They are made regularly, even daily or weekly. A They help to carry out a marketing strategy. B They are short-run decisions. C They are part of the implementation process. D They usually require ongoing changes in the basic strategy to be effective. Answer: D Explanation: Operational decisions are short-run decisions that help implement strategies. They are part of the implementation process, but they do not require changes in the basic strategy.
Answer: B Explanation: Operational decisions are short-run decisions that help implement strategies. A Focus promotion on the economy of the product. B Make the product available in every possible retail outlet. C Have a salesperson visit the manager of a new hardware store that will open next week. E None of these is an example of an operational decision. Answer: C Explanation: Operational decisions are short-run decisions that help implement strategies.
A Solicit orders from any new, financially attractive, salons. B Drop colors that are losing appeal. C Create a fresh ad for each Sunday newspaper. D Set a competitive price if a primary competitor offers a special discount. E Promote the fair price and satisfactory quality of the product. Answer: E Explanation: Operational decisions are short-run decisions that help implement strategies. Difficulty: 3 Hard Topic: The Marketing Plan is a Guide to Implementation and Control Learning Objective: know the difference between a marketing strategy, a marketing plan, and a marketing program.
Answer: C Explanation: Hiring new salespeople is an operational decision that pertains to the Promotion variable of the marketing mix. These moves represent A operational decisions in the Product decision area. B strategy policies in the Place area. C strategy policies in the Product area. D operational decisions in the Place area. E strategy policies in the Promotion area. B marketing metrics. C a marketing plan.
E differentiation. Answer: A Explanation: Marketing analytics is the practice of measuring, managing, and analyzing market performance to maximize its efficiency and effectiveness. Marketing metrics are the numeric data that are used to perform marketing analytics.
C is a detailed plan of how to implement a strategy. D is a marketing strategy plus the time-related details. A Customer equity B Profit C Net worth D Customer lifetime value E A premium price Answer: D Explanation: Many firms measure the customer lifetime value or total stream of purchases that a customer could contribute to the company over the length of the relationship.
B lifetime value. C service. D satisfaction. E feedback. Answer: B Explanation: Over a period of years, a single customer is likely to purchase multiple products from a company. The total stream of purchases that a customer could contribute to the company over the length of the relationship is called customer lifetime value.
B decide whether to place ads online or in magazines. C recognize that mass marketing is the best way to reach customers. D select the right channel of distribution. E devise long-range plans and strategies for building customer relationships. B mass marketing. C differentiation. D customer lifetime value. E customer feedback loops.
Answer: D Explanation: Over a period of years, a single customer is likely to purchase multiple products from a company. B is basically a historical measure of how profitable a firm has been in the past. C applies to firms that target final consumers but not to firms that target business customers. D will increase if a firm increases its market share with a particular strategy.
E considers what a customer purchases from a company over the lifetime of the relationship. Answer: E Explanation: Many firms measure the customer lifetime value or total stream of purchases that a customer could contribute to the company over the length of the relationship. B product development. C short-term profits. D a diversification strategy. E customer lifetime value.
In this situation, the restaurant manager is willing to lose money on a future meal to encourage return visits. B customer lifetime value looks at specific target markets. D customer equity reflects the total stream of purchases that a customer could contribute to a company over the length of the relationship.
E customer lifetime value focuses on purchases over the next year, while customer equity takes into account a longer time horizon. Difficulty: 3 Hard Topic: Recognizing Customer Lifetime Value and Customer Equity Learning Objective: understand what customer lifetime value and customer equity are and why marketing strategy planners seek to increase them.
A Marketing strategies do not contribute to customer equity. B Expected profits depend on customer equity. C Firms expect financial returns. D Profit growth comes from customers.
E Customers are the source of revenue. A The firm offers a more costly marketing mix that attracts more customers. B The firm offers customer value that is at least as good as what competitors offer. E The firm cuts costs by reducing promotion efforts. B recognizes that customers are satisfied at a cost. C applies even to firms that pursue several different strategies. D focuses on earnings as well as sales. E All of these are part of the customer equity concept. A Expected losses depend on customer equity.
C Expected profits depend on customer equity. D Customer equity benefits customers but not the company. Answer: D Explanation: Customer equity does benefit the company because it increases the lifetime value of the customer to the firm. B do not generate revenue or profits.
