...Marketing Management 14 PHILIP KOTLER Northwestern University KEVIN LANE KELLER Dartmouth College Prentice Hall Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Editor in Chief: Eric Svendsen Executive Editor: Melissa Sabella Development Editor: Elisa Adams Director of Editorial Services: Ashley Santora Editorial Project Manager: Kierra Bloom Editorial Assistant: Elizabeth Scarpa Director of Marketing: Patrice Lumuba Jones Senior Marketing Manager: Anne Fahlgren Senior Managing Editor: Judy Leale Production Project Manager: Ann Pulido Senior Operations Supervisor: Arnold Vila Creative Director: John Christiano Senior Art Director: Blair Brown Text and Cover Designer: Blair Brown Lead Media Project Manager: Lisa Rinaldi Editorial Media Project Manager: Denise Vaughn Full-Service Project Management: Sharon Anderson/BookMasters, Inc. Composition: Integra Printer/Binder: Courier/Kendallville Cover Printer: Lehigh-Phoenix Color/Hagerstown Text Font: 9.5/11.5, Minion Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Copyright © 2012, 2009, 2006, 2003, 2000 Pearson Education, Inc., publishing as Prentice Hall, One Lake Street, Upper Saddle River, New Jersey 07458. All...
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...Explain. (Points: 5) Total customer benefit (TCB) is the value the customer expects to see from the product, services and assets. Total customer cost (TCC) is the bundled expected cost to achieved the benefit. Customer perceived value (CPV) is the customer’s evaluation on difference between TCC and TCB compared to other alternatives. Basically, it is an evaluation to determine if the benefits are worth the cost. TCC and TCB greatly affect CPV because it will be the primary driver if the customer will see if the product or service as worth the cost. TCB must be perceived as equal or greater to the cost. | 2. (TCOs C, H) What are some of the ways that a business can attract and retain customers? (Points : 5) Launch marketing campaigns that attract a niche market. Kolter references a bank wanted to improve the drive through banking experience for the other people in the car. They began provide lollipops to children and doggie bisquits to dogs to improve the overall experience. Another example is providing a service that separates yourself from your competition. My bank just recently released an cell phone application that allows me to take a picture of checks and deposits them so I don’t have to go bank. This is a huge time saver and I would think twice of leaving based off of this benefit alone. | 3. (TCOs C, H) What are the five stages in the buying decision process? Briefly describe each. (Points : 5) Problem Recognition: The buying...
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...MG660 - Chapter 1 Assignment Syed Imran Farid September 30, 2015 Professor: Leon Guendoo QA1 The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution. The four Ps of marketing: The marketing mix can be divided into four groups of variables commonly known as the four Ps: Product: Product means the goods-and-services combination the company offers to the target market. Kotler and Armstrong (2013). For many a product is simply the tangible, physical item that we buy or sell. You can also think of the product as intangible i.e. a service. In order to actively explore the nature of a product further, let’s consider it as three different products – the core product, the actual product, and finally the augmented product. Price: Price is the amount that is charged by marketer of his offerings or the amount that is paid by consumer for the use or consumption of the product. Price is crucial in determining the organization’s profit and survival. Adjustments in price affects the demand and sales of the product. Marketers are required to be aware of the customer perceived value of the product to set the right price. Place: place is about where the product is made, where it is stored and hot it is transported to the customer. The place for each of these...
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...(2006) “Consumer behavior”, Mason: Thompson Egan, J. (2007) “Marketing Communications”, London: Cengage Learning Enis, B.M. (1974) “Marketing Principles: The Management Process” Gabbott, M. and Hogg, G. (1998). “Consumers and services”, Chichester: John Wiley & Sons. Kotler, P. and Keller, K. (2011) “Marketing Management”(14th edition), London: Pearson Education Kumar, P. (2010) “Marketing of Hospitality & Tourism Services” Tata McGraw-Hill Education Schiffman, L., Hansen H. and Kanuk L. (2007) “Consumer Behaviour: A European Outlook”, London: Pearson Education Solomon, M. (1995) “Consumer Behaviour” (3rd edition), New Jersey: Prentice Hall Stallworth, P. (2008) “Consumer behaviour and marketing strategic”, online, pp.9. rink, A. & Berndt, A. (2009) “Relationship Marketing and Customer Relationship Management” Juta Publications Cant, M.C., Strydom, J.W. & Jooste, C.J. (2009) “Marketing Management” Juta Publications Ha, H., Janda. S. and Muthaly, S., (2010). “Development of brand equity: evaluation of four alternative models”, Service Industries Journal, 30(6), pp. 911-928 Hoyer, W.D. & Macinnis, D.J. (2008) “Consumer Behaviour”, 5th edition, Cengage Learning Kacen. J. J. and Lee. J. A., (2002) “The influence of culture on consumer impulsive buying behaviour”, Journal of consumer psychology. 12(2), pp. 163-174. Kahle L.R. and Close, A. (2006) “Consumer Behaviour Knowledge for Effective Sports and Event Marketing”, Taylor & Francis, New York, USA Ofir, C. and Simonson...
