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Principles of Marketing

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Principles of Marketing ­ MGT301
VU
Lesson ­ 44
Learning objectives:
After reading this handout you will be able to learn the following areas.
A.
MARKETING
B.
SIMPLE MARKETING SYSTEM
C.
CORE CONCEPTS OF MARKETING
D.
CUSTOMER RELATIONSHIP MANAGEMENT
E.
MARKETING PHILOSOPHIES
F.
BCG MATRIX
G.
PRODUCT MARKET EXPANSION GRID
H.
MARKETING PROCESS
I.
MARKETING ENVIRONMENT
J.
MARKETING INFORMATION SYSTEM AND MARKETING RESEARCH
K.
CONSUMER BEHAVIOR
L.
MARKETING SEGMENTATION
M.
PRODUCT AND SERVICES
Marketing
Marketing involves having the right product available in the right place at the right time and
making sure that the customer is aware of the product.
Marketing is part of all of our lives and touches us in some way every day. To be successful each
company that deals with customers on a daily basis must not only be customer-driven, but
customer-obsessed. The best way to achieve this objective is to develop a sound marketing
function within the organization. Marketing is defined as "a social and managerial process by
which individuals and groups obtain what they need and want through creating and exchanging
products and value with others." Marketing is a key factor in business success. The marketing
function not only deals with the production and distribution of products and services, but it also is
concerned with the ethical and social responsibility functions found in the domestic and global
environment. Marketers must also be aware of customer value and customer satisfaction and make
these concepts a central part of the firm's strategic plan. Marketing must also be aware of and
respond to change. Four of the greatest changes that have had an impact on the way companies
bring value to their customers are the explosive growth of the computer, the Internet,
telecommunications, and information technology. Marketing and its core concepts, the exchange
relationship, the major philosophies of marketing thought and practice, customer relationship
management
What is Marketing?
a. Creating customer value and satisfaction are at the very heart of modern
marketing thinking and practice.
b. A very simple definition of marketing is managing profitable customer
relationships.
1). The twofold goal of marketing is to attract new customers by promising
superior value and to keep and grow current customers by delivering
satisfaction.
2). Sound marketing is critical to the success of every organization.
c. You already know a lot about marketing--it's all around you.
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D. Simple Marketing System
Participants in a simple marketing system:
1.
Producer/ seller
2.
Consumer
1.
Producer/ seller
3.
Communication
2.
Consumer
4.
Product/ service
3.
Communication
5.
Money
4.
Product/ service
6.
Feedback
5.
Money
6.
Feedback
E. Core Marketing Concepts
Core Marketing Concepts:
Simple Marketing
1. Needs, wants, and demands
System
2. Products and Services
3. Value, satisfaction, and quality
Communication
4. Exchange, transactions, and relationships
Product/Service
5. Markets
Producer/Seller
Consumer
Money
Feedback
Pr
ts,
od
an ds
uc
Se and ts
,w
ds man
rvi
ce
e
Ne d de
s
1. Needs, wants, and demands
an
Needs: Human needs are the most basic
Core
Core
concept underlying marketing. A human
Markettiing
Marke ng
need is a state of felt deprivation.
Conceptts
Concep s
1). Humans have many complex
needs.
a). Basic, physical needs for
Exchange,
transactions,
food, clothing, warmth, and safety.
and relationships
b). Social needs for belonging
and affection.
c). Individual needs for knowledge and self-expression.
2). These needs are part of the basic human makeup.
Demands: Another concept in marketing is human wants. A human want is the form that a
human need takes as shaped by culture and individual personality.
Demands: are human wants that are backed by buying power.
Consumers view products as bundles of benefits and choose products that give them the best
bundle for their money. Outstanding marketing companies go to great lengths to learn about and
understand their customer's needs, wants, and demands.
2. Products and Services
Marketing Offers--Products, Services, and Experiences
Companies address needs by putting forth a value proposition, a set of benefits that they promise
to consumers to satisfy their needs.
a. The value proposition is fulfilled through a marketing offer--some combination of
products, services, information, or experiences offered to a market to satisfy a need
or want.
