MARKETING MANAGEMENT past, present and future. PDF
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Springer Texts in Business and Economics Michael R. Czinkota Masaaki Kotabe Demetris Vrontis S. M. Riad Shams Marketing Management Past, Present and Future Fourth Edition Springer Texts in Business and Economics More information about this series at http://www.s pringer.c om/series/10099 Michael R. Czinkota • Masaaki Kotabe Demetris Vrontis • S. M. Riad Shams Marketing Management Past, Present and Future Fourth Edition Michael R. Czinkota Masaaki Kotabe Graduate School and McDonough School Professor of Marketing and International Georgetown University Business Washington, DC, USA Waseda University Tokyo, Japan International Business and Strategy University of Kent University of Hawaii at Manoa Canterbury, UK Honolulu, USA Demetris Vrontis S. M. Riad Shams Professor of Strategic Marketing Senior Lecturer in Marketing, Newcastle Management, Vice Rector for Faculty Business School and Research Northumbria University University of Nicosia Newcastle upon Tyne, UK Nicosia, Cyprus Supplementary material of the book is available in springer.com ISSN 2192-4333 ISSN 2192-4341 (electronic) Springer Texts in Business and Economics ISBN 978-3-030-66915-7 ISBN 978-3-030-66916-4 (eBook) https://doi.org/10.1007/978-3-030-66916-4 © Springer Nature Switzerland AG 2005, 2000, 1997, 2021 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recita- tion, broadcasting, reproduction on microfilms or in any other physical way, and transmission or infor- mation storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publica- tion does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Adapted from https://www.p exels.c om/royalty-free-images/ This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland V To Ilona – MRC To Kai and Cam, my grandchildren – MK To my family – DV To my parents – RS Preface Thank you for taking the time to explore what we have to say about marketing. You are our customers, the targets of our marketing effort; it is you we aim to delight! We believe that exciting new changes are coming to the marketing field and that we can help teach present and future marketers to do their work better. By improv- ing your understanding of marketing, we hope to help you increase your efficiency and effectiveness and leave a mark for the better on society. Our approach to mar- keting sets us apart from the competition. Here are the features that make this work special. Our Applied Approach Marketing used to be a very practical field. It was generally accepted that business transactions could be carried out more effectively, that there were many needs that had been left unsatisfied, and that the field of marketing could contribute to improving the quality of life of individuals. Over time, however, the approach to marketing in universities began to suffer from “lab coat” syndrome. Complexity became fashionable, and esoteric approaches were in demand. Many researchers and authors began to talk more about models than about people, to substitute tools for insights, and to examine printouts instead of consumers. It seemed that obscurity, not enlightenment, had become the ultimate goal. Yet, in our minds, marketing is still a very practical discipline. People have prac- tical needs, firms face practical problems, and solutions have to work in real life. Most marketers cannot and should not hide in labs. Marketing is a social science based on theories and concepts, but it also requires that most marketers interact with people, observe them, talk to them, and understand their activities. In essence, marketing is a “dialogue” between marketers and their customers. We reflect this applied approach. Together with important traditional and embryonic concepts and theories, we provide you with the experiences that we have obtained through our collaboration with numerous companies—both large and small, domestic and international—for many years. You will recognize this applied orientation when we talk about advertising, trading, branding, selling, and seg- mentation. You will sense it when we present you with “Manager’s Corners” fea- tures and cases that show you how marketers face challenges and delight their target audience. You will enjoy it when we provide you with down-to-earth “Mar- keting in Action” examples that you can explore and analyze. Most importantly, you will understand it when you get to your professional activities and discover the direct relevance of what you have learned and how you will apply your learning in real-life marketing management environment. VII Preface Our Global Perspective Markets have become global. Mark Twain once wrote, “There is a road ahead of you: If you stand still, you will get run over.” No longer is competition limited to your home market. If you stand still in your domestic market, you will likely be trampled by competitors or by local opponents who source their inputs from abroad. Economies have become intertwined, firms have become linked to each other across national boundaries, and markets are open to almost anyone. Never before have the risks from unexpected market entrants been so large—and never before have the opportunities for global success been so bountiful. But opportuni- ties must be recognized and seized, and risks must be understood and evaluated. We assist you in that task by removing national blinders and exposing you to the interplay of global business forces. As you go through the material, you will benefit from our combined in-depth expertise in North and South America, Asia, Ocea- nia, and Western, Central, and Eastern Europe. You will understand how market- ing can adapt to new environments and demands and see marketing for what it really is: a discipline that knows no regional or political borders when it comes to improving the way societies function. You will learn about the limited rewards that are given to those who come in second, and you will appreciate the need to be world class in your performance. Our Incorporation of Technology Societies, and the people within them, change. Never before has the change been so rapid, resulting in the downfall of so many old icons and the emergence of new paradigms. Consider technology: The separation of the location of production and consumption in the services area offers us new ways to live and work. Banks are no longer confined to their large buildings on Main Street; insurance companies no longer need their downtown palaces; teachers are no longer limited to the class- room; and analysts no longer have to stay in their offices. Rather, we can all spread our wings and reach out