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 Marketing: Real People, Real Choices (11th Edition) Solomon

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 Marketin
Marketing: Real People, Real Choices (11th Edition) Solomon

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RealPeople, RealChoices

Eleventh Edition

MichaelR. SOLOMON
Saint JoSeph’SUniverSity

GregW. r MARSHALL
ollinS College

Elnora
W.STUART
UniverSityof SoUth Carolina UpStat

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 Marketing: Real People, Real Choices (11th Edition) Solomon

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 Marketing: Real People, Real Choices (11th Edition) Solomon

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To Gail, Amanda,Zachary,Alex, Orly, Rose,Evey,

and Arya—myfavorite marketsegment
—M.S.

To Patti andJustin

—G.M.

To Sonny, Patrick, Allyson,and Gaby

—E.S.

Theauthorsalsodedicatethis editionto students,

faculty, andtheir friends andfamilies who were
impacted by the COVID-19 crisis. Wewishyou
all the bestfor happinessand successin the future

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 Marketing: Real People, Real Choices (11th Edition) Solomon

BriefContents
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Preface xi

PART 1 Understand the Value Proposition 2

CHAPTER 1 Welcome to the World of Marketing: Create and Deliver Value 2

CHAPTER 2 Global, Ethical, and Sustainable Marketing 34

CHAPTER 3 Strategic Market Planning 78

Chapter 3 Supplement: Build a Marketing Plan 108

PART 2 Determine the Value Propositions Different Customers Want 110

CHAPTER 4 Market Research 110

CHAPTER 5 Marketing Analytics: Welcome to the Era of Data-Driven Insights! 146

Chapter 5 Supplement: CRM Metrics and Key Performance Indicators (KPIs) 184

CHAPTER 6 Understand Consumer and Business Markets 190

CHAPTER 7 Segmentation, Target Marketing, and Positioning 242

PART 3 Develop the Value Proposition for the Customer 274

CHAPTER 8 Product I: Innovation and New Product Development 274

CHAPTER 9 Product II: Product Strategy, Branding, and Product Management 306

CHAPTER 10 Price: What Is the Value Proposition Worth? 340

Chapter 10 Supplement: Marketing Math 388

PART 4 Deliver and Communicate the Value Proposition 398

CHAPTER 11 Deliver the Goods: Determine the Distribution Strategy 398

CHAPTER 12 Deliver the Customer Experience 436

CHAPTER 13 Promotion I: Planning and Advertising 480

CHAPTER 14 Promotion II: Social Media Platforms and Other Promotion Elements 536

Appendix Marketing Plan: The S&S Smoothie Company 584

Glossary 597

Name Index 619

Subject Index 624

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i
 Marketing: Real People, Real Choices (11th Edition) Solomon

Contents
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Preface xi

PART 1: Understand the Value Proposition 2

ANALYZE THE EXTERNAL MARKETING ENVIRONMENT 42

CHAPTER 1 Welcome to the World of Marketing 2
The Economic Environment 42
Real People, Real Choices: Suzanne McFadden 3 The Technological Environment 48

MARKETING: WHAT IS IT? 3 The Political and Legal Environment 48

“Marketing Is the Activity, Set of Institutions, and The Sociocultural Environment 51

Processes . . . ” 4 Disruption in the Global Marketplace 54

“ . . . for Creating, Communicating, Delivering, and HOW “GLOBAL” SHOULD A GLOBAL MARKETING
STRATEGY BE? 55
Exchanging . . . ”: The Marketing Mix 6
Company-Level Decisions: The Market Entry Strategy 56
“. .. Offerings . . . ”: What Can We Market? 8
Marketing Mix Strategies: To “P” or Not to “P?” 57
“ . . . Value for Customers . .. ” 9
ETHICS IS JOB ONE IN MARKETING PLANNING 60
WHEN DID MARKETING BEGIN? THE EVOLUTION OF A
CONCEPT 11 Ethical Philosophies 60

The Production Era 12 Codes of Business Ethics 61

The Sales Era 12 Is Marketing Unethical? 62

The Relationship Era 13 When Is a Bribe Not a Bribe? Ethical Issues for

The Triple-Bottom-Line Era 14 Global Business 63

What’s Next in the Evolution of Marketing? 15 SUSTAINABILITY: MARKETERS DO WELL BY DOING

GOOD 64
THE VALUE OF MARKETING AND THE MARKETING OF
VALUE 17 Sustainability Is a Sensible Business Decision 64
Value from the Customer’s Perspective 17 Developing a Sustainable Marketing Mix 64

