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Texas A&M University Kingsville Marketing Management Discussion

Texas A & M International University

Question Description

Help me study for my Management class. I’m stuck and don’t understand.

After reviewing Chapter 6 and 7 from the textbook, post a 700-word synopsis of your understanding of the marketing concepts. Complete the assignment in APA format and refer to the attached textbook and let me know if you have any questions.

Please use the provided Text book in the attachment to complete the assignment.

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A Preface to Marketing Management This page intentionally left blank A Preface to Marketing Management Fourteenth Edition J. Paul Peter University of Wisconsin–Madison James H. Donnelly Jr. Gatton College of Business and Economics University of Kentucky A PREFACE TO MARKETING MANAGEMENT, FOURTEENTH EDITION Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2015 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions © 2013, 2011, and 2008. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 ISBN 978-0-07-786106-3 MHID 0-07-786106-X Senior Vice President, Products & Markets: Kurt L. Strand Vice President, General Manager, Products & Markets: Michael Ryan Vice President, Content Production & Technology Services: Kimberly Meriwether David Brand Manager: Sankha Basu Editorial Coordinator: Heather Darr Marketing Manager: Donielle Xu Director, Content Production: Terri Schiesl Lead Content Project Manager: Jane Mohr Buyer: Laura Fuller Cover Designer: Studio Montage, St. Louis, MO. Cover Image: © John Shaw/Getty Images Media Project Manager: Shawn Coenen Compositor: Laserwords Private Limited Typeface: 10/12 Times LT Std. Printer: R. R. Donnelley All credits appearing on page or at the end of the book are considered to be an extension of the copyright page. Library of Congress Cataloging-in-Publication Data Peter, J. Paul. A preface to marketing management / J. Paul Peter, University of Wisconsin-Madison, James H. Donnelly, Jr., Gatton College of Business and Economics, University of Kentucky.–Fourteenth edition. pages cm ISBN 978-0-07-786106-3 (alk. paper) 1. Marketing–Management. I. Donnelly, James H. II. Title. HF5415.13.P388 2013 658.8–dc23 2013046644 The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites. www.mhhe.com To Rose and Angie J. Paul Peter To Gayla Jim Donnelly About the Authors J. Paul Peter has been a faculty member at the University of Wisconsin since 1981. He was a member of the faculty at Indiana State, Ohio State, and Washington University before joining the Wisconsin faculty. While at Ohio State, he was named Outstanding Marketing Professor by the students and has won the John R. Larson Teaching Award at Wisconsin. He has taught a variety of courses including Marketing Management, Marketing Strategy, Consumer Behavior, Marketing Research, and Marketing Theory, among others. Professor Peter’s research has appeared in the Journal of Marketing, the Journal of Marketing Research, the Journal of Consumer Research, the Journal of Retailing, and the Academy of Management Journal, among others. His article on construct validity won the prestigious William O’Dell Award from the Journal of Marketing Research, and he was a finalist for this award on two other occasions. Recently, he was the recipient of the Churchill Award for Lifetime Achievement in Marketing Research, given by the American Marketing Association and the Gaumnitz Distinguished Faculty Award from the School of Business, University of Wisconsin–Madison. He is an author or editor of over 30 books, including A Preface to Marketing Management, Fourteenth edition; Marketing Management: Knowledge and Skills, ninth edition; Consumer Behavior and Marketing Strategy, ninth edition; Strategic Management: Concepts and Applications, third edition; and Marketing: Creating Value for Customers, second edition. He is one of the most cited authors in the marketing literature. Professor Peter has served on the review boards of the Journal of Marketing, Journal of Marketing Research, Journal of Consumer Research, and Journal of Business Research and was measurement editor for JMR and professional publications editor for the American Marketing Association. He has taught in a variety of executive programs and consulted for several corporations as well as the Federal Trade Commission. James H. Donnelly Jr. has spent his academic career in the Gatton College of Business and Economics at the University of Kentucky. In 1990 he received the first Chancellor’s Award for Outstanding Teaching given at the university. Previously, he had twice received the UK Alumni Association’s Great Teacher Award, an award one can only be eligible to receive every 10 years. He has also received two Outstanding Teacher awards from Beta Gamma Sigma, national business honorary. In 1992 he received an Acorn Award recognizing “those who shape the future” from the Kentucky Advocates for Higher Education. In 2001 and 2002 he was selected as “Best University of Kentucky Professor.” In 1995 he became one of six charter members elected to the American