C never involve personal selling. D are known as breakthrough opportunities. E are never used by reputable companies. Answer: A Explanation: While short-term sales approaches are common and can boost revenue immediately, marketing strategies that seek only a quick sale squander the opportunity to ensure repeat purchases in the future. A retention rate and acquisition cost B revenue and profit C price and quantity D revenue and retention rate E acquisition cost and customer satisfaction Answer: A Explanation: The two marketing metrics that are usually used to estimate customer lifetime value and customer equity are retention rate and acquisition cost.
B will quickly create a whole new industry of firms competing with similar marketing mixes. C help innovators develop hard-to-copy marketing mixes. D increase sales. E will take profits to the highest level. Answer: C Explanation: Breakthrough opportunities help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
A Opportunity segments B Competitive decisions C Breakthrough opportunities D Competitive marketing E Operational decisions Answer: C Explanation: Breakthrough opportunities help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time. B A drug company develops a patented pill that people can take once a year and safely avoid catching a cold. C A bank puts its credit card machines in convenient drive-up locations-so they will be more convenient for customers.
D A nurse realizes that the growing number of older people will increase the demand for nursing home services, so she quits her job and opens a quality nursing center for the elderly.
E A wireless phone company introduces a new service that offers more free weekend minutes than any other service in its market area. Answer: B Explanation: Breakthrough opportunities help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
A a two-month advantage over competitors in introducing a new product B an idea for a new website animation that will attract consumer attention C accurate marketing research information about how much of a planned product the target market is likely to buy D None of these would help you develop a breakthrough opportunity.
Answer: D Explanation: Breakthrough opportunities help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time. None of these options is significant enough to qualify as a breakthrough opportunity.
All of the options are significant enough to qualify as breakthrough opportunities. The drug did not cause any of the typical side effects usually associated with blood pressure medications. It would also be difficult for other firms to duplicate, at least in the short run, because of patent protection and the substantial research and development costs required. The introduction of this new drug would best be described as A diversification. B market development.
C a breakthrough opportunity. E market penetration. It may result from efforts in different areas of the firm, such as cost cutting in production, innovative research and development, etc. B may be turned into marketing strategies that will be profitable for a long time. C help the firm develop a competitive advantage. D help a firm satisfy customers better than some competitor. E All of these apply to breakthrough opportunities. Answer: E Explanation: Breakthrough opportunities help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
C are especially important in our increasingly competitive markets. A It is useful to think of the marketing strategy planning process as a narrowing-down process.
B These strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm. D These strategies require decisions about the specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market.
E Most companies implement more than one marketing strategy and related marketing plan at the same time. Answer: B Explanation: An advantage only succeeds if it allows the firm to provide superior value and satisfy customers better than some competitor. B can make it difficult to zero in on the best target market and marketing mix. C cannot help eliminate the potential of strategies that are not well suited for the firm. D can help a manager define in which business and markets the firm wants to compete.
E highlights advantages of a strategy but does not make it clear why you should select that strategy. Answer: D Explanation: Developing a set of specific qualitative and quantitative screening criteria can help a manager define in which business and markets the firm wants to compete. B weaknesses.
C opportunities. D threats. E All of these are included in a S. T analysis. Answer: E Explanation: A S. A It is a useful aid for identifying relevant screening criteria and for zeroing in on a feasible strategy. E All of these statements about S. All these statements about S. T analysis are true. B is not necessary if competitors have already entered the market.
E limits the competitive edge of the company. Answer: D Explanation: With S. This should provide a competitive advantage. B narrow down to a specific target market and marketing mix from the many alternatives available. C see the pros and cons of different possible strategies. D develop a competitive advantage. E All of these can help a marketing manager who is using a S. Answer: E Explanation: With a S. T analysis tool does this statement fit? Having adequate resources is a strength any firm would like to have.
Being in a fast-growing industry is an opportunity on which a firm should try to capitalize. Recessionary conditions pose a threat to nearly every firm. Firms must quickly remedy the situation of lagging behind in one or more departments, which is a potential weakness. B may provide the firm with a competitive advantage in the marketplace.
C makes it harder for consumers to notice if there is a consistent theme across all elements of the marketing mix. D is usually not necessary in order for the firm to succeed. Combining analyses of customers, competitors, and company help the marketing manager identify possible strategies that differentiate a marketing mix from the competition.
A similarity B uniqueness C unsuitability D willingness E adaptability Answer: B Explanation: Differentiation means that the marketing mix is distinct from and better than what is available from a competitor. This means its marketing mix is unique.