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b. The concept of product is not limited to physical objects and can include
experiences, persons, places, organizations, information, and ideas.
c. Be careful of paying attention to the product and not the benefit being satisfied.
d. "Marketing myopia" is caused by shortsightedness or losing sight of
underlying customer needs by only focusing on existing wants.
e. Smart marketers create brand meaning and brand experiences for
consumers.
3. Value, satisfaction
Customer value: is the difference between the values that the customer gains from owning and
using a product and the costs of obtaining the product. Customers form expectations about the
value of various marketing offers and buy accordingly.
Customer satisfaction: depends on a product's perceived performance in delivering value relative
to a buyer's expectations. Customer satisfaction is a key influence on future buying behavior.
1). Marketers must be careful to set the right level of expectations.
2). Customer value and customer satisfaction are key building blocks for
developing and
managing customer relationships.
4. Exchange, transactions, and relationships
Marketing occurs when people decide to satisfy needs and wants through
exchange.
Exchange is the act of obtaining a desired object from someone by offering something in return.
Whereas exchange is a core concept of marketing, a transaction (a trade of values between two
parties) is marketing's unit of measurement. Most involve money, a response, and action.
Marketing consists of actions taken to build and maintain desirable exchange relationships with
target audiences involving a product, service, idea, or other object.
5. Markets
The concepts of exchange and relationships lead to the concept of a market. A market is the set of
actual and potential buyers of a product.
1). originally a "market" was a place where buyers and sellers gathered to exchange goods (such as
a village square).
2). Economists use the term to designate a collection of buyers and sellers who transact in a
particular product class (as in the grain or housing market).
3). Marketers see buyers as constituting a market and sellers constituting an industry.
4). Marketers are keenly interested in markets.
F. Customer Relationship Management
Customer relationship management (CRM) has been defined narrowly as a customer database
management activity.
Customer relationship management. "is the overall process of building and maintaining profitable
customer
relationships
by
delivering
superior
customer
value and satisfaction?"
1). Today, customer relationship management is seen as the overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction.
2). Traditional marketing practices focused on attracting new customers rather than retaining
existing ones. The move today, however, is toward building long-term relationships with customers
and other stakeholders.
G. Marketing Philosophies
There are five alternative concepts under which organizations conduct their marketing activities:
the production, product, selling, marketing, and societal marketing concepts.
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The Production Concept
The production concept holds that consumers will favor products that are available and highly
affordable and that management should, therefore, focus on improving production and
distribution efficiency. This is one of the oldest philosophies that guide sellers.
The production concept is useful when:
1). Demand for a product exceeds the supply.
2). The product's cost is too high and improved productivity is needed to bring it down.
The risk with this concept is in focusing too narrowly on company operations. Do not ignore the
desires of the market. This concept can lead to "marketing myopia."
The Product Concept
The product concept states that consumers will favor products that offer the most quality,
performance, and features, and that the organization should, therefore, devote its energy to making
continuous product improvements.
1). some manufacturers mistakenly believe that if they "build a better mousetrap," Consumers will
beat a path to their door just for their product.
2). the product concept can also lead to "marketing myopia," the failure to see the challenges being
presented by other products.
The Selling Concept
Many organizations follow the selling concept. The selling concept is the idea that consumers will
not buy enough of the organization's products unless the
organization undertakes a large-
scale selling and promotion effort.
1). this concept is typically practiced with unsought goods (those that buyers do not normally think
of buying).
2). to be successful with this concept, the organization must be good at tracking down the
interested buyer and selling them on the product benefits.
3). Industries that use this concept usually have overcapacity. Their aim is to sell what they make
rather than make what will sell in the market.
4). There are not only high risks with this approach but low satisfaction by
customers.
The Marketing Concept
The marketing concept holds that achieving organizational goals depends on determining the
needs and wants of target markets and delivering the desired satisfactions more effectively and
efficiently than competitors do.
Under the marketing concept, customer focus and value are paths to sales and profits. The
marketing and selling concepts are often confused. The primary differences are:
1). The selling concept takes an "inside-out" perspective (focuses on existing products and uses
heavy promotion and selling efforts).
2). The marketing concept takes an "outside-in" perspective (focuses on customer needs, values,
and satisfactions).
Many companies claim to adopt the marketing concept but really do not unless they commit to
market-focused and customer-driven philosophies.
1). Customer-driven companies research current customers to learn about their desires,
gather new product and service ideas, and test proposed product improvements.