Bankers Association’s Bank Marketing Hall of Fame. He has also received a “Distinguished Doctoral Graduate Award” from the University of Maryland. During his career he has published in the Journal of Marketing Research, Journal of Marketing, Journal of Retailing, Administrative Science Quarterly, Academy of Management Journal, Journal of Applied Psychology, Personnel Psychology, Journal of Business Research, and Operations Research among others. He has served on the editorial review board of the Journal of Marketing. He is the author of more than a dozen books, which include widely adopted academic texts as well as professional books. Professor Donnelly is very active in the banking industry where he has served on the board of directors of the Institute of Certified Bankers and the ABA’s Marketing Network. He has also served as academic dean of the ABA’s School of Bank Marketing and Management. vi Preface We are proud to introduce the fourteenth edition of A Preface to Marketing Management. Our plan has always been to deliver a clear and concise presentation of the basic principles of marketing in such a way that the core concepts and ideas are covered in sufficient depth to ensure in-depth understanding. By offering an engaging, clear, and conceptually sound text, our book has been able to maintain its position as a leading marketing management text. Throughout the history of the book, feedback from both students and instructors has suggested that our plan is a good one. Our book has been used in a wide variety of settings and is the best-selling book of its kind. We introduce the fourteenth edition knowing that our book and its eight foreign translations have been used around the world whenever courses require an overview of the critical aspects of marketing management. With this edition, we seek to more effectively implement our plan by building on a strong foundation, maintaining the attributes and elements of the book that make it a very teachable text, updating existing content, adding new content, and focusing the presentation. We seek to emphasize quality content and examples and avoid excess verbiage, pictures, and description. As usual, each time we revise the book there is an emphasis on responding to feedback from students and instructors. These two constituencies plus our own intuitions drive each revision. Marketing is an exciting and dynamic field of study. We want to capture the sense of excitement and at the same time respect its history. Our book has become known simply as the Preface. We want to believe a major reason it has endured is that because marketing is figuring out how to do a superior job of satisfying customers, we simply try to practice what we preach. Welcome to the Preface. THE PRESENT EDITION Every element of content in our book is designed with one thought in mind: to assist students in analyzing marketing problems and cases and developing and writing marketing plans. Section I of the book consists of 13 concise chapters that cover the essentials of marketing management. We think of it as the “must know” content of the field. It is divided into four parts that focus on strategic planning and marketing planning, understanding target markets, the marketing mix, and marketing in special fields. These 13 chapters should provide students a clear understanding of the terminology, techniques, tools, and strategies for effective marketing management and marketing strategy development. In addition to revising and updating the text chapters, this edition contains new content as well. There are discussions of internal and external secondary data sources, the use of social media monitoring, alternative search in consumer behavior, key characteristics of organizational buyers, e-procurement, global virtual teams, brand equity, using distinctive competencies in new product development, consumer databases, business-to-business databases, mobile marketing, online retailing and multichannel marketing, franchising, the effects of the Internet on pricing, global account managers, and learning about different cultures. In the twelfth edition, we altered two of the text elements. The changes have been well received by instructors and students. First, “Marketing Insights” are included to assist students as they solve marketing problems, analyze marketing cases, and develop marketing plans. Second, we know that our book is often used with case problems, writing assignments, and constructing marketing plans. Accordingly, there is an “Additional Resources” section vii viii Preface at the end of each chapter. Our purpose is to highlight current resources that students can use in writing assignments and oral presentations. The resources have been selected with students in mind. They include resources accessible to students at various stages of marketing education given the wide spectrum of courses in which the book is utilized. NEW FEATURES AND CONTENT CHANGES Chapter 1: Strategic Planning and The Marketing Management Process • Revised basic questions that must be asked when developing a mission statement. • Marketing Insight 1-3 now contains five actual mission statements for firms of