Value from the Seller’s Perspective 17 Sustainable Customer Behavior 66

Value from Society’s Perspective 22 BRAND YOU: FINDING THE RIGHT FIT 66

MARKETING AS A PROCESS 24 Organizational Culture 67

Disruptive Marketing 25 Differences among Industries 67

BRAND YOU: A FRAMEWORK FOR MANAGING YOUR Landing a Job Overseas 68

CAREER 26 Objective Summaries and Key Terms 69
Starting the Brand You Process 26
Chapter Questions and Activities 71
Applying Marketing Concepts to Brand You 27
Marketing in Action Case: Real Choices at Walmart 74
Objective Summaries and Key Terms 27

Chapter Questions and Activities 29

CHAPTER 3 Strategic Market Planning 78
Marketing in Action Case: Real Choices at StockX 31
Real People, Real Choices: Robert “Navy Bob”
Roncska 79
CHAPTER 2 Global, Ethical, and Sustainable
BUSINESS PLANNING: COMPOSE THE BIG PICTURE 80
Marketing 34
The Three Levels of Business Planning 81
Real People, Real Choices: Tom Szaky 35 STRATEGIC PLANNING: FRAME THE PICTURE 83
TAKE A BOW: MARKETING ON THE GLOBAL STAGE 36 Step 1: Define the Mission, Vision, and Values 83
World Trade 37 Step 2: Evaluate the Internal and External
Should We Go Global? 38 Environment 84
UNDERSTAND INTERNATIONAL, REGIONAL, AND Step 3: Set Organizational or SBU Objectives 85
COUNTRY GLOBAL TRADE CONTROLS 39
Step 4: Establish the Business Portfolio 86
Initiatives in International Cooperation and
Step 5: Develop Growth Strategies 88
Regulation 39
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vi | CONTENTS
Marketing: Real People, Real Choices (11th Edition) Solomon
MARKET PLANNING: DEVELOP AND EXECUTE Make Your Life Easier! Use the Market Planning
MARKETING STRATEGY 90
Template 98
Step 1: Perform a Situation Analysis 90
BRAND YOU: PLANNING YOUR CAREER 99
Step 2: Set Marketing Objectives 91
Your Personal Strategic Plan 99
Step 3: Develop Marketing Strategies: Target Markets and
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the Marketing Mix 91
102 From Strategic Planning to Success

Objective Summaries and Key Terms 102

Step 4: Implement and Control the Marketing Plan 92
Chapter Questions and Activities 104
Action Plans 94
Marketing in Action Case: Real Choices at P&G 106
Operational Planning: Day-to-Day Execution of Marketing
Plans 96
Agile Marketing and the Strategic Market Planning Chapter 3 Supplement: Build a Marketing
Process 96
Plan 10
Digital Disruption and Strategic Market Planning 97

PART 2: Determine the Value Propositions Different Customers Want 110

Data Mining: Applications for Marketers 161

CHAPTER 4 Market Research 110
Data Scientists: Transforming Big Data into Winning
Real People, Real Choices: Cindy Bean 111 Information 162
KNOWLEDGE IS POWER 112 Augmented Intelligence: Enhancing Consumer Experiences
Disruption and Market Research 113 with Big Data 163
The Marketing Information System 114 Reality Check for Marketers: Ethical Considerations in
EVIDENCE-BASED DECISION MAKING IN Using Big Data 163
MARKETING 118
A PRIMER ON ANALYTICS 166
STEPS IN THE MARKET RESEARCH PROCESS 119
Connect Digital Marketing Channels to Marketing
Step 1: Define the Research Problem 120
Analytics 167
Step 2: Determine the Research Design 121
Connect with Consumers across Digital Marketing
Step 3: Choose the Method to Collect Primary Data 125
Channels 170
Step 4: Design the Sample 134
Marketing Accountability within Digital Marketing
Step 5: Collect the Data 135
Channels: A Specialty Headphones Example 172
Step 6: Analyze and Interpret the Data 136
Marketing Accountability within Nondigital Marketing
Step 7: Prepare the Research Report 137
Channels 174
BRAND YOU: CAREER AND INTERNSHIP INFORMATION
Predictive Analytics 174
AND RESEARCH 137
BRAND YOU: CREATING, ORGANIZING, AND MINING YOUR
Good Research Strategies 138
PERSONAL CAREER BIG DATA—FOR THE LIFETIME OF
How to Begin and End Your Search 139 YOUR CAREER 175
Gathering Information Online and Offline 139 Customer Acquisition 176
Objective Summaries and Key Terms 140 Customer Retention 176
Chapter Questions and Activities 141 Objective Summaries and Key Terms 177

Marketing in Action Case: Real Choices at LEGO 143 Chapter Questions and Activities 178