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...“A brand is a name, term, sign, symbol, design, or some combination of these elements, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors. The different components of a brand—brand names, logos, symbols, package designs, and so on—are brand elements.” Kotler & Keller, pg. 268) My perception of branding has always been how a company advertises or markets it product, either through a logo, symbol or a slogan. Nike – the “swoosh” symbol, Starbucks has their coffee logo and KFC “It’s Finger lickin’ good!” After reading the chapters on branding; listening and viewing Duane Knapp’s videos I can understand that branding is more than advertising for companies. Branding involves understanding your target market and hopefully bringing consumers to see your brand as the only product or service verses the competition. Knapp describes branding as a science, almost a formula that marketers must follow to draw consumers in. Duane Knapp noted that brands really started to come about in the 50s and 60s when company’s needed to make their products or services genuine. This would make sense since there was more competition for products coming into the market. Branding is a way for companies to stand out from its competitors and a way to stick in consumer’s minds. A strong brand inspires trust, loyalty and a connection to a company. It is a way of effectively communicating what a company does and has to...
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...The importance of “wow stories” in customer service for a luxury hotel such as the Ritz-Carlton is what distinguishes itself from its competitors. The Ritz-Carlton for years has been practicing anticipating the customer’s needs and making them a reality. This solely puts them in a class all on their own. All of this simply put is how they create an extra ordinary stay for their guests. This demonstration helps show people that the company is willing to go above and beyond to make a person’s stay the best one that they have ever had. These memories that are created are passed around in stories to others and have that awe effect to inspire, motivate, and reinforce a company's vision statement and values. Each day during the lineups which are daily fifteen minute staff meetings at the Ritz, someone reads what is known as the "wow story" of the day, (Gallo, 2011). The same story is shared across hotels in 21 countries, so a waiter in Boston will hear the same story as a concierge in Bali; a housekeeper in Shanghai will hear the same story as a doorman in Hong Kong. The stories that are read single out an individual employee who goes above and beyond who offers exemplary service to help create the mystique that turns extravagant travelers into repeat guests. An example of one of the “wow stories” is that a family staying at the Ritz-Carlton, Bali, son suffered from food allergies. Well the staff searched the town for the appropriate foods and could not find them, but the executive...
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...various factors that influence a consumer to make a decision of buying the company’s products. Buyer Behavior is a process, which through inputs and their use though process and actions leads to satisfaction of needs and wants Consumer buying behavior has numerous factors as a part of it which are believed to have some level of effect on the purchasing decisions of the customers It is worth noting that consumer buying behavior is studied as a part of the marketing and its main objective it to learn the way how the individuals, groups or organizations choose, buy use and dispose the goods and the factors such as their previous experience, taste, price and branding on which the consumers base their purchasing decisions. We study consumer buying behavior because; no longer can customers be taken for granted. Also their buying decisions on certain products influences the production level of the products as well as size of the market hence, improving business performance. In the mean time, Kotler, P. and Keller, K. (2011) “Marketing...
