We are pleased to unveil a new feature with this edition of Essentials of Marketing. One of the challenges we face with writing a marketing textbook is offering students the most current examples. With this edition, we have added a new What’s Now? feature. A link at the end of each chapter sends readers to a web page that introduces them to a new example relevant to that chapter. What’s Now? links are updated every six months and provide a great way to link current events with each chapter of the book. Over the next couple of weeks we will be releasing a What’s Now? link for [Continue Reading …]
I have enjoyed the wit and wisdom of the marketoonist (AKA Tom Fishburne). In the two cartoon’s you see here (scroll down for second cartoon) along with his commentary, you can see how important it is for marketing managers to provide financial justifications for marketing investments. Unfortunately, this is not always easy for marketing managers to do — recall our coverage of measuring advertising effectiveness in chapter 15. Bonus Chapter 1 digs into the importance of sales analysis, performance analysis, and cost analysis — you can also review Appendix B to read about return on investment (ROI). Explain how three concepts from bonus [Continue Reading …]
The chapter-opening case for Bonus Chapter 2 focuses on the cross-functional relationships at IKEA. The case demonstrates how the global retailer’s functional areas (finance, production/operations, accounting, information systems and human resources) interact with marketing to increase its effectiveness. Cross-functional coordination may be most important in IKEA’s new-product development. This Wired article “Behind the scenes at Ikea’s top-secret furniture lab” (September 24, 2015) provides a great look into innovation and new-product development at IKEA. From the article, explain three examples that show how different functional areas of IKEA work with marketing to develop new products.
I have a soft spot in my heart for Fargreen. The startup that emerged from the Colorado State University Global Social and Sustainable Enterprise MBA program (full disclosure, Colorado State is my employer and I served for many years on the advisory board for this program). I also know Fargreen’s founder, Trang Tran. She developed a great idea to help Vietnamese farmers while also lowering carbon emissions. What is not to like? After winning several business plan competitions, Trang is now moving her business forward. This brandchannel article “Yale on Purpose-Driven Startups: Fargreen — Going Far By Going Green” (May 2, 2016) is one [Continue Reading …]
A research study at the Universität Bonn (Germany) found that consumers are willing to pay more for products that include the Fair Trade logo (see image of logo on left). The logo can be found on a range of products including bananas, coffee, chocolate, and wine. TheUniversität Bonn study found consumers were willing to pay 30% more when the product carried the Fair Trade logo. In addition, they thought Fair Trade branded products tasted better. Another part of the study asked consumers to sample two pieces of chocolate and determine which tasted better. While the chocolates were identical, one included [Continue Reading …]
In chapter 17 we discuss dynamic pricing — when prices change “according to the level of demand, the type of customer, or the state of the weather.” Uber is a company that connects people who need a ride with drivers who can give those rides (a competitor to the taxi cab). A key part of Uber’s business model is “surge pricing.” Surge pricing is a form of dynamic pricing and prices increase as cabs become more scarce (due to fewer drivers or a significant increase in demand). So for example, when the weather is particularly cold or wet, many pedestrians seek out cabs. [Continue Reading …]
When we were researching and writing chapter 16, Snapchat was a somewhat distant 6th place finisher in the social media race. Just one year later — which shows how fast this space is changing — Snapchat is a real player, especially when targeting Generation Z (those born since 1995). More importantly for marketing managers, Snapchat appears to have figured out an advertising strategy — while Twitter and Instagram continue to struggle in that area. Hubspot’s Marketing blog identifies “10 of the Best Brands on Snapchat Right Now (And Why They’re So Great)” (April 27, 2016). This article is long – so [Continue Reading …]
This article from Harvard Business Review “Great Salespeople Are Born, but Great Sales Forces Are Made,” (May 20, 2016) describes the importance of 1) strategy, 2) organization, 3) talent, 4) execution, 5) support, and 6) improvement and adaptation in building a great sales force. Chapter 14’s coverage of strategy decisions discusses similar concepts to those mentioned in this article. Explain how each of the six concepts in the article relate to concepts from chapter 14.
While UK women participate in sports to a lesser degree than men, research shows that more women want to be active. So why aren’t they? This case study, “Case study: How “This girl can’ got 1.6 million women exercising,” (campaign, May 18, 2016) details the research and subsequent integrated marketing communications campaign that helped move many more British women from the couch to the pool, or court, or track, or… Chapter 13 discusses integrated marketing communications. Describe the different elements of this marketing communications campaign. What different promotion methods were used? Give examples of each.