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Principles of Marketing, Twelfth Edition

by Philip Kotler - Northwestern University; Gary Armstrong - University of North Carolina

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Reviewers Agree: Kotler and Armstrong’s Text, i
Creates More Value for You, i
Copyright, vi
Dedication, vii
About the Authors, ix
Message from the Authors, xix
Preface, xxi
The Twelfth Edition—Creating More Value for You!, xxi
Marketing: Creating Customer Value and Relationships, xxi
Five Major Value Themes, xxi
Important Changes and Additions, xxii
Real Value through Real Marketing, xxiii
Valuable Learning Aids, xxiv
A Valuable Supplements Package, xxv
Supplements for Instructors, xxv
Supplements for Students, xxvii
More Valuable Resources, xxviii
Acknowledgments, xxxi
Twelfth Edition Reviewers, xxxi
Former Reviewers, xxxi
Part 1. Defining Marketing and the Marketing Process, 2
1. Marketing: Managing Profitable Customer Relationships, 2
What Is Marketing?, 4
Marketing Defined, 5
The Marketing Process, 5
Understanding the Marketplace and Customer Needs, 6
Customer Needs, Wants, and Demands, 6
Market Offerings—Products, Services, and Experiences, 6
Customer Value and Satisfaction, 7
Exchanges and Relationships, 7
Markets, 7
Designing a Customer-Driven Marketing Strategy, 8
Selecting Customers to Serve, 8
Choosing a Value Proposition, 9
Marketing Management Orientations, 9
Preparing an Integrated Marketing Plan and Program, 12
Building Customer Relationships, 12
Customer Relationship Management, 13
The Changing Nature of Customer Relationships, 16
Partner Relationship Management, 18
Capturing Value from Customers, 19
Creating Customer Loyalty and Retention, 20
Growing Share of Customer, 20
Building Customer Equity, 21
The New Marketing Landscape, 23
The New Digital Age, 23
Rapid Globalization, 25
The Call for More Ethics and Social Responsibility, 26
The Growth of Not-for-Profit Marketing, 27
So, What Is Marketing? Pulling It All Together, 28
Reviewing the Concepts, 29
Reviewing the Key Terms, 30
Discussing the Concepts, 30
Applying the Concepts, 31
Focus on Technology, 31
Focus on Ethics, 31
2. Company and Marketing Strategy: Partnering to Build Customer Relationships, 34
Companywide Strategic Planning: Defining Marketing’s Role, 36
Defining a Market-Oriented Mission, 37
Setting Company Objectives and Goals, 38
Designing the Business Portfolio, 39
Planning Marketing: Partnering to Build Customer Relationships, 44
Partnering with Other Company Departments, 45
Partnering with Others in the Marketing System, 46
Marketing Strategy and the Marketing Mix, 47
Customer-Driven Marketing Strategy, 48
Developing an Integrated Marketing Mix, 50
Managing the Marketing Effort, 52
Marketing Analysis, 52
Marketing Planning, 53
Marketing Implementation, 53
Marketing Department Organization, 54
Marketing Control, 55
Measuring and Managing Return on Marketing Investment, 56
Reviewing the Concepts, 57
Reviewing the Key Terms, 58
Discussing the Concepts, 59
Applying the Concepts, 59
Focus on Technology, 59
Focus on Ethics, 59
Part 2. Understanding the Marketplace and Consumers, 62
3. The Marketing Environment, 62
The Company’s Microenvironment, 64
The Company, 65
Suppliers, 65
Marketing Intermediaries, 65
Customers, 66
Competitors, 66
Publics, 67
The Company’s Macroenvironment, 67
Demographic Environment, 68
Economic Environment, 77
Natural Environment, 79
Technological Environment, 80
Political Environment, 82
Cultural Environment, 86
Responding to the Marketing Environment, 89
Reviewing the Concepts, 90
Reviewing the Key Terms, 90
Discussing the Concepts, 90
Applying the Concepts, 91
Focus on Technology, 91
Focus on Ethics, 91
4. Managing Marketing Information, 94
Assessing Marketing Information Needs, 97
Developing Marketing Information, 98
Internal Data, 98
Marketing Intelligence, 99