B means that the marketing mix is similar to what is available from a competitor. C often requires that the firm fine-tune all the elements of its marketing mix to the specific needs of a distinctive target market. E can only be based on one important element of the marketing mix. Answer: C Explanation: Differentiation often requires that the firm fine-tune all of the elements of its marketing mix to the specific needs of a distinctive target market. Which of the four types of opportunity does this illustrate?
B it involves selling current products in familiar markets. C it involves selling current products in unfamiliar markets. E it is guaranteed to succeed. Answer: B Explanation: Since firms prefer opportunities close to markets they already know, most managers pursue greater market penetration, which involves selling current products in familiar markets. Market penetration is appealing because firms want to increase profits and grow customer equity where they already have experience and strengths.
Difficulty: 2 Medium Topic: Types of Opportunities to Pursue Learning Objective: know four broad types of marketing opportunities that help in identifying new strategies. A The Coleman camping gear company boosts sales of popular lanterns by setting up promotional displays at well-attended outdoor events. D The E-Z-Go golf cart company begins selling golf carts for use in malls, factories, and airports. E Mammoth Mountain Ski Resort offers horseback riding and a mountain bike park for summer visitors.
Perreault, Joseph P. Cannon, E. Jerome McCarthy. Includes index. ISBN alk. Cannon, Joseph P. McCarthy, E. M William D. He also was selected for the Churchill Award, which honors career impact on marketing research. He was editor of the Journal of Market- ing Research and has been on the review board of the Journal of Marketing and other journals.
The Decision Sciences Institute has recognized Dr. Per- reault for innovations in marketing education, and at UNC he has received several awards for teaching excellence. Perreault is a past president of the American Marketing Association Aca- demic Council and served as chair of an advisory committee to the U. Census Bureau and as a trustee of the Marketing Science Institute. Joseph P. Cannon Joseph P. Cannon is associate professor of marketing at Colorado State University. He has received several teaching awards and honors.
He received the Louis W. He serves on the editorial review boards of the Journal of Marketing and Journal of the Academy of Marketing Science, where he received distinguished reviewer awards. Before entering academics, Dr. Cannon worked for six years in sales and marketing for Eastman Kodak Company. Jerome McCarthy E. Jerome McCarthy received his Ph. Besides publishing various articles, he is the author of books on data processing and social issues in marketing.
He has been a frequent presenter at marketing conferences in the United States and internationally. In addition to his academic interests, Dr. McCarthy has been involved in guiding the growth of organizations in the United States and overseas—both as a consultant and as a director.
He has also been active in executive education. This is why he has spent a large part of his career developing and improving marketing texts to reflect the most current thinking in the field. And, at its essence, marketing strategy planning is about figuring out how to do a superior job of satisfying customers. We take that point of view seriously and believe in practicing what we preach.
So you can trust that this new edition of Basic Marketing—and all of the other teaching and learning materials that accompany it—will satisfy your needs. It quickly became one of the most widely used business textbooks ever pub- lished because it organized the best ideas about marketing so that readers could both understand and apply them. The unifying focus of these ideas is on how to make the marketing decisions that a manager must make in deciding what customers to target and how best to meet their needs.
Over many editions of Basic Marketing, there have been constant changes in marketing management and the market environment. Some of the changes have been dramatic, and others have been subtle.
Throughout all of these changes, Basic Marketing and the supporting materials that accompany it have been more widely used than any other teaching materials for introductory marketing. It is grati- fying that the four Ps framework has proved to be an organizing structure that has worked well for millions of students and teachers.
The success of Basic Marketing is not the result of a single strength—or one long-lasting innovation. Other textbooks have adopted our four Ps framework, and we have continuously improved the book. Thus, with each new edition of Basic Marketing we have contin- ued to innovate to better meet the needs of students and faculty.
In fact, we have made ongoing changes in how we develop the logic of the four Ps and the marketing strategy planning process. As always, though, our objective is to provide a flexible, high-quality text and choices from com- prehensive and reliable support materials—so that instructors and students can accomplish their learning objectives. The biggest distinguishing factor about Basic Marketing is our integrative approach to creating a teaching and learning package for the introductory marketing course.
This integration makes it easier to learn about marketing, teach marketing, and apply it in the real world. For many students, the intro- ductory marketing course will be the only marketing class they ever take. They need to come away with a strong understanding of the key concepts in marketing and how marketing operates in practice. We deliberately avoid doing that because we are con- vinced that treating such topics separately leads to an unfortunate compartmentalization of ideas.
