Marketing Strategy

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  • Edition: 4th
  • Format: Paperback
  • Copyright: 2007-02-02
  • Publisher: South-Western College Pub
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Thoroughly revised and updated, MARKETING STRATEGY, 4e continues with one primary goal: to teach students to think and act like marketers. Packed with cutting-edge coverage, current examples, new cases, and--for the first time--photographs, the fourth edition delivers a practical, straightforward approach to analyzing, planning, and implementing marketing strategies--helping students learn to develop a customer-oriented market strategy and market plan. Students sharpen their analytical and creative critical thinking skills as they learn the key concepts and tools of marketing strategy. The book's focus is based on the creative process involved in applying marketing knowledge to developing and implementing marketing strategy. It includes a comprehensive planning framework and myriad examples for effectively developing and executing marketing plans. The authors stress the integration and coordination of marketing decisions with other functional business decisions as the key to achieving an organization's overall mission and vision. They also emphasize the need for integrity in the strategic planning process. Reflecting the textbook's most aggressive case revision program to date, the fourth edition includes several all-new cases written specifically for the text, outside cases from Harvard Business School, and favorite cases that are updated and rewritten with a new focus, giving students the opportunity to work on a range of challenges from a variety of organizations, including USA Today, Gillette, Mattel, Blockbuster, Mobile ESPN, Best Buy, IKEA, G.I. Joe, TiVo, Adidas, and more. Countless examples of successful planning and implementation illustrate how firms face the challenges of marketing strategy in today's economy. Continuing in the text's signature student-friendly style, the fourth edition covers essential points without getting bogged down in industry jargon--all in a succinct 12 chapters.

Author Biography

Michael D. Hartline is Associate Professor, Chair of the Marketing Department, and the Charles A. Bruning Professor of Business Administration in the College of Business at Florida State University (FSU).