Marketing Research, 100
Defining the Problem and Research Objectives, 101
Developing the Research Plan, 101
Gathering Secondary Data, 102
Primary Data Collection, 103
Implementing the Research Plan, 110
Interpreting and Reporting the Findings, 111
Analyzing Marketing Information, 111
Customer Relationship Management (CRM), 112
Distributing and Using Marketing Information, 113
Other Marketing Information Considerations, 113
Marketing Research in Small Businesses and Nonprofit Organizations, 114
International Marketing Research, 117
Public Policy and Ethics in Marketing Research, 118
Reviewing the Concepts, 122
Reviewing the Key Terms, 123
Discussing the Concepts, 123
Applying the Concepts, 123
Focus on Technology, 123
Focus on Ethics, 124
5. Consumer Markets and Consumer Buyer Behavior, 128
Model of Consumer Behavior, 130
Characteristics Affecting Consumer Behavior, 131
Cultural Factors, 131
Social Factors, 134
Personal Factors, 139
Psychological Factors, 142
Types of Buying Decision Behavior, 145
Complex Buying Behavior, 145
Dissonance-Reducing Buying Behavior, 146
Habitual Buying Behavior, 146
Variety-Seeking Buying Behavior, 147
The Buyer Decision Process, 147
Need Recognition, 147
Information Search, 147
Evaluation of Alternatives, 148
Purchase Decision, 148
Postpurchase Behavior, 149
The Buyer Decision Process for New Products, 150
Stages in the Adoption Process, 150
Individual Differences in Innovativeness, 151
Influence of Product Characteristics on Rate of Adoption, 152
Consumer Behavior Across International Borders, 153
Reviewing the Concepts, 153
Reviewing the Key Terms, 154
Discussing the Concepts, 154
Applying the Concepts, 154
Focus on Technology, 155
Focus on Ethics, 155
6. Business Markets and Business Buyer Behavior, 158
Business Markets, 160
Market Structure and Demand, 161
Nature of the Buying Unit, 162
Types of Decisions and the Decision Process, 162
Business Buyer Behavior, 162
Major Types of Buying Situations, 163
Participants in the Business Buying Process, 166
Major Influences on Business Buyers, 167
The Business Buying Process, 169
E-Procurement: Buying on the Internet, 172
Institutional and Government Markets, 174
Institutional Markets, 174
Government Markets, 174
Reviewing the Concepts, 176
Reviewing the Key Terms, 177
Discussing the Concepts, 177
Applying the Concepts, 177
Focus on Technology, 177
Focus on Ethics, 178
Part 3. Designing a Customer-Driven Marketing Strategy and Integrated Marketing Mix, 182
7. Customer-Driven Marketing Strategy: Creating Value for Target Customers, 182
Market Segmentation, 185
Segmenting Consumer Markets, 185
Segmenting Business Markets, 192
Segmenting International Markets, 193
Requirements for Effective Segmentation, 194
Market Targeting, 195
Evaluating Market Segments, 195
Selecting Target Market Segments, 195
Socially Responsible Target Marketing, 202
Differentiation and Positioning, 203
Positioning Maps, 203
Choosing a Differentiation and Positioning Strategy, 203
Communicating and Delivering the Chosen Position, 210
Reviewing the Concepts, 211
Reviewing the Key Terms, 211
Discussing the Concepts, 212
Applying the Concepts, 212
Focus on Technology, 212
Focus on Ethics, 212
8. Product, Services, and Branding Strategy, 216
What Is a Product?, 218
Products, Services, and Experiences, 218
Levels of Product and Services, 219
Product and Service Classifications, 220
Product and Service Decisions, 223
Individual Product and Service Decisions, 223
Product Line Decisions, 228
Product Mix Decisions, 229
Branding Strategy: Building Strong Brands, 230
Brand Equity, 230
Building Strong Brands, 231
Managing Brands, 238
Services Marketing, 239
Nature and Characteristics of a Service, 239
Marketing Strategies for Service Firms, 240
Reviewing the Concepts, 245
Reviewing the Key Terms, 246
Discussing the Concepts, 246
Applying the Concepts, 246
Focus on Technology, 247
