Unit Autonomy -- Shared Programs and Facilities -- Evaluation and Reward Systems -- Designing Appropriate Organizational Structures and Processes for Implementing Different Strategies -- Functional Competencies and Resource Allocation -- Additional Considerations for Service Organizations -- Organizational Structures -- Recent Trends in Organizational Design -- Organizational Adjustments as Firms Grow and Markets Change -- Organizational Designs for Selling in Global Markets -- Marketing Plans: The Foundation for Implementing Marketing Actions -- The Situational Analysis -- Key Issues -- Objectives -- Marketing Strategy -- Action Plans. Machine generated contents note: Section One The Role of Marketing in Developing Successful Business Strategies -- 1. The Marketing Management Process -- Samsung---Building a Global Brand -- New Competitive and Marketing Strategies -- The Results -- Marketing Challenges Addressed in Chapter 1 -- Why Are Marketing Decisions Important? -- The Importance of the Top Line -- Marketing Creates Value by Facilitating Exchange Relationships -- What Factors Are Necessary for a Successful Exchange Relationship? -- 1. Who Markets and Who Buys? The Parties in an Exchange -- 2. Customer Needs and Wants -- 3. What Gets Exchanged? Products and Services -- 4. How Exchanges Create Value -- 5. Defining a Market -- What Does Effective Marketing Practice Look Like? -- Marketing Management---A Definition -- Integrating Marketing Plans with the Company's Strategies and Resources -- Market Opportunity Analysis -- Formulating Strategic Marketing Programs.
Marketing Management, 5/e" by Mullins, Walker, Boyd, and Larreche is specifically designed for courses in which decision-focused cases are an important element and/or where student projects, such as the development of a marketing plan, are assigned. The concentration on strategic decision making sets this book apart from other texts that place greater emphasis on description of marketing phenomena than on the strategic and tactical marketing decisions that managers and entrepreneurs must make each and every day. The author team's rich entrepreneurial, marketing management, and consulting experience spanning a broad variety of manufacturing, service, software, and distribution industries provides an abundance of real-world, global perspectives.