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...will then delve into how Nike’s marketing strategy has proven successful, had a negative impact, and may have proven risky for the company. Lastly, the study will delve into how Adidas may improve their competitive value against Nike. Unit 1 Case Study - NIKE Over the years, there have been many companies that have ventured into the business of dealing in sporting equipment to include athletic shoes, athletic clothing, and athletic equipment. Nike has emerged as one of the leading brands of athletic products since the creation of the brand in 1962. At the time of its inception, Nike was first known as Blue Ribbon Sports and the main focus was “on providing high-quality running shoes designed for athletes by athletes” (Keller & Kotler, 2012, p. 29). A product that began with the creation of “lighter and better” running shoes has transformed into an international brand that is known by the simple image of a “swoosh” (Sanusi et al, 2014). The following sections will answer a series of questions in regards to the brand, and how a rival company may be able to better compete with the marketing campaign of this globally renowned name. What are the pros, cons, and risks associated with Nike’s core marketing strategy? From the inception of the company, Nike’s core marketing strategy has been based around utilizing talented athletes as the spokesperson, and an aggressive ad campaign to put the brand in front of the consumers. This marketing strategy was first geared towards...
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...Introduction • The Coca- Cola Company was incorporated September 5, 1919. • The company is the leading nonalcoholic beverage company. • Coca-Cola offers over 500 different brands. • Coca-Cola “originated as a soda fountain beverage in 1886 selling for five cents a glass” (The Coca- Cola Company, 2015) in Atlanta, Georgia. • Coca-Cola puts its ““Focus on needs of our consumers, customers and franchise partners” (The Coca- Cola Company, 2015) {The Coca-Cola Company is the leading and the most popular nonalcoholic beverage (soft drink) company. Coca- Cola connects with its consumers on a level where the consumers feel comfortable with the company. Because the company has been around for so long, many customers knows what the company stands for and continue to remain loyal to the company.} Coca-Cola Brands “The Company owns or licenses and markets more than 500 nonalcoholic beverage brands, primarily sparkling beverages but also a variety of still beverages, such as waters, enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, and energy and sports drinks” (Forbes, 2015). {The Coca-Cola company offers its consumers a variety of different beverages to choose from. By meeting the different tastes of consumers, the company is able to successfully satisfy customers worldwide. The different brands developed by Coca-Cola include Diet Coke, Dasani, Sprite, Fanta, and many more.} Target Market • Coca-Cola’s target market includes consumers from all demographics...
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...sense of meaning in their life, experienced “fewer symptoms of depression and anxiety” (LaBier, 2015). In other words, finding purpose in life increases emotional well-being, and just plain feels good. But how does this relate to marketing? Here is an example: Ford Motor Company is one of the largest industry leaders in automotive. With almost 200,000 employees and 67 plants worldwide, it manufactures and distributes automobiles across six continents (Business Wire, 2016). In the early 20th century, Ford was also the largest employer of African Americans in the auto industry, and has a long history of “supporting the African American community”, known as a company that builds communities by “creating positive social change” (Business Wire, 2016). Ford has been an integral part of Men of Courage, a national program that honors the accomplishments of African American men. In addition, Ford has established the Ford Volunteer Corps, which enlists Ford employees and retirees to work on local projects to strengthen communities. In this way, Ford creates an internal culture of purpose, while utilitizing CSR and philanthropy, bolstering their brand, and reinforcing brand equity among competitors. Other companies are embracing this concept of feel-good marketing into their design to boost brand positioning and brand equity. Brand equity, to put it simply, is “reflected in the way consumers think, feel, and act with respect...
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...Module 4 Assignment 1: Discussion – Mission Statements Lex Adams Marketing Planning & Strategy Think about an online social media network like Facebook or LinkedIn. For targeting new customers, what are the advantages and disadvantages of using these social networks compared to search engine advertising? Provide specific examples of products that lend themselves more to social networks as compared to search engine advertising. I am going to use the quote, “it takes a village” and put into the context on how social media sites such as Facebook and LinkedIn can influence a consumer’s values, decision making, and preference. For example, Facebook has morphed into a global, networking site where people with similar and different backgrounds and from all over the world can connect and share with others in real time. Connect… Facebook users can form or find social groups they wish to join based on commonality such as family and friends, work related, location related, religion and political related, and even product related. Share...Facebook users can share almost everything about themselves in particular their opinions. It is a gold mine for companies to collect data. One of the benefits of Facebook social groups is that they can be categorized as market segments for marketers to “connect” with. “Market segmentation divides a market into well-defined slices. A market segment consists of a group of customers who share a similar set of needs and wants. The marketer’s...