We think they are too important to be isolated in that Integrating Integration of way. For example, to simply tack on a new chapter vii the what? The same is true with other topics. Exhibit P-2 shows the coverage of some key topics across specific chapters. Go to the On- line Learning Center for specific page references. The teaching and learning materials—designed and textbook content.
See Exhibit P The integration of developed by the authors—are integrated to work these three elements delivers a proven product for in- effectively with Basic Marketing.
Because of this, you the instructor have the Basic Marketing teaching and learning package. Marketing operates in dynamic markets. Fast-chang- Marketing can be studied and used in many ways, and ing global markets, environmental challenges and sus- the Basic Marketing text material is only the central tainability, and the blurring speed of technological component of our Professional Learning Units System advances—including an explosion in the use of digital P.
Our objec- manager. While some marketing texts merely attempt tive is to offer you a P. Many combinations of units are possi- that prepare them for success. To propel students in this ble depending on course and learning objectives.
Later direction, we deliberately include a variety of examples, in this Preface we highlight each P. Students only take the introductory marketing course Taken together, these different learning aids speed the once.
Our dents to analyze marketing situations and develop mar- teaching and learning materials—from the textbook to keting plans in a confident and meaningful way. They the iPod videos to the test question bank to the online are practical and they work.
And because they are in- materials—have been constantly updated yet are proven teresting and understandable, they motivate students to to work for generations of students. Do you want to use see marketing as the challenging and rewarding area it an unproven textbook with your students?
Marketing and hundreds of smaller ones. Basic Marketing www. Some text- market environment and marketing strategy. Internet, cell phones, and other technologies as central In the last edition of Basic Marketing we made a major to their shopping behavior.
Customers have much more effort to beef up coverage of sustainability and its implica- power in the buying process when they actively seek out tions for marketers. Societal concerns for sustainability just-in-time information from a wide variety of sources continue to increase and we have further enhanced and before making purchases.
And consumers and businesses refined our coverage of the topic in this edition. This trend has market. The entire text has been critically revised, up- been occurring worldwide—for example, cell phone dated, and rewritten. We have carefully consolidated usage has grown rapidly in many developing countries. Thus, most chapters in this edition are change in customer behavior. While the impact of this shorter than in the previous edition. All of the cases at trend has been greatest on Promotion, the entire market- the back of the book have also been updated, edited, ing mix and marketing research have also been impacted.
With customers having the ability to choose from a The aim of all this revising, refining, editing, and wide variety of information sources, they increasingly illustrating is to make the important concepts and points turn to and rely upon sources they trust.
Word-of-mouth even clearer to students. We want to make sure that and recommendations from friends have always been each student really does get a good feel for a market- highly trusted sources, but now the Internet offers cus- directed system and how he or she can help it—and tomers many different ways to access trusted information. The even harder. Marketing is vigorous—the market of trust in marketing.
Marketing students need to under- environment and marketing practices are evolving stand how to build customer trust. Stu- it operates, and how marketing managers can build it. Facebook page for students. The first eight chapters introduce marketing and a velopment. Chapters 3—8 rect channels are used in combination. Finally, we con- ship management databases and tools. PRO W. Chapter 2 builds on these ideas with a focus ing research—for marketing planning.
This chapter on the marketing strategy planning process and why it in- includes discussion of how information technology— volves narrowing down to the selection of a specific target ranging from intranets to speedy collection of market market and blending the four Ps into a marketing mix to research data—is transforming the marketing job.
This meet the needs of those customers. With that foundation sets the stage for discussions in later chapters about how in place, the chapter introduces an integrative model of research and marketing information improve each area the marketing strategy planning process that serves as an of marketing strategy planning. The next group of chapters—Chapters 9 through 18— Chapter 3 introduces students to the importance of is concerned with developing a marketing mix out of the evaluating opportunities in the external environments four Ps: Product, Place involving channels of distribution, affecting marketing.
LooseLeaf for Essentials of Marketing. Authors: William D. Cannon, E. Jerome McCarthy. Get Books. Essentials of Marketing pioneered an innovative structure—using the "Four Ps" framework first introduced by Jerome McCarthy-with a managerial approach.
Essentials of Marketing prepares students for. Authors: Joseph P. Cannon, William D. Essentials of Marketing prepares students for success by teaching skills through examples,. More results com: Principles of Marketing 17th Edition More results - Chegg. More resultsPrinciples of Marketing 16th Edition - comYour browser indicates if you've visited this linkFind helpful customer reviews and review ratings for Principles of Marketing 16th Edition at com.
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