Solution Manual For Michael Shekter George Brown College
Marketing Michael Shekter George Brown College
ISBN: 978-0-13-536008-8
Contents Chapter 1
Introduction to Marketing
Chapter 2
Developing Marketing Strategies and Plans
Chapter 3
The Marketing Environment
Chapter 4
Market Intelligence — Gaining Advantage through Knowledge
Chapter 5
Consumer Buying Behaviour
Chapter 6
Business-to-Business Marketing
Chapter 7
Segmentation, Targeting, and Positioning
Chapter 8
Product and Branding
Chapter 9
Marketing the Intangibles—Services, Causes, and Not-forProfit
Chapter 10
Pricing Concepts
Chapter 11
Distribution
Chapter 12
Retailing
Chapter 13
Advertising, Sales Promotion, Public Relations, and Personal Selling
Chapter 14
Digital Marketing –Web, Mobile, Social Media
Chapter 15
Integrated Marketing Communications and Media
Chapter 16
New Product Development
Chapter 17
Global Marketing
Chapter 18
Legal Issues, Ethics, and Corporate Responsibility
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Chapter 1 Introduction to Marketing Chapter Overview This chapter introduces the concepts of Marketing and its role in our world. The focus of the text is to provide a framework for viewing the principles and tools that guide marketing activities, with a practical experiential and real-world application. The combination provides education and training which supports an entry into a marketing career, and an overview of marketing responsibilities within the organization. The basic concepts that form the foundations and principles of marketing are explained, as are some of the objections and issues. Learning Objectives After studying this chapter, the student should be able to: 1.1 1.2 1.3 1.4 1.5
Explain the concept of “marketing” Distinguish between the concepts of “value” and “exchange” Describe the evolution of marketing Analyze marketing’s role in society Analyze criticism of modern marketing
Suggested Lecture Outline
I. INTRODUCTION TO THE MARKETING CONCEPT A. Most people associate the term Marketing with advertising and sales. While
these are key components of the Marketing concept, they are only a small portion of what Marketing is all about.
1. The term “Marketing” derives from the root “Market” – Marketing concerns all of the activities which take place in the Marketplace. The Marketplace is anywhere (physical or virtual) that buyers and sellers come together.
2. Marketing Management is the practice many larger organizations use to
construct their areas of responsibility. In these organizations, in which Marketing activities play a central role in the success of the organization, Marketers may be tasked with aspects which contribute to the success in the marketplace, but are not visible to the consumer.
3. Beyond the areas one might naturally assume are associated with the
Marketplace – product characteristics, location, pricing, etc. – the modern world of Marketing also places a heavy role on Marketing’s role and impact on society. Copyright © 2021 Pearson Canada Inc. iii
Ethics, Social Responsibility, and Sustainability are factors that the modern Marketer must be conscious of in a way that marketers throughout history did not.
II. THE CONCEPTS OF “VALUE” AND “EXCHANGE” A. 1. 2. 3. B.
All Marketplaces are places of Exchange. Exchange requires: Two or more parties (people, organization). Each with something they are willing to trade. In consideration for some other item. Ideally, the items in the exchange are of equal Value. Value can be defined as what something is Worth. a. The Value or Worth of an item may differ from person to person or situation to situation (most bathrooms are free to use, but you might be willing to pay if you were desperate or it was the only one available). b. The Marketplace Exchange is where one entity exchanges something of value with something of value from another entity. 1) Both requirements must be satisfied – there must be at least two parties (you can’t really trade with yourself), and there must be something to exchange (if you receive without giving exchange – you are stealing, if you give without receiving exchange – you are poorer). c. Because Value and Worth can vary from person to person and situation to situation, there must be Agreed Value for a Marketplace exchange. 1) Again – both must be satisfied. Each must think that they are getting fair value in the exchange (regardless of what the other thinks), for the exchange to proceed.
C.
We typically think of a Marketplace Exchange as being a physical good being traded for money, but not only are there more things to trade than physical goods, there are many ways to offer an exchange other than currency. 1. During an election campaign, a politician wishes to exchange their leadership, vision, time and dedication in trade for your vote. 2. A Charity may ask you for money, but if it makes you feel good to give the money, then the “donation” can be thought of as an exchange.
III. HOW HAS MARKETING EVOLVED A. As a very old practice, Marketing has evolved dramatically with changes to technology, population, and even the kinds of things that consumers value.
1. The Product Era of Marketing defined the historic roots of the Marketplace, in
which products for exchange were made by hand, few in number and made to last. Consequently, they were considered of high value.
2. The Production Era of Marketing in the 19th century introduced the concept of
Mass Production which allowed lots and lots of items to be made more and more cheaply – and that meant that not only was making things to last not a priority, it actually encouraged people to consider the items they exchanged disposable and replaceable. Copyright © 2021 Pearson Canada Inc. iv
3. The Sales Era reflected improvements in transportation and communication which allowed mass produced items to be marketed in more and more places around the world.
4. The Consumer Era reflected the rise of the middle-class consumer – people who had access to more and more choices and demanded more and more offerings.
5. The Societal Era in which we are currently operating is one in which many of the aspects of the previous eras still exist and have an impact on marketing efforts, but where marketers are being asked to consider their impact on the societies in which they operate, not just the interests of those with whom they trade.
IV. WHAT IS MARKETING’S ROLE WITHIN SOCIETY? A.
New Product Development – Most people should be aware that discoveries, inventions, new ideas, new technologies rarely just “happen” – there is often a long, rigorous, and methodical process used to identify, develop, and bring to market great new products.
B.
Creating Choice and Value – Part of a Marketer’s job is to identify consumer needs and provide them with a product solution that best satisfies that need. Marketers give consumers options, choices, and the ability to find products which suit their unique profile. These choices and options also allow consumers to compare and determine fair value compared to other product choices.
C.
Spreading of Culture – This is a controversial topic for some – for them, Marketing has negatively impacted culture, particularly local culture by creating a society obsessed with image and consumption. Others give Marketers credit for spreading and sharing appealing ideas and products, and contributing to the development of a global culture.
D.
Employment – No matter how broad or narrow a definition you may wish to apply to marketing and marketing-related jobs, the marketing industry and related and supporting industries account for 100,000s of jobs and career opportunities in Canada.
1. Marketing jobs within organizations – Most organizations have some sort of
individual or department responsible for their marketing activities, no matter how significant or small their activities are.
2. Support Industries – There are many people in Canada whose jobs rely on the
Marketing activities of organizations without actually being part of them. These jobs provide support services to the marketing efforts of organizations, for a fee, but not as employees.
V. CRITISISM OF MODERN MARKETING Copyright © 2021 Pearson Canada Inc. v