to individuals and businesses or, better yet, have them come into our homes. This spatial freedom profoundly recasts the activities of marketers. We encoun- ter new ways of communicating with our customers, presenting them with our offerings, and reaching them with our services. We can structure our offers to be more precise and distinct. We can use electronic data interchange and techniques such as just-in-time delivery to make the marketing offering less expensive, more precise, and more satisfying. However, unless marketers make use of these new possibilities, they run the danger of falling behind, using the equivalent of bronze tools in the Iron Age. We recognize these changes and have given much thought to their implications for marketers. You will discover in every chapter our identifica- tion of change drivers and our analysis of change. As a result, we believe you will be empowered to deploy your judgment in preparation to work with change and its challenges. V III Preface E lectronic and In-Print Versions As an example of our incorporation of technology, Marketing Management, fourth edition is available online in electronic version as well as in traditional print ver- sion. You may choose to use just the online version of the text or both the online and the print versions together. This gives you the flexibility to choose which com- bination of resources works best for you. To assist those who use the online and print versions together, the primary heads and subheads in each chapter are num- bered the same. For example, the first primary head in 7 Chap. 1 is labeled 1.1, the second primary head in this chapter is labeled 1.2, and so on. The subheads build from the designation of their corresponding primary head: 1.1.1, 1.1.2, etc. This numbering system is designed to make moving between the online and print ver- sions as seamless as possible. Our Social Awareness Today’s society demands more of marketers than was expected in the past. Issues such as diversity, ethics, responsibility, concern about the natural environment, and privacy are integral parts of the marketing discipline today. Marketing managers are increasingly challenged not only to adapt to existing rules but to lead the way. To be at the forefront of social transformation, marketers must encompass a new breadth of perspective and embrace a much greater variety of social activities than ever before. The marketing function can no longer confine itself to one organiza- tion and the marketing activities within it. Instead, it needs to encompass a broad range of stakeholders, suppliers, and customers. We help you gain such a perspec- tive by presenting you with the primary elements of social change, developing the implications of such change for the marketing discipline, and offering ways to syn- thesize change into marketing strategy. For example, we develop a postmortem perspective of the product cycle that considers producer responsibilities long after the product has been withdrawn from the market. Most importantly, we recognize the implicit promises of the market-based sys- tem and its implications. We believe that on a global level, marketers are “selling” the world on two key issues. One is the benefit of market forces that results from the interplay of supply and demand. This interplay in turn uses price signals instead of government fiat to adjust activities, thrives on competition, and works within an environment of respect for profitability and private property. In exchange for the chance to earn profits, investors allocate resources to the most productive and effective uses. The second key proposition concerns the trust between managers and investors. In return for high compensation, the non-owner managerial class provides the absentee owners and other stakeholders with its best efforts to pre- serve and increase stakeholder benefits. The key to making all this work is IX Preface managerial and corporate virtue, vision, and veracity: Unless the world can believe in what firms and managers say and do, it will be hard, nay impossible, to forge a commitment between those doing the marketing and the ones being marketed to. It is therefore of vital interest to marketers and to the proponents of globalization to ensure that corruption, bribery, lack of transparency, and the misleading of stakeholders are relegated to the scrap heap of history by exposing their negative effects in any setting or society. Our Research Orientation Notwithstanding our practical emphasis, we fully recognize that marketing theory has an important role to play. It provides us with the conceptual tools that allow us to abstract, analyze, understand, and predict practical phenomena. Theory offers broad perspectives and assists in the formulation of decision rules. It permits us to recognize the underlying fundamentals, to discover commonalities, and to appreci- ate differences. The use of theory allows us to avoid repetition of past mistakes, provides us with context, and enables us to understand quality. Theory, when rele- vant to the field, is quite practical in that it allows us to improve the practice of marketing. Therefore, we have delved deeply into the traditional and embryonic marketing theories and concepts and have incorporated them into our presenta- tion. We have also made an effort to point out leading-edge work and use it to highlight future developments in the marketing field. Because of our own extensive international work, we have not been confined to the research literature of any one country but can present you with cutting-edge information from the United States, Europe, and Asia. At the same time, we have made an effort to present theory with a critical eye, highlighting the benefits as well as the limits of its application. Our Policy Orientation Marketing does not function only in business environments. Rather, it needs to interact closely with governments and legal frameworks that are expressions of societal expectations and demands. The public policy dimensions of marketing need to be incorporated into marketing planning if the firm is to be successful in the long run. But marketing must also be an active player in the formulation of such policy. Marketing’s closeness to the customer allows it to make a unique con- tribution to the emergence of new policies when they are concerned with the well- being of individuals and the betterment of society. Our personal policy background and ongoing work with government agencies enable us to bring a realistic perspective of this public/private interaction into our discussion of marketing strategies.
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