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2). Such customer-driven marketing usually works well in a situation of clear need and when
customers know what they want.
3). When customers do not know what they want, marketers can try customer-driving
marketing--understanding customer needs even better than customers themselves do, and creating
products and services that will meet existing and latent needs now and in the future.
The Societal Marketing Concept
The societal marketing concept holds that the organization should determine the needs, wants, and
interests of target markets. It should then deliver the desired satisfactions more effectively and
efficiently than competitors in a way that maintains or improves the consumer's and the society's
well-being.
1). The societal marketing concept is the newest of the marketing philosophies.
2). It questions whether the pure marketing concept is adequate given the wide variety of societal
problems and ills.
3). According to the societal marketing concept, the pure marketing concept overlooks possible
conflicts between short-run consumer wants and long- run consumer welfare.
4). The societal concept calls upon marketers to balance three considerations in setting their
marketing policies:
a). Company profits.
b). Customer wants.
c). Society's interests.
5). It has become good business to consider and think of society's interests when the organization
makes marketing decisions.
H. Boston Consulting Group
Using the matrix, four
types of SBUs can be
identified:
20%-
Stars
Question marks
a). Stars are high-
4
?
?
18%-
1
3
growth,
high-share
?
16%-
businesses
or
14%-
5
2
products (they need
12%-
10%-
heavy investment to
Dogs
Cash cow
8%-
finance  their  rapid
8
6%-
growth potential).
4%-
b). Cash Cows are
6
2%-
7
low-growth,
high-
0
share businesses or
10x
4x
2x 1.5x
1x
.5x .4x .3x .2x .1x
products  (they  are
Relative market share
established,
successful, and need
less investment to hold share).
c). Question Marks are low-share business units in high-growth markets (they require a lot of
cash to hold their share).
d). Dogs are low-growth, low-share businesses and products (they may generate enough cash to
maintain them, but do not have much future).
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I. Product/Market Expansion Grid
Companies should always be looking to the
future. One useful device for identifying
Current
New
growth opportunities for the future is the
products
products
product/market
expansion
grid.
The
Market-
Product-
product/market expansion grid is a portfolio-
Current
penetration
development
planning tool for identifying company growth
markets
strategy
strategy
opportunities through:
1). Market Penetration--making more sales
Market-
New
(Diversification
to
present
customers
without
development
markets
strategy)
strategy
changing products in any way (example,
adding more stores).
2). Market Development--a strategy for
company growth by identifying a developing new markets for current company products (example,
demographic and geographical markets).
3). Product Development--a strategy for company growth by offering modified or new products
to current markets.
4). Diversification--a strategy for company growth by starting up or acquiring businesses outside
the company's current products and markets.
J. Marketing Process
Once the strategic plan has defined the company's overall mission and objectives, Marketing plays
a role in carrying out these objectives. The marketing process is the process of analyzing market
opportunities, selecting target markets, developing the marketing mix, and managing the marketing
effort. Target customers stand at the center of the marketing process. The goal is to make strong
and profitable connections with these customers.
K. Marketing Environment
In order to correctly identify opportunities and monitor threats, the company must begin with a
thorough understanding of the marketing environment in which the firm operates. The marketing
environment consists of all the actors and forces outside marketing that affect the marketing
management's ability to develop and maintain successful relationships with its target customers.
Though these factors and forces may vary depending on the specific company and industrial
group, they can generally be divided into broad micro-environmental and macro-environmental
components. For most companies, the micro-environmental components are: the company,
suppliers, marketing channel firms (intermediaries), customer markets, competitors, and publics.
The macro-environmental components are thought to be: demographic, economic, natural,
technological, political, and cultural forces. The wise marketing manager knows that he or she
cannot always affect environmental forces. Smart managers can take a proactive, rather than
reactive, approach to the marketing environment.
As a company's marketing management collects and processes data on these environments, it must
be ever vigilant in its efforts to apply what it learns to developing opportunities and dealing with
threats. Studies have shown that excellent companies not only have a keen sense of customer but
an appreciation of the environmental forces swirling around them. By constantly looking at the
dynamic changes that are occurring in the aforementioned environments, companies are better
prepared to adapt to change, prepare long-range strategy, meet the needs of today's and
tomorrow's customers, and compete with the intense competition present in the global
marketplace.
