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A/B testing: A method of comparing two versions of a product or marketing campaign to determine which performs better. Brand awareness: The degree to which consumers are familiar with a brand and recognize it when they see it. Customer segmentation: The pr...

LEARNING OUTCOMES By the end of this section, you will be able to: 1 Define and describe the marketing mix. 2 List and explain the 4Ps of marketing. Marketing Mix Defined Having a great product or service is just the first step i...

5Ms of marketing internal elements of a marketing plan that need to be resolved if the plan is successful buyer a person or institution that purchases goods or services consumer the final user of a purchased product or service customer a p...

This chapter introduces the basic concepts of marketing, including adding value to a company’s business. Marketing begins with strategy and relies on creating and delivering value to customers. It is crucial for marketers to understand exactly what customers v...

  LEARNING OUTCOMES By the end of this section, you will be able to: 1 Define ethical marketing. 2 Describe the importance of ethical marketing. 3 Explain the dos and don’ts of ethical marketing. Ethical Marketing Defined As th...

LEARNING OUTCOMES By the end of this section, you will be able to: 1 Define customer relationship management (CRM). 2 Describe the impact of CRM on customer loyalty and retention. 3 Explain how CRM builds customer equity. The Imp...

LEARNING OUTCOMES By the end of this section, you will be able to: 1 Explain how an organization identifies consumer needs and wants. 2 Describe the process through which an organization satisfies consumer needs and wants. Ident...

LEARNING OUTCOMES By the end of this section, you will be able to: 1 Describe the production concept. 2 Define the product concept. 3 Discuss the selling concept. 4 Explain the marketing concept. 5 Summarize the societal marketing concept and...

LEARNING OUTCOMES By the end of this section, you will be able to: 1 Define and describe the marketing environment. 2 Explain the components of the marketing environment. 3 Identify and describe the internal factors of the marketing environment...

LEARNING OUTCOMES By the end of this section, you will be able to: 1 Define and describe marketing. 2 Describe the benefits of marketing to the organization, its interested parties, and society. 3 Explain the marketing process. ...

Ethics: Principles that guide the behavior of a person or organization, particularly in regards to moral duties and obligations. Social responsibility: The idea that businesses have a responsibility to consider the social and environmental consequence...

Welcome to Principles of Marketing! Some people may mistakenly believe that marketing skills can only be applied to marketing tasks, but the fact is that marketing isn’t only for marketers. Studying marketing is essential in almost any career field, because it...

Figure 1.1 Gatorade remains a market-leading product due to parent company Pepsi’s success with the marketing mix—product, price, place, and promotion. (credit: modification of work “Gatorade” by JeepersMedia/flickr, CC BY 2.0) Chapter Outline 1.1 Market...

LEARNING OBJECTIVES By the end of this section, you will be able to: Describe the role of ethics in a business environment Explain what it means to be a professional of integrity Distinguish between ethical and legal responsibilities Describe th...

Figure 1.1 Each of us makes innumerable decisions every day. In a business context, these choices have consequences for ourselves and others whom we must take into account in our decision-making process. (credit: modification of “business paper office laptop” ...

Advertising: The practice of promoting a product, service, or idea through various media, such as print, radio, television, and online platforms. Brand: A distinctive name, logo, or symbol that represents a company or product. A strong brand helps to ...

Marketing: The process of identifying, anticipating, and satisfying customer needs and wants through the creation, promotion, and distribution of products and services. Market research: The process of gathering and analyzing data about the market, com...

Market segmentation: The process of dividing a market into smaller groups of consumers with similar needs or characteristics. Target market: A specific group of consumers that a business has decided to target with its marketing efforts. Demograph...

Target market: The specific group of consumers that a business is trying to reach with its marketing efforts. Marketing mix: The four elements of marketing that a business can control in order to influence demand for its products or services. These el...

1. Why is capturing customer lifetime value so important? Choose a retailer, and apply this concept as a way to explain, in part, its profitability and long-term viability in the marketplace. 2. The marketing mix has been compared to a toolbelt. In othe...