Marketing in Action Case: Real Choices at Spotify 181

CHAPTER 5 Marketing Analytics: Welcome to

the Era of Data-Driven Insights! 146 Chapter 5 Supplement: CRM Metrics and Key
Performance Indicators (KPIs) 184
Real People, Real Choices: Josh Barbieri 147
CUSTOMER RELATIONSHIP MANAGEMENT (CRM): A KEY
DECISION TOOL FOR MARKETERS 148
Why Is CRM So Effective? 148 CHAPTER 6 Understand Consumer and
Measuring Marketing Success 152
Business Markets 190
BIG DATA: ZETTABYTES RULE 154 Real People, Real Choices: Dondeena Bradley 191
Big Data Creation, Sources, and Usage 156 THE CONSUMER DECISION-MAKING PROCESS 192
Data Mining 158 Not All Decisions Are the Same 192
Primary Data Types for Data MiningThis159Book is AvailableStepon YakiBooki.com
1: Problem Recognition 194
 CONTENTS
| vii
Marketing: Real People, Real Choices (11th Edition) Solomon
Step 2: Information Search 195 BRAND YOU: WHY EMPLOYERS BUY 232

Step 3: Evaluation of Alternatives 197 Step 1: Understand the Employer’s Decision Process 232

Step 4: Product Choice 197 Step 2: Understand the Process of Creating Brand You 232
Step 5: Postpurchase Evaluation 198 Objective Summaries and Key Terms 233

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The Hive Mind: Consumer Decision Making in the Chapter Questions and Activities 235
Digital Age 199 Marketing in Action Case: Real Choices at Anheuser-Busch
Changes in Consumer Decision Making: Welcome to InBev 237
AI 199
INTERNAL INFLUENCES ON CONSUMERS’ DECISIONS 201

Perception 201 CHAPTER 7 Segmentation, Target Marketing,

Motivation 203
and Positioning 242
Learning 204 Real People, Real Choices: Jen Sey 243
Attitudes 206 TARGET MARKETING: SELECT AND ENTER A MARKET 244
Personality and the Self: Are You What You Buy? 207 STEP 1: SEGMENTATION 245
Age 207 Segment Consumer Markets 246
Lifestyle 208 Demographic Segmentation: By Age 247
SITUATIONAL AND SOCIAL INFLUENCES ON CONSUMERS’ Segment B2B Markets 257
DECISIONS 209
Disruption in Segmentation: When Everybody’s a Segment
Situational Influences 209
of One 257
Social Influences on Consumers’ Decisions 212
STEP 2: TARGETING 258
Values (Again) 212
Phases of Targeting 258
BUSINESS MARKETS: BUYING AND SELLING WHEN THE
STEP 3: POSITIONING 262
CUSTOMER IS ANOTHER ORGANIZATION 217
Steps in Positioning 262
Types of Business-to-Business Customers 218
Perceptual Maps 264
Factors That Make a Difference in Business Markets 220
BRAND YOU: SHARPENING YOUR FOCUS WITH TARGET
B2B Demand 222
MARKETING 265
BUSINESS PURCHASE SITUATIONS AND THE BUSINESS
Target Marketing 265
BUYING DECISION PROCESS 223
Bringing Your Personal Brand to Life 266
The Buyclass Framework 223
Objective Summaries and Key Terms 267
Professional Buyers and Buying Centers 224
Chapter Questions and Activities 268
The Business Purchase Decision Process 226
B2B E-Commerce and Social Media 229 Marketing in Action Case: Real Choices at ThirdLove 270