L. Marketing Information System and Marketing Research
In carrying out their marketing responsibilities, marketing managers need a great deal of
information. "Information is power" is a legitimate statement. Despite the importance and growing
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supply of information, managers often lack enough information of the right kind or have too much
of the wrong kind to make the critical decisions necessary to be successful in our highly
competitive global marketplace. Most marketing managers don't need more information, they need
better information. To overcome these problems, many companies are taking steps to improve
their marketing information systems. A commitment to an information system is not just a
technological commitment but a corporate culture commitment as well.
A well-designed marketing information system (MIS) first assesses information needs. The MIS
next develops needed information (generally from internal company data, marketing intelligence
activities, marketing research, and information analysis procedures and sources). Finally, the MIS
distributes information to managers in the right form at the right time to help them make better
marketing decisions. Once the system is in place and functioning, decision-making becomes easier
and better. Few firms with efficient information systems fail in the marketplace.
Marketing research, which is one of the components of an information system, involves
collecting information relevant to a specific marketing problem facing the company. The marketing
research process consists of four steps: defining the problem and research objectives, developing
the research plan, implementing the research plan, and interpreting and reporting the findings. In
addition to traditional sources of information that can now be used for marketing research, online
databases and Internet data sources are becoming more important to the marketing research
process.
Marketing research is the systematic design, collection, analysis, and reporting of data and
findings relevant to a specific marketing situation facing an organization.
1). Every marketer needs research.
2). Marketing research can be done by an internal department or it can be done by an outside firm.
The marketing research process consists of four steps: defining the problem and research
objectives, developing the research plan, implementing the research plan, and interpreting and
reporting the findings.
Step 1--Problem Definition and the Research Objectives
Step 2-- Developing the Research Plan
Step 3 -- Implementation
Step 4-- Interpretation and Reporting of Findings
M. Consumer Buying Behavior
Markets (and those which they serve) have to be understood before marketing strategies can be
developed. The consumer market buys goods and services for personal consumption. With respect
to the individuals in the consumer market, the behavior of the consumer is influenced by the
buyer's decision process. Buyer characteristics include four major factors: cultural, social, personal,
and psychological. Each of these factors is explored in detail. Relationships are drawn between the
factors (and factor subparts) and the consumption purchases made by consumers. Because many
of these factors are deep and long lasting in their effect, the marketing manager should pay special
attention to acquiring information about them with respect to the organization's target markets.
Decisions vary based on the degree of buyer involvement and the degree of differences among
brands. For new products, special situations affect the consumer choice decision. It has been
found that consumers respond at different rates (depending on consumer and product
characteristics), gain knowledge about the products in different ways, and become aware of
"newness" with varying rates of consideration. Factors that speed the rate of adoption of new
products are covered and explained. Understanding consumer behavior is difficult enough for
companies marketing within the borders of a single country. The problem is compounded when a
firm attempts to market in the global environment.
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Consumer Black Box
Product
Economic
a) Consumers make many
Price
Markettiing and
Marke ng and
buying decisions every
Technological
Otther Sttiimullii
Place
O her S mu
day.
Political
Promotion
b) A model of consumer
Cultural
behavior helps managers
Buyer
Buyer's decision
Buyerr'sBllackBox
Buye 's Back Box
answer questions about
characteristics
process
"whatt"& "how"
"wha" & "how"
affecting
what  consumers  buy,
consumer
where they buy, how and
behavior
how much they buy,
when they buy, and why
Purchase timing
Buyer''s Response
Product choice
Buyer s Response
they buy.
Purchase
Brand choice
quantity
1). Learning about the what, where,
Dealer choice
when, and how much is fairly easy.
2).
Learning
about the "why" is much more difficult.
c) The central question is: How do consumers respond to various marketing efforts
the company might use.
d) The stimulus-response model of buyer behavior shows that marketing (made up of
the four P's--product, price, place, and promotion) and other stimuli (such as the
economic, technological, political, and cultural environments) center on the
consumer's "black box" and produce certain responses.
e) Marketers must figure out what is "in" the consumer's "black box."
f) The "black box" has two parts.
1). The buyer's characteristics influence how he or she perceive and react to stimuli.