varying sizes and industries. It provides students with a better mix of alternatives when completing the exercise in Marketing Insight 1-4. • Updated additional resources. Chapter 2: Marketing Research: Process and Systems for Decision Making • Revised section on secondary data to include both internal and external sources • Added new figure “Common Types of Information Available in a Secondary Data Search” • Added a new Marketing Insight, “Social Media Monitoring for Marketing Insights” • Updated additional resources Chapter 3: Consumer Behavior • Updated discussion of consumer and marketer reactions to recession • Revised and updated discussion of Alternative Search • Updated additional resources Chapter 4: Business, Government, and Institutional Buying • • • • Revised Marketing Insight on “Key Characteristics of Organizational Buying Behavior” New Marketing Insight, “Organizational Buying on the Internet: E-Procurement” Revised Discussion of “Organizational Needs” Updated additional resources Chapter 5: Market Segmentation • New Marketing Insight, “Segmenting the Mobile Phone Market” • Revised and updated discussion of VALS Chapter 6: Product and Brand Strategy • Marketing Insight 6-3 now contains the latest information on the value of the top twenty brands in the world • Contains a new section on branding and brand equity • Revised and updated Marketing Insight 6-6 • Added a new section on global virtual teams • New key terms and concepts • Updated additional resources Preface ix Chapter 7: New Product Planning and Development • New Marketing Insight 7-4 which focuses on utilizing corporate strengths in the new product development process. It includes eight firms with strengths in either technology or markets • Updated additional resources Chapter 8: Integrated Marketing Communications • Revised Marketing Insight 8-1 which presents up-to-date information on the top ten websites in Brazil, Portugal and South Korea • Revised section on direct marketing as part of the promotion mix • Revised Marketing Insight 8-6 • New section on direct marketing • New Marketing Insight 8-7 on the contents of a comprehensive database included are both consumer and business-to-business databases • Added new Key Terms and Concepts • Updated additional resources Chapter 9: Personal Selling, Relationship Building, and Sales Management • New Marketing Insight 9-1 which focuses on what a salesperson actually does • A new discussion of an increasingly important customer organization structure, the global account manager • Added new Key Terms and Concepts • Updated additional resources Chapter 10: Distribution Strategy • • • • Added New Marketing Insight, “Advantages and Disadvantages of Franchising” New section on “Online and Mobile Retailing” Updated additional resources New “Key Terms and Concepts”: online retailing, mobile retailing, multichannel marketing Chapter 11: Pricing Strategy • Added a new discussion of the Internet as an external influence on pricing decisions • A new Marketing Insight, “Ten Tips for Managing Pricing Strategy” Chapter 12: The Marketing of Services • The chapter has been significantly revised and has been shortened for this edition • A new section on the importance of all the elements of the marketing mix in the marketing of services has been added • Updated additional resources Chapter 13: Global Marketing • Marketing Insight 13-1 has been updated with the latest data on selected U.S. companies and their international sales • The section on cultural misunderstanding as a problem in foreign markets has been replaced with an entirely new section x Preface • Marketing Insight 13-3 has been replaced with a new Marketing Insight which focuses on ways to learn about new cultures • Updated additional resources Section II: Analyzing Marketing Problems and Cases • New Marketing Insight, “Objectives of Case Analysis” • Revised and updated discussion of SWOT analysis • Updated additional resources Section III: Financial Analysis for Marketing Decisions • Updated dates and additional resources Section IV: Developing Marketing Plans • Updated dates and additional resources STUDENT SUPPORT Knowing that our book is used for a variety of course levels, programs, and students, we have assembled several elements that we believe will support students for whatever purpose they use our book. Key Terms and Concepts New to the previous edition, we decided to add a section of key terms and concepts at the conclusion of each chapter. There was much debate as to where they should be placed in the book. We decided to place them at the end of the chapter in which they appear. In this way, they are more visible to students than as an appendix at the end of the book. More than a glossary, it also presents key concepts covered in the chapter. Analyzing Marketing Problems and Cases Section II presents a very practical and comprehensive framework for analyzing, preparing, and presenting case analyses. It includes discussions of what a case is, preparing for the class discussion and written analysis, pitfalls to avoid in case analysis, and preparing to do an oral presentation. It has been praised by both instructors and