Focus on Ethics, 247
9. New-Product Development and Product Life-Cycle Strategies, 250
New-Product Development Strategy, 253
The New-Product Development Process, 254
Idea Generation, 254
Idea Screening, 256
Concept Development and Testing, 257
Marketing Strategy Development, 258
Business Analysis, 259
Product Development, 259
Test Marketing, 260
Commercialization, 262
Managing New-Product Development, 263
Customer-Centered New-Product Development, 263
Team-Based New-Product Development, 264
Systematic New-Product Development, 264
Product Life-Cycle Strategies, 267
Introduction Stage, 269
Growth Stage, 270
Maturity Stage, 270
Decline Stage, 271
Additional Product and Service Considerations, 274
Product Decisions and Social Responsibility, 274
International Product and Services Marketing, 275
Reviewing the Concepts, 276
Reviewing the Key Terms, 277
Discussing the Concepts, 277
Applying the Concepts, 277
Focus on Technology, 277
Focus on Ethics, 278
10. Pricing Products: Understanding and Capturing Customer Value, 282
What Is a Price?, 284
Factors to Consider When Setting Prices, 285
Value-Based Pricing, 285
Company and Product Costs, 288
Other Internal and External Considerations Affecting Price Decisions, 293
Reviewing the Concepts, 300
Reviewing the Key Terms, 300
Discussing the Concepts, 301
Applying the Concepts, 301
Focus on Technology, 301
Focus on Ethics, 301
11. Pricing Products: Pricing Strategies, 306
New-Product Pricing Strategies, 308
Market-Skimming Pricing, 308
Market-Penetration Pricing, 309
Product Mix Pricing Strategies, 309
Product Line Pricing, 309
Optional-Product Pricing, 310
Captive-Product Pricing, 310
By-Product Pricing, 311
Product Bundle Pricing, 312
Price-Adjustment Strategies, 312
Discount and Allowance Pricing, 312
Segmented Pricing, 312
Psychological Pricing, 314
Promotional Pricing, 316
Geographical Pricing, 317
Dynamic Pricing, 318
International Pricing, 320
Price Changes, 320
Initiating Price Changes, 320
Responding to Price Changes, 322
Public Policy and Pricing, 323
Pricing Within Channel Levels, 324
Pricing Across Channel Levels, 324
Reviewing the Concepts, 327
Reviewing the Key Terms, 327
Discussing the Concepts, 328
Applying the Concepts, 328
Focus on Technology, 328
Focus on Ethics, 328
12. Marketing Channels and Supply Chain Management, 332
Supply Chains and the Value Delivery Network, 334
The Nature and Importance of Marketing Channels, 335
How Channel Members Add Value, 336
Number of Channel Levels, 338
Channel Behavior and Organization, 338
Channel Behavior, 339
Vertical Marketing Systems, 340
Horizontal Marketing Systems, 343
Multichannel Distribution Systems, 343
Changing Channel Organization, 344
Channel Design Decisions, 346
Analyzing Consumer Needs, 347
Setting Channel Objectives, 347
Identifying Major Alternatives, 348
Evaluating the Major Alternatives, 349
Designing International Distribution Channels, 349
Channel Management Decisions, 350
Selecting Channel Members, 350
Managing and Motivating Channel Members, 350
Evaluating Channel Members, 351
Public Policy and Distribution Decisions, 351
Marketing Logistics and Supply Chain Management, 352
Nature and Importance of Marketing Logistics, 352
Goals of the Logistics System, 353
Major Logistics Functions, 354
Integrated Logistics Management, 356
Reviewing the Concepts, 358
Reviewing the Key Terms, 359
Discussing the Concepts, 359
Applying the Concepts, 359
Focus on Technology, 360
Focus on Ethics, 360
13. Retailing and Wholesaling, 364
Retailing, 367
Types of Retailers, 367
Retailer Marketing Decisions, 374
The Future of Retailing, 381
Wholesaling, 385
Types of Wholesalers, 386
Wholesaler Marketing Decisions, 388
Trends in Wholesaling, 389
Reviewing the Concepts, 390
Reviewing the Key Terms, 391
Discussing the Concepts, 391
Applying the Concepts, 391
Focus on Technology, 391
Focus on Ethics, 392