Table of Contents

Marketing in Today's Economyp. 1
Introductionp. 1
The Challenges and Opportunities of Marketing in Today's Economyp. 3
Basic Marketing Conceptsp. 7
What Is a Market?p. 8
What Is Exchange?p. 9
What Is a Product?p. 11
Major Marketing Activities and Decisionsp. 14
Strategic Planningp. 14
Social Responsibility and Ethicsp. 15
Research and Analysisp. 16
Developing Competitive Advantagep. 16
Marketing Strategy Decisionsp. 17
Implementation and Controlp. 21
Developing and Maintaining Customer Relationshipsp. 21
Taking on the Challenges of Marketing Strategyp. 22
Lessons from Chapter 1p. 25
Questions for Discussionp. 27
Exercisesp. 27
Strategic Marketing Planningp. 29
Introductionp. 29
The Strategic Planning Processp. 30
Organizational Mission Versus Organizational Visionp. 32
Corporate or Business-Unit Strategyp. 36
Functional Goals and Objectivesp. 37
Functional Strategyp. 38
Implementationp. 38
Evaluation and Controlp. 38
The Marketing Planp. 39
Marketing Plan Structurep. 40
Using the Marketing Plan Structurep. 46
Purposes and Significance of the Marketing Planp. 48
Organizational Aspects of the Marketing Planp. 48
Maintaining Customer Focus and Balance in Strategic Planningp. 49
Customer-Focused Planningp. 49
Balanced Strategic Planningp. 52
Lessons from Chapter 2p. 54
Questions for Discussionp. 57
Exercisesp. 57
Marketing Ethics and Social Responsibility in Strategic Planningp. 59
Introductionp. 59
The Role of Ethics and Social Responsibility in Marketing Strategyp. 61
Dimensions of Social Responsibilityp. 61
Marketing Ethics and Strategyp. 64
The Challenges of Being Ethical and Socially Responsiblep. 68
Deceptive Practices In Marketingp. 69
Deceptive Communication and Promotionp. 70
Regulating Deceptive Marketing Practicesp. 71
Organizational Determinants of Marketing Ethics and Social Responsibilityp. 72
Codes of Conductp. 73
Marketing Ethics and Leadershipp. 76
Stakeholders, Market Orientation, and Marketing Performancep. 76
Market Orientationp. 77
Stakeholder Orientationp. 77
Marketing Performancep. 78
Incorporating Ethics and Social Responsibility into Strategic Planningp. 79
Lessons from Chapter 3p. 80
Questions for Discussionp. 84
Exercisesp. 84
Collecting and Analyzing Marketing Informationp. 85
Introductionp. 85
Conducting a Situation Analysisp. 86
Analysis Alone Is Not a Solutionp. 87
Data Are Not the Same as Informationp. 87
The Benefits of Analysis Must Outweigh the Costsp. 88
Conducting a Situation Analysis Is a Challenging Exercisep. 88
The Internal Environmentp. 90
Review of Current Objectives, Strategy, and Performancep. 91
Availability of Resourcesp. 91
Organizational Culture and Structurep. 92
The Customer Environmentp. 92
Who Are Our Current and Potential Customers?p. 93
What Do Customers Do with Our Products?p. 93
Where Do Customers Purchase Our Products?p. 95
When Do Customers Purchase Our Products?p. 96
Why (and How) Do Customers Select Our Products?p. 96
Why Do Potential Customers Not Purchase Our Products?p. 97
The External Environmentp. 98
Competitionp. 98
Economic Growth and Stabilityp. 102
Political Trendsp. 103
Legal and Regulatory Issuesp. 103
Technological Advancementsp. 104
Sociocultural Trendsp. 105
Collecting Marketing Data and Informationp. 107
Secondary Information Sourcesp. 108
Primary Data Collectionp. 111
Overcoming Problems in Data Collectionp. 113
Lessons from Chapter 4p. 114
Questions for Discussionp. 115
Exercisesp. 116
Developing Competitive Advantage and Strategic Focusp. 117
Introductionp. 117
Making SWOT Analysis Productivep. 119
Stay Focusedp. 120
Search Extensively for Competitorsp. 121
Collaborate with Other Functional Areasp. 122
Examine Issues from the Customers' Perspectivep. 122
Look for Causes, Not Characteristicsp. 123
Separate Internal Issues from External Issuesp. 125
SWOT-Driven Strategic Planningp. 125
Strengths and Weaknessesp. 126
Opportunities and Threatsp. 127
The SWOT Matrixp. 128
Developing and Leveraging Competitive Advantagesp. 131
Establishing a Strategic Focusp. 134
Developing Marketing Goals and Objectivesp. 137
Developing Marketing Goalsp. 139
Developing Marketing Objectivesp. 140
Moving Beyond Goals and Objectivesp. 143
Lessons from Chapter 5p. 144
Questions for Discussionp. 146
Exercisesp. 147
Customers, Segmentation, and Target Marketingp. 148
Introductionp. 148
Buyer Behavior in Consumer Marketsp. 150
The Consumer Buying Processp. 150
Factors That Affect the Consumer Buying Processp. 156
Buyer Behavior in Business Marketsp. 159
Unique Characteristics of Business Marketsp. 160
The Business Buying Processp. 161
Market Segmentationp. 163
Traditional Market Segmentation Approachesp. 164
Individualized Segmentation Approachesp. 166
Criteria for Successful Segmentationp. 168
Identifying Market Segmentsp. 169
Segmenting Consumer Marketsp. 170
Segmenting Business Marketsp. 175
Target-Marketing Strategiesp. 177
Lessons from Chapter 6p. 179
Questions for Discussionp. 184
Exercisesp. 185
Product Strategyp. 186
Introductionp. 186
The Product Portfoliop. 188
The Challenges of Service Productsp. 191
New Product Developmentp. 193
Branding Strategyp. 196
Strategic Issues in Branding Strategyp. 196
Packaging and Labelingp. 201
Differentiating and Positioning the Product Offeringp. 202