students. For courses utilizing marketing problems and cases, we encourage students to read this guide before discussing a problem or case. Thus, it could have been placed at the beginning of the book, but because it is often referred to throughout the semester, we have placed it after the text chapters. And for those courses that do not utilize cases, the book may be used without reference to this section. Financial Analysis for Marketing Decisions It is absolutely critical for marketing students to understand and appreciate the fact that the ultimate objectives of marketing are usually expressed in financial terms. Section III enables students to assess a company’s financial position. It presents important financial calculations that are useful in evaluating the financial position of a firm and the financial impact of various decisions and strategies. Included are discussions of breakeven analysis, net present value, and ratio analysis. Developing Marketing Plans Given the purpose of this book and the needs of users, Section IV enables students to develop practical planning skills so they are able to construct a quality marketing plan for Preface xi any product or service. It provides a complete format for structuring and presenting one, including specific questions to ask in competitive analysis, the development of well-stated objectives, analyzing customers, and implementation and control. As with Section II, we know that this section has become a valuable take-away resource for many students long after their course has been completed. A Value-Added Website We encourage students to view the student section of the Online Learning Center (OLC) at website www.mhhe.com/peterdonnelly14e, which contains a number of useful aids for facilitating learning and supporting student achievement. We believe you will find it a useful resource. INSTRUCTOR SUPPORT The Preface has been used as a resource in college courses and professional development programs that require an overview of the critical “need-to-know” aspects of marketing management and marketing strategy development. It has been used: • As the primary introductory text at the undergraduate level. • At both the undergraduate and MBA level, where several AACSB core curriculum courses are team-taught as one multidisciplinary 9- to 12-hour course. • At the advanced undergraduate and MBA level where it is used as the content foundation in courses that utilize marketing cases. • In short courses and executive development programs. The instructor section of www.mhhe.com/peterdonnelly14e includes an instructor’s manual and other support material. It includes two expanded supplements. They were developed in response to instructors’ requests. We offer a test bank of nearly 1,300 multiple-choice, true-false, and brief essay questions. It is available in both print and EZ Test Online. We also offer Power Point slides that highlight key text material. Your McGraw-Hill representative can also assist in the delivery of any additional instructor support material. Acknowledgments Our book is based on the works of many academic researchers and marketing practitioners. We want to thank those individuals who contributed their ideas to develop the field of marketing throughout the years. Indeed, our book would not be possible without their contributions. We would also like to thank our teachers, colleagues, and students for their many contributions to our education. We would also like to publicly acknowledge those individuals who served as reviewers of this and previous editions. We appreciate their advice and counsel and have done our best to reflect their insightful comments. xii Roger D. Absmire Sam Houston State University Anna Andriasova University of Maryland University College Catherine Axinn Syracuse University Mike Ballif University of Utah Andrew Bergstein Pennsylvania State University Edward Bond Bradley University Donald Brady Millersville University Tim Carlson Judson University ...
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Final Answer

Attached.

Running head: MARKETING SYNOPSIS

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Marketing Synopsis
Student’s Name
Institutional Affiliation
Course
Date

MARKETING SYNOPSIS

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Marketing synopsis

The sixth and seventh chapters of the preface to marketing management book expound on
the following ideas. The first discusses the product and brand strategies that any company takes
for its success. The section explains the trending brands across the globe and their impacts on the
world market. Old and current marketing vision displays, as well as the, brought up to date
resources. Chapter seven majors on the establishment and planning of the new products. It
comprises eight influential organizations with strongholds in technology and marketing strategies.
In chapter six, the economist defines a product as in terms of physicality, extension, and
generic. Tangible products mean that they are physical to buyers like shoes or medical equipment.
Great products refer to the goods offered, which are a...

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