14. Communicating Customer Value: Integrated Marketing Communications Strategy, 396
The Promotion Mix, 398
Integrated Marketing Communications, 399
The New Marketing Communications Landscape, 399
The Shifting Marketing Communications Model, 399
The Need for Integrated Marketing Communications, 400
A View of the Communication Process, 402
Steps in Developing Effective Communication, 404
Identifying the Target Audience, 404
Determining the Communication Objectives, 404
Designing a Message, 405
Choosing Media, 407
Selecting the Message Source, 409
Collecting Feedback, 411
Setting the Total Promotion Budget and Mix, 412
Setting the Total Promotion Budget, 412
Shaping the Overall Promotion Mix, 413
Integrating the Promotion Mix, 417
Socially Responsible Marketing Communication, 418
Advertising and Sales Promotion, 418
Personal Selling, 419
Reviewing the Concepts, 419
Reviewing the Key Terms, 420
Discussing the Concepts, 420
Applying the Concepts, 420
Focus on Technology, 420
Focus on Ethics, 420
15. Advertising and Public Relations, 424
Advertising, 426
Setting Advertising Objectives, 426
Setting the Advertising Budget, 428
Developing Advertising Strategy, 428
Evaluating Advertising Effectiveness and Return on Advertising Investment, 438
Other Advertising Considerations, 439
Public Relations, 441
The Role and Impact of Public Relations, 441
Major Public Relations Tools, 442
Reviewing the Concepts, 445
Reviewing the Key Terms, 445
Discussing the Concepts, 445
Applying the Concepts, 446
Focus on Technology, 446
Focus on Ethics, 446
16. Personal Selling and Sales Promotion, 450
Personal Selling, 452
The Nature of Personal Selling, 452
The Role of the Sales Force, 453
Managing the Sales Force, 454
Designing Sales Force Strategy and Structure, 454
Recruiting and Selecting Salespeople, 459
Training Salespeople, 460
Compensating Salespeople, 461
Supervising and Motivating Salespeople, 462
Evaluating Salespeople and Sales-Force Performance, 464
The Personal Selling Process, 466
Steps in the Selling Process, 466
Personal Selling and Customer Relationship Management, 468
Sales Promotion, 468
Rapid Growth of Sales Promotion, 469
Sales Promotion Objectives, 469
Major Sales Promotion Tools, 470
Developing the Sales Promotion Program, 473
Reviewing the Concepts, 473
Reviewing the Key Terms, 474
Discussing the Concepts, 474
Applying the Concepts, 475
Focus on Technology, 475
Focus on Ethics, 475
17. Direct and Online Marketing: Building Direct Customer Relationships, 478
The New Direct-Marketing Model, 480
Growth and Benefits of Direct Marketing, 481
Benefits to Buyers, 482
Benefits to Sellers, 482
Customer Databases and Direct Marketing, 483
Forms of Direct Marketing, 484
Direct-Mail Marketing, 484
Catalog Marketing, 485
Telephone Marketing, 487
Direct-Response Television Marketing, 488
Kiosk Marketing, 491
New Digital Direct Marketing Technologies, 491
Online Marketing, 493
Marketing and the Internet, 493
Online Marketing Domains, 494
Types of Online Marketers, 496
Setting Up an Online Marketing Presence, 498
The Promise and Challenges of Online Marketing, 504
Integrated Direct Marketing, 505
Public Policy Issues in Direct Marketing, 506
Irritation, Unfairness, Deception, and Fraud, 506
Invasion of Privacy, 507
A Need for Action, 508
Reviewing the Concepts, 509
Reviewing the Key Terms, 510
Discussing the Concepts, 510
Applying the Concepts, 510
Focus on Technology, 510
Focus on Ethics, 511
Part 4. Extending Marketing, 514
18. Creating Competitive Advantage, 514
Competitor Analysis, 516
Identifying Competitors, 517
Assessing Competitors, 518
Selecting Competitors to Attack and Avoid, 520
Designing a Competitive Intelligence System, 522
Competitive Strategies, 522
Approaches to Marketing Strategy, 522
Basic Competitive Strategies, 523
Competitive Positions, 527
Market Leader Strategies, 527
Market Challenger Strategies, 530
Market Follower Strategies, 531
