Compare and contrast a four Ps approach to marketing versus the value approach (creating, communicating, and delivering value).

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K E Y T A K E A W A Y S

A company’s marketing plan flows from its strategic plan. Both begin with a focus on customers. The essential components of the plan are understanding customers, creating an offering that delivers value, communicat- ing the value to the customer, exchanging with the customer, and evaluating the firm’s performance. A mar- keting plan should be influenced by the recurring themes we emphasize in this text: social responsibility, sustainability, service-dominant logic, the increased availability of data and effective metrics and analytics, and the global nature of the business environment.

R E V I E W Q U E S T I O N S

1. Why does everything start with customers? Or is it only marketing that starts with customers?

2. What are the key parts of a marketing plan?

3. What is the relationship between social responsibility, sustainability, service-dominant logic, and the global business environment? How do digital information, big data, and metrics and analytics fit into this relationship?

5. DISCUSSION QUESTIONS AND ACTIVITIES

D I S C U S S I O N Q U E S T I O N S

1. Compare and contrast a four Ps approach to marketing versus the value approach (creating, communicating, and delivering value). What would you expect to be the same and what would you expect to be different between two companies that apply one or the other approach?

2. Assume you are about to graduate. How would you apply marketing principles to your job search? In what ways would you be able to create, communicate, and deliver value as a potential employee, and what would that value be, exactly? How would you prove that you can deliver that value?

3. Is marketing always appropriate for political candidates? Why or why not?

4. How do the activities of marketing for value fulfill the marketing concept for the market-oriented organization?

5. This chapter introduces the personal value equation. How does that concept apply to people who buy for the government or for a business or for your university? How does that concept apply when organizations are engaged in social marketing?

6. This chapter addresses several reasons why marketing is an important area of study. Should marketing be required for all college students, no matter their major? Why or why not?

7. Of the four marketing functions, where does it look like most of the jobs are? What are the specific positions? How are the other marketing functions conducted through those job positions, even though in a smaller way?

8. Why is service-dominant logic important?

9. What is the difference between a need and a want? How do marketers create wants? Provide several examples.

10. The marketing concept emphasizes satisfying customer needs and wants. How does marketing satisfy your needs as a college student? Are certain aspects of your life influenced more heavily by marketing than others? Provide examples.

11. A company’s offering represents the bundling of the tangible good, the intangible service, and the price. Describe the specific elements of the offering for an airline carrier, a realtor, a restaurant, and an online auction site.

12. The value of a product offering is determined by the customer and varies accordingly. How does a retailer like Walmart deliver value differently than Banana Republic?

13. Explain how Apple employed the marketing concept in designing, promoting, and supplying the iPhone. Identify the key benefit(s) for consumers relative to comparable competitive offerings.

20 PRINCIPLES OF MARKETING VERSION 3.0

A C T I V I T I E S

1. One of your friends is contemplating opening a coffee shop near your college campus. She seeks your advice about size of the prospective customer base and how to market the business according to the four Ps. What strategies can you share with your friend to assist in launching the business?

2. You are considering working for United Way upon graduation. Explain how the marketing goals, strategies, and markets for the nonprofit differ from a for-profit organization.

3. Think about the last time you ate at McDonald’s. Evaluate your experience using the personal value equation.

4. Marketing benefits organizations, customers, and society. Explain how an organization like DuPont benefits the community in which it operates as well as society at large.

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