Differentiation Strategiesp. 204
Positioning Strategiesp. 206
Managing Products and Brands Over Timep. 208
Development Stagep. 209
Introduction Stagep. 210
Growth Stagep. 211
Maturity Stagep. 212
Decline Stagep. 214
Lessons from Chapter 7p. 216
Questions for Discussionp. 219
Exercisesp. 220
Pricing Strategyp. 221
Introductionp. 221
The Role of Pricing in Marketing Strategyp. 223
The Seller's Perspective on Pricingp. 223
The Buyer's Perspective on Pricingp. 225
A Shift in the Balance of Powerp. 226
The Relationship Between Price and Revenuep. 226
Key Issues in Pricing Strategyp. 227
Pricing Objectivesp. 228
Supply and Demandp. 228
The Firm's Cost Structurep. 229
Competition and Industry Structurep. 230
Stage of the Product Life Cyclep. 231
Pricing Service Productsp. 232
Price Elasticity of Demandp. 234
Situations That Increase Price Sensitivityp. 235
Situations That Decrease Price Sensitivityp. 236
Pricing Strategiesp. 238
Base-Pricing Strategiesp. 238
Adjusting Prices in Consumer Marketsp. 242
Adjusting Prices in Business Marketsp. 244
Fixed Versus Dynamic Pricingp. 245
Legal and Ethical Issues in Pricingp. 247
Price Discriminationp. 247
Price Fixingp. 248
Predatory Pricingp. 248
Deceptive Pricingp. 248
Lessons from Chapter 8p. 249
Questions for Discussionp. 253
Exercisesp. 254
Distribution and Supply Chain Managementp. 255
Introductionp. 255
Distribution and Supply Chain Conceptsp. 257
Marketing Channel Functionsp. 258
Channel Effectiveness and Efficiencyp. 260
Strategic Issues in Distribution and Supply Chain Managementp. 261
Marketing Channel Structurep. 261
Channel Integrationp. 263
Creating and Enhancing Value in the Supply Chainp. 264
Conflict and Collaboration in the Supply Chainp. 265
The Basis of Conflict in the Supply Chainp. 265
Collaborative Supply Chainsp. 267
Trends in Marketing Channelsp. 270
Advancing Technologyp. 270
Shifting Power in the Channelp. 270
Outsourcing Channel Functionsp. 272
The Growth of Direct Distribution and Nonstore Retailingp. 273
The Growth of Dual Distributionp. 275
Legal and Ethical Issues in the Supply Chainp. 275
Dual Distributionp. 275
Exclusive Channel Arrangementsp. 276
Tying Arrangementsp. 276
Counterfeit Productsp. 277
Lessons from Chapter 9p. 277
Questions for Discussionp. 280
Exercisesp. 281
Integrated Marketing Communicationsp. 282
Introductionp. 282
Strategic Issues in Integrated Marketing Communicationsp. 284
Advertisingp. 286
Types of Advertisingp. 288
Determining the Advertising Budgetp. 291
Evaluating Advertising Effectivenessp. 292
Public Relationsp. 294
Public Relations Methodsp. 295
Negative Public Relationsp. 296
Personal Selling and Sales Managementp. 298
The Sales Management Processp. 299
The Impact of Technology on Personal Sellingp. 302
Sales Promotionp. 303
Sales Promotion in Consumer Marketsp. 304
Sales Promotion in Business Marketsp. 306
Lessons from Chapter 10p. 307
Questions for Discussionp. 310
Exercisesp. 310
Marketing Implementation and Controlp. 311
Introductionp. 311
Strategic Issues in Marketing Implementationp. 313
The Link Between Planning and Implementationp. 313
The Elements of Marketing Implementationp. 316
Approaches to Marketing Implementationp. 320
Implementation by Commandp. 321
Implementation Through Changep. 322
Implementation Through Consensusp. 323
Implementation as Organizational Culturep. 323
Internal Marketing and Marketing Implementationp. 324
The Internal Marketing Approachp. 326
The Internal Marketing Processp. 326
Evaluating and Controlling Marketing Activitiesp. 328
Formal Marketing Controlsp. 329
Informal Marketing Controlsp. 334
Scheduling Marketing Activitiesp. 335
Lessons from Chapter 11p. 336
Questions for Discussionp. 339
Exercisesp. 339
Developing and Maintaining Long-Term Customer Relationshipsp. 341
Introductionp. 341
Managing Customer Relationshipsp. 342
Developing Relationships in Consumer Marketsp. 343
Developing Relationships in Business Marketsp. 346
Quality and Value: The Keys to Developing Customer Relationshipsp. 348
Understanding the Role of Qualityp. 349
Delivering Superior Qualityp. 351
Understanding the Role of Valuep. 354
Competing on Valuep. 357
Customer Satisfaction: The Key to Customer Retentionp. 358
Understanding Customer Expectationsp. 358
Satisfaction Versus Quality Versus Valuep. 362
Customer Satisfaction and Customer Retentionp. 363
Customer Satisfaction Measurementp. 365
Lessons from Chapter 12p. 367
Questions for Discussionp. 371
Exercisesp. 372
Napsterp. 373
USA Today and the Future of Information Distributionp. 389
Saturnp. 403
Champ Car World Seriesp. 416
Blockbusterp. 427
Mobile ESPNp. 435
Gillettep. 444
Best Buyp. 455
New Belgium Brewing Company (A)p. 463
New Belgium Brewing Company (B)p. 471
Mattel, Inc.p. 477
PETCO Develops Successful Stakeholder Relationshipsp. 492
FedEx Corporationp. 502
IKEAp. 513
Mistinep. 520
Museum of Fine Arts Bostonp. 530
G.I. Joe: Marketing an Iconp. 558
Strategic Inflection: TiVo in 2005p. 579
The Brand in the Hand: Mobile Marketing at adidasp. 603
Santa Fe Relocation Services: Regional Brand Managementp. 624
Marketing Plan Worksheetsp. 639
Example Marketing Planp. 650
Endnotesp. 674
Brands and Companies Indexp. 695
Name Indexp. 704
Subject Indexp. 706
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