Market Nicher Strategies, 531
Balancing Customer and Competitor Orientations, 534
Reviewing the Concepts, 535
Reviewing the Key Terms, 535
Discussing the Concepts, 535
Applying the Concepts, 535
Focus on Technology, 535
Focus on Ethics, 536
19. The Global Marketplace, 540
Global Marketing Today, 542
Looking at the Global Marketing Environment, 544
The International Trade System, 544
Economic Environment, 546
Political-Legal Environment, 548
Cultural Environment, 548
Deciding Whether to Go Global, 551
Deciding Which Markets to Enter, 552
Deciding How to Enter the Market, 552
Exporting, 552
Joint Venturing, 553
Direct Investment, 555
Deciding on the Global Marketing Program, 555
Product, 556
Promotion, 559
Price, 561
Distribution Channels, 562
Deciding on the Global Marketing Organization, 563
Reviewing the Concepts, 563
Reviewing the Key Terms, 564
Discussing the Concepts, 564
Applying the Concepts, 564
Focus on Technology, 564
Focus on Ethics, 565
20. Marketing Ethics and Social Responsibility, 568
Social Criticisms of Marketing, 571
Marketing’s Impact on Individual Consumers, 571
Marketing’s Impact on Society as a Whole, 577
Marketing’s Impact on Other Businesses, 580
Citizen and Public Actions to Regulate Marketing, 581
Consumerism, 581
Environmentalism, 582
Public Actions to Regulate Marketing, 585
Business Actions toward Socially Responsible Marketing, 586
Enlightened Marketing, 586
Marketing Ethics, 591
Reviewing the Concepts, 595
Reviewing the Key Terms, 596
Discussing the Concepts, 596
Applying the Concepts, 596
Focus on Technology, 596
Focus on Ethics, 596
Appendix 1. Marketing Plan, A-1
The Marketing Plan: An Introduction, A-1
The Purpose and Content of a Marketing Plan, A-1
The Role of Research, A-1
The Role of Relationships, A-2
From Marketing Plan to Marketing Action, A-2
Sample Marketing Plan for Sonic, A-2
Executive Summary, A-2
Current Marketing Situation, A-2
Product Review, A-3
Strengths, Weaknesses, Opportunities, and Threat Analysis, A-5
Objectives and Issues, A-6
Marketing Strategy, A-7
Marketing Plan Tools, A-9
Appendix 2. Marketing by the Numbers, A-11
Pricing, Break-Even, and Margin Analysis, A-11
Pricing Considerations, A-11
Break-Even and Margin Analysis, A-13
Marketing by the Numbers Exercise Set One, A-16
Demand Estimates, the Marketing Budget, and Marketing Performance Measures, A-16
Market Potential and Sales Estimates, A-16
The Profit-and-Loss Statement and Marketing Budget, A-18
Marketing Performance Measures, A-19
Marketing by the Numbers Exercise Set Two, A-22
Financial Analysis of Marketing Tactics, A-22
Increase Advertising Expenditures, A-23
Increase Distribution Coverage, A-23
Decrease Price, A-24
Extend the Product Line, A-24
Marketing by the Numbers Exercise Set Three, A-25
Appendix 3. Careers In Marketing, A-27
Marketing Careers Today, A-27
Overall Marketing Facts and Trends, A-27
Looking for a Job in Today’s Marketing World, A-28
Conduct a Self-Assessment and Seek Career Counseling, A-28
Examine Job Descriptions, A-28
Explore the Job Market and Assess Opportunities, A-29
Develop Search Strategies, A-30
Prepare a Résumé, A-30
Write Cover Letter, Follow Up, and Assemble Supporting Documents, A-31
Interview for Jobs, A-32
Follow Up, A-33
Marketing Jobs, A-33
Advertising, A-33
Brand and Product Management, A-34
Sales and Sales Management, A-35
Other Marketing Jobs, A-35
Other Resources, A-37
References, R-1
Chapter 1, R-1
Chapter 2, R-3
Chapter 3, R-4
Chapter 4, R-6
Chapter 5, R-7
Chapter 6, R-9
Chapter 7, R-10
Chapter 8, R-11
Chapter 9, R-13
Chapter 10, R-15
Chapter 11, R-15
Chapter 12, R-16
Chapter 13, R-17
Chapter 14, R-19
Chapter 15, R-20
Chapter 16, R-21
Chapter 17, R-22
Chapter 18, R-25
Chapter 19, R-26
Chapter 20, R-28
Appendix B, R-29
Glossary, G-1
Credits, C-1
Name Index, i-1
Subject Index, i-12

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