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...European Scientific Journal May 2013 edition vol.9, No.13 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431 MARKETING STRATEGIES OF BOTTLED WATER PRODUCING COMPANIES: THE CASE OF KOSOVO Ejup Fejza, Mr.Sc Alban Asllani, MSc. Universum College, Prishtina, Republic of Kosovo Abstract One of the main functions within a company is the marketing area and as it is of the utmost importance and relevance of having an already established and well functioning department of marketing within the company, which would implement proper, just-in-time and a step-ahead of competition marketing strategies. Such an established and wheel functioning marketing department could potentially result in the company getting a better positioning in the market, will increase the company’s market share and satisfy customer needs, wants and meet their demands. Thus, creation and implementation a successful marketing strategy in business is very crucial, especially when we deal with a business such as water production, still or sparkling. The purpose of the research is to analyze the implementation of marketing strategies by Kosovo producers of water and to provide clear recommendations for companies that do not use marketing strategies. During the research we have found that water producers do not even have an already established marketing department, have not employed any marketing personal, nor they have a qualified sales person representing the company. According to our research of the existing water producing...
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...ASSIGNMENT QUESTION Marketing Plan: Your company has just developed a new sports drink that is in a container which will keep it cool for up to 6 hours. Write a 3 page paper discussing how you would market the product. Running Head: COOL CONTAINERS MARKETING PLAN 1 Cool-Containers Marketing Plan COOL-CONTAINERS MARKETING PLAN 2 Abstract Cool-Containers, a successful company has recently developed a new and improved sports drink. This sports drink comes in a newly designed container that keeps it cold for a maximum of 6 hours. As a way to introduce the product into the market, the company chose the flavor strawberry for this drink and the product name, “Strawberry Sports Juice Drink”. This flavor was picked because of a previous research study that was conducted on flavors most in demand by consumers. The creation of our new design for a container was due to the outcome of a research study in marketing that significantly showed the actual need to keep drinks cool. To keep the position of the drinks we sell and continue to be proactive to how our competitors react, the company will seek to apply a marketing strategy plan that is based on innovation, target audience, differentiation, strategic partnerships, outsourcing, advertising and pricing. This marketing strategy will provide...
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...MARKETING 315.90 POST UNIVERSITY Unit 2 Assignment As an assistant to Jane Melody, Sonic’s chief marketing officer, you’ve been assigned to draft a mission statement for top management’s review. This should cover the competitive spheres within which the firm will operate and your recommendation of an appropriate generic competitive strategy. Using your knowledge of marketing, the information you have about Sonic, and library or Internet resources, answer the following questions. http://www.huaweidevice.co.in/Products/CloudPhones/Huawei-sonic-U8650.php What should Sonic’s mission be? Sonic is committed to providing the most high tech equipment and data solutions to all of its business customers and independent consumers by producing and marketing cutting edge communication and storage devices. In what competitive spheres (industry, products and applications, competence, market-segment, vertical, and geographic) should Sonic operate? Industry: Personal media, storage, and communications devices such as smart phones and tablets Products and Applications: Products with the capability for Wi Fi, Blue Tooth, and GPS will appeal to a broad audience of consumers. The ability to store data and download latest applications with minimal configuration will be of value. Competence: A solid product with technologically advanced features is very desirable at an entry level price point. Market Segment: This product has a very diversified market segment. This...
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...| Is “Mass Marketing” Dead? | | Mass marketing is the process in which segment differentiation among potential consumers is ignored in order to offer one product or service to an audience.(Hanias, 2008) Mass marketing is not personalized, unfiltered, and not audience specific which allows it to be able to reach a broader market of consumers in hopes that the product or service recognition is maximized. For some, it’s a strategy that requires less work and investment and plays on the idea that something is better than nothing. But, with so much innovation in technology and the increase in resources available to understanding the client mass marketing is slowly becoming ineffective and moving more and more towards being more personalized. Mass marketing is the process in which information and advertisements are made available to the public. The different channels in which marketing can be distributed includes newspapers and magazines, radio and television, and now Internet. Marketing has evolved as the most proven way to reach out to potential customers and making them clients. If one really wants to evaluate the effectiveness and longevity of Mass marketing its important to understand the history of its purpose and evaluate the track record of its success. According to an article on the History of Mass Media in America, mass marketing was first introduced back in the 1840’s with the Industrial revolution and the expansion of the United States from the East Coast...
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