2). The buyer's decision process itself affects the buyer's behavior.
N. Market Segmentation
Market Segmentation: "Dividing a market into distinct groups with distinct needs,
characteristics, or behavior who might require separate products or marketing mixes".
Market segmentation provides a method to divide or segment the market into narrow segments
(using a variety of different meaningful variables--these variables or bases are discussed at length
in the chapter) that can be better reached with the resources of the marketer. Market targeting
examines each of the designated segment's attractiveness and chooses one or more that match the
marketing desires and objectives of the organization. Various coverage strategies are explained and
detailed.
The concept of market positioning arranges for a product to occupy a clear, distinctive, and
desirable place relative to competition. Various methods for achieving significant differentiation
are explained and illustrated. The above three steps aid the marketer in effectively arranging the
company's marketing mix so that the likelihood of consumer response and competitive advantage
is maximized by the organization.
Segmentation Variables
Geographical segmentation
Demographic segmentation
Psychographic segmentation
Behavioral segmentation
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Requirements for Effective Segmentation
Size, purchasing power, profiles of
Measurable
segments can be measured.
Segments must be effectively
Accessible
reached and served.
Segments must be large or
profitable enough to serve.
Substantial
Segments must respond
differently to different marketing
Differential
mix elements & actions.
Must be able to attract and serve
Actionable
the segments.
Product & services
Product is a complex concept that must be carefully defined. As the first of the four marketing mix
variables, it is often where strategic planning begins. Product strategy calls for making coordinated
decisions on individual products, product lines, and the product mix. Products and services can be
thought of as occupying three levels: the core product, the actual product, and the augmented
product. Consumer products are usually classified according to how consumers buy them
(convenience, shopping, specialty, or unsought products). Industrial goods are classified according
to whether materials and parts, capital items, and supplies and services are produced. The primary
difference between industrial and consumer goods is the purpose for which the product is bought.
In addition to tangible products and services, in recent years marketers have broadened the
concept of a product to include other "marketable entities"--namely, organizations, persons,
places, and ideas. Whether an organization is classed as profit or nonprofit, marketing has a role to
play in the entity. Political candidates and sports figures are perhaps the best examples of how
important marketing is to person marketing. With the growth of tourism marketing, many states,
nations, and attractions have learned how to market themselves effectively. Lastly, idea marketing
(primarily social marketing issues) has gained in popularity in the latter part of this century. Those
that study trends in marketing believe that all of the above areas will continue to grow and expand
in the years ahead.
Companies have to develop strategies for the items in their product lines. They must decide on
product attributes, branding, packaging, labeling, and product support services. Each of these areas
is explained so that the individual product decision is seen as a sequence of planned events. Most
companies produce a product line rather than a single product. Product line and product mix
decisions are critical to the success of the product in a competitive environment. The product mix
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describes the set of product lines and items offered to customers by a particular seller. Product
lines must be managed carefully. One way to do this is to examine how to stretch and fill lines. The
product mix is described by its width, length, depth, and consistency. Each of these tools helps the
planner to properly view the product so it can achieve competitive superiority and better product
strategy.
The twenty-first century may well indeed be the century of the brand. There has been renewed
interest in the concept of brand equity (the positive differential effect that knowing the brand
name has on customer response to the product or service). Solid brands counter cynical
consumers. Managing brand is an art that must be mastered by the successful marketer. This art is
increasingly difficult and complicated with the emergence of strong global brands and increasing
competition for consumer dollars. In reality, a brand's position will not take hold fully unless
everyone in the company lives the brand.
Services (although many times mentioned in the same breath as product) are different from
products. Because the United States has become a service economy, it is very important that the
marketer understand the strategies associated with the delivery of services. The characteristics of
services (intangibility, inseparability, variability, and perish-ability) are examined and detailed. The
ability to differentiate and produce high quality services is a must for the services marketer. Today,
successful companies focus on the creation of service-profit chains. To make these chains work, a
company may have to undertake internal and interactive marketing. Service productivity is as
important as manufacturing productivity.