PART 3: Develop the Value Proposition for the Customer 274

Phase 3: Marketing Strategy Development 288

CHAPTER 8 Product I: Innovation and New
Phase 4: Business Analysis 288
Product Development 274
Phase 5: Technical Development 288
Real People, Real Choices: Sheryl Adkins-Green 275 Phase 6: Market Test 289
BUILD A BETTER MOUSETRAP—AND ADD VALUE 275 Phase 7: Commercialization 290
Layers of the Product Concept 277 ADOPTION AND DIFFUSION OF NEW PRODUCTS 291
HOW MARKETERS CLASSIFY PRODUCTS 279 Stages in Consumers’ Adoption of a New
How Long Do Products Last? 279 Product 291
How Do Consumers Buy Products? 279 Adopter Categories 294
How Do Businesses Buy Products? 282 Product Factors That Affect the Rate of Adoption 296
DISRUPTION IN MARKETING: INNOVATION AND DESIGN BRAND YOU: CREATING YOUR VALUE PROPOSITION 298
THINKING NOW DRIVE PRODUCT SUCCESS 283
Add to Your Product Layers 298
Types of Innovations 284
Objective Summaries and Key Terms 300
NEW PRODUCT DEVELOPMENT 286
Chapter Questions and Activities 301
Phase 1: Ideation (or Idea Generation) 287
Marketing in Action Case: Real Choices at Nature On
Phase 2: Product Concept Development and
Tap 30
Screening 287 This Book is Available on YakiBooki.com
viii | CONTENTS
Marketing: Real People, Real Choices (11th Edition) Solomon
“YES, BUT WHAT DOES IT COST?” 341
CHAPTER 9 Product II: Product Strategy, What Is Price? 342
Branding, and Product Management 306
Step 1: Develop Pricing Objectives 342
Real People, Real Choices: Aaron Keller 307 COSTS, DEMAND, REVENUE, AND THE PRICING
PRODUCT PLANNING: DEVELOP PRODUCT OBJECTIVES ENVIRONMENT 345
AND
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PRODUCT STRATEGY 307 Step 2: Estimate Demand 345
Getting Product Objectives Right 308 Step 3: Determine Costs 349
Objectives and Strategies for Individual Products 309 Step 4: Examine the Pricing Environment 354
Objectives and Strategies for Multiple Products 310 IDENTIFY STRATEGIES AND TACTICS TO PRICE THE
Product Mix Strategies 312 PRODUCT 357

Quality as a Product Objective: TQM and Beyond 312 Step 5: Choose a Pricing Strategy 357

MARKETING THROUGHOUT THE PRODUCT LIFE CYCLE 315 Step 6: Develop Pricing Tactics 362

Introduction Stage 315 PRICING AND INNOVATIONS IN PAYMENT FOR

E-COMMERCE 365
Growth Stage 317
Pricing Advantages for Online Shoppers 365
Maturity Stage 318
Dynamic Pricing Strategies 365
Decline Stage 318
Online Auctions 366
BRANDING AND PACKAGING: CREATE PRODUCT
IDENTITY 319 Freemium Pricing Strategies 366

What’s in a Name (or a Symbol)? 319 Internet Price Discrimination 366

Why Brands Matter 320 Innovations in Payment Systems 367

Branding Strategies 323 Disruption on the Consumer Side of the Exchange 370

Disruption in Branding: Toward Social Justice and PSYCHOLOGICAL, LEGAL, AND ETHICAL ASPECTS OF
PRICING 370
Marketing’s Responses 325
Psychological Issues in Setting Prices 371
Packages and Labels: Branding’s Little Helpers 326
Psychological Pricing Strategies 372
ORGANIZE FOR EFFECTIVE PRODUCT
MANAGEMENT 329 Legal and Ethical Considerations in B2C and C2C

Manage Existing Products 329 Pricing 374

Organize for New Product Development 331 Legal Issues in B2B Pricing 375

BRAND YOU: MANAGING THE PRODUCT—YOU 331 Price-Fixing 376

Your Value Proposition—The Key to Success 331 Predatory Pricing 376

Launch Your Career with Marketable Skills 332 BRAND YOU: HOW MUCH ARE YOU WORTH? 376

Manage Your Career by Remaining Employable 332 Step 1: Realistic Expectations 377

Communicate Your Value 333 Step 2: Know What You’re Worth 377

Going Up! 333 Step 3: Know How Much You Need 378

Objective Summaries and Key Terms 333 Salary Question Dosand Don’ts 378

Chapter Questions and Activities 335 Objective Summaries and Key Terms 379

Marketing in Action Case: Real Choices at Helen of Troy 337 Chapter Questions and Activities 381

Marketing in Action Case: Real Choices at United

Airlines 384
CHAPTER 10 Price: What Is the Value
Proposition Worth? 340
Real People, Real Choices: Imad Khalidi 341
Chapter 10 Supplement: Marketing Math 388

PART 4: Deliverand Communicatethe Value Proposition 398

Distribution Channels and the Marketing Mix 410

CHAPTER 11 Deliver the Goods: Determine the
Ethics in the Distribution Channel 411
Distribution Strategy 398
DEVELOP A CHANNEL STRATEGY 412
Real People, Real Choices: MichaelFord 399
Step 1: Develop Distribution Objectives 412
TYPES OF DISTRIBUTION CHANNELS AND WHOLESALE
Step 2: Evaluate Internal and External Environmental
INTERMEDIARIES 400
Influences 412
Functions of Distribution Channels 400
Step 3: Choose a Distribution Strategy 413
The Evolution of Distribution Functions 402
Step 4: Develop Distribution Tactics 41
Types of Distribution Channels This
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