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Table of Contents:
  1. PRINCIPLES OF MARKETING:Introduction of Marketing, How is Marketing Done?
  2. ROAD MAP:UNDERSTANDING MARKETING AND MARKETING PROCESS
  3. MARKETING FUNCTIONS:CUSTOMER RELATIONSHIP MANAGEMENT
  4. MARKETING IN HISTORICAL PERSPECTIVE AND EVOLUTION OF MARKETING:End of the Mass Market
  5. MARKETING CHALLENGES IN THE 21st CENTURY:Connections with Customers
  6. STRATEGIC PLANNING AND MARKETING PROCESS:Setting Company Objectives and Goals
  7. PORTFOLIO ANALYSIS:MARKETING PROCESS,Marketing Strategy Planning Process
  8. MARKETING PROCESS:Analyzing marketing opportunities, Contents of Marketing Plan
  9. MARKETING ENVIRONMENT:The Companyís Microenvironment, Customers
  10. MARKETING MACRO ENVIRONMENT:Demographic Environment, Cultural Environment
  11. ANALYZING MARKETING OPPORTUNITIES AND DEVELOPING STRATEGIES:MIS, Marketing Research
  12. THE MARKETING RESEARCH PROCESS:Developing the Research Plan, Research Approaches
  13. THE MARKETING RESEARCH PROCESS (Continued):CONSUMER MARKET
  14. CONSUMER BUYING BEHAVIOR:Model of consumer behavior, Cultural Factors
  15. CONSUMER BUYING BEHAVIOR (CONTINUED):Personal Factors, Psychological Factors
  16. BUSINESS MARKETS AND BUYING BEHAVIOR:Market structure and demand
  17. MARKET SEGMENTATION:Steps in Target Marketing, Mass Marketing
  18. MARKET SEGMENTATION (CONTINUED):Market Targeting, How Many Differences to Promote
  19. Product:Marketing Mix, Levels of Product and Services, Consumer Products
  20. PRODUCT:Individual product decisions, Product Attributes, Branding
  21. PRODUCT:NEW PRODUCT DEVELOPMENT PROCESS, Idea generation, Test Marketing
  22. NEW PRODUCT DEVELOPMENT:PRODUCT LIFE- CYCLE STAGES AND STRATEGIES
  23. KEY TERMS:New-product development, Idea generation, Product development
  24. Price the 2nd P of Marketing Mix:Marketing Objectives, Costs, The Market and Demand
  25. PRICE THE 2ND P OF MARKETING MIX:General Pricing Approaches, Fixed Cost
  26. PRICE THE 2ND P OF MARKETING MIX:Discount and Allowance Pricing, Segmented Pricing
  27. PRICE THE 2ND P OF MARKETING MIX:Price Changes, Initiating Price Increases
  28. PLACE- THE 3RD P OF MARKETING MIX:Marketing Channel, Channel Behavior
  29. LOGISTIC MANAGEMENT:Push Versus Pull Strategy, Goals of the Logistics System
  30. RETAILING AND WHOLESALING:Customer Service, Product Line, Discount Stores
  31. KEY TERMS:Distribution channel, Franchise organization, Distribution center
  32. PROMOTION THE 4TH P OF MARKETING MIX:Integrated Marketing Communications
  33. ADVERTISING:The Five Mís of Advertising, Advertising decisions
  34. ADVERTISING:SALES PROMOTION, Evaluating Advertising, Sales Promotion
  35. PERSONAL SELLING:The Role of the Sales Force, Builds Relationships
  36. SALES FORCE MANAGEMENT:Managing the Sales Force, Compensating Salespeople
  37. SALES FORCE MANAGEMENT:DIRECT MARKETING, Forms of Direct Marketing
  38. DIRECT MARKETING:PUBLIC RELATIONS, Major Public Relations Decisions
  39. KEY TERMS:Public relations, Advertising, Catalog Marketing
  40. CREATING COMPETITIVE ADVANTAGE:Competitor Analysis, Competitive Strategies
  41. GLOBAL MARKETING:International Trade System, Economic Environment
  42. E-MARKETING:Internet Marketing, Electronic Commerce, Basic-Forms
  43. MARKETING AND SOCIETY:Social Criticisms of Marketing, Marketing Ethics
  44. MARKETING:BCG MATRIX, CONSUMER BEHAVIOR, PRODUCT AND SERVICES
  45. A NEW PRODUCT DEVELOPMENT:PRICING STRATEGIES, GLOBAL MARKET PLACE