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Market-Based Management

ISBN: 9780130082183 | 013008218X
Edition: 3rd
Format: Paperback
Publisher: PRENTICE HALL
Pub. Date: 1/1/2004

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SummaryTable of Contents
For marketing management and marketing strategy courses (MBA and advanced undergraduate). Market-Based Management is unique in that every chapter is performance-based. While other texts emphasize concepts and theory, Roger Best presents a more strategic and applied approach. Students learn not only how to define marketing concepts but also how to apply them. Value-based marketing and profitability are also emphasized throughout. Paperback and a manageable 400 pages means this text is ideal for instructors who supplement it with cases and/or sim... MORE
Prefacexxi
Acknowledgmentsxxv
PART I MARKET ORIENTATION3(52)
Market Orientation and Performance
5(25)
... MORE
Long-Run and Short-Run Benefits
5(13)
How to Underwhelm Customers and Shareholders
6(1)
Market Orientation and Customer Satisfaction
7(1)
Customer Satisfaction: A Key Market Performance Metric
8(1)
A Wide-Angle View of Customer Satisfaction
9(1)
Customer Dissatisfaction and Customer Exit
9(2)
Customer Satisfaction and Profitability
11(1)
Profit Impact of Customer Dissatisfaction
12(2)
Profit Impact of Customer Retention
14(1)
Customer Satisfaction and Customer Retention
15(1)
Customer Retention and Customer Life Expectancy
15(1)
The Lifetime Value of a Customer
16(2)
Customer Relationship Management
18(3)
Managing Customer Retention
19(1)
Managing New Customer Acquisition
19(1)
Managing New Customers
20(1)
Managing Customer Exit
20(1)
Building a Market Orientation
21(3)
Market Orientation and Marketing Knowledge
21(2)
Market Orientation and Marketing Leadership
23(1)
Market Orientation and Employee Satisfaction
23(1)
Summary
24(1)
Market-Based Logic and Strategic Thinking
25(1)
Application Problem: Aircomm
26(1)
Notes
27(2)
Appendix 1.1---Present Value Table
29(1)
Market-Based Performance
30(25)
Market versus Financial Performance
30(3)
A Market-Based Strategy
32(1)
Market-Based Performance
32(1)
Market-Based Performance Metrics
33(2)
Internal versus External Performance Metrics
33(1)
In-Process versus End-Result Performance Metrics
34(1)
Marketing Profitability
35(2)
Measuring Marketing Profitability
35(2)
Net Marketing Contribution
37(3)
Net Marketing Contribution and Business Unit Profitability
39(1)
Market-Based Marketing Profitability
40(1)
Market-Based Strategies and Profitable Growth
41(4)
Strategies to Grow Market Demand
42(1)
Strategies to Increase Market Share
43(1)
Strategies to Increase Revenue per Customer
43(1)
Strategies to Lower Variable Cost
44(1)
Strategies to Increase Market Efficiency
44(1)
Marketing Productivity
45(1)
Market Orientation
46(3)
Customer Orientation
47(1)
Competitor Orientation
47(1)
Team Approach
48(1)
Summary
49(1)
Application Problem: Dell Computer
50(1)
Market-Based Logic and Strategic Thinking
50(1)
Notes
51(4)
PART II MARKET ANALYSIS55(110)
Market Potential, Demand, and Market Share
57(25)
Market Definition
57(4)
Market Vision
58(1)
Strategic Market Definition
59(1)
Vertical Versus Horizontal Market Opportunities
59(1)
Served Market Definition
60(1)
Market Potential
61(7)
Untapped Market Opportunities
61(3)
Market Development Index
64(1)
Market Potential and Market Growth
64(1)
Rate of Market Development
65(1)
Accelerating Market Growth
66(2)
Market Demand
68(2)
Product Life Cycle
70(2)
Market Share and Share Potential
72(6)
Share Development Tree
73(3)
Market Share Index
76(1)
Share Potential and Market Share Management
76(1)
Market Share Potential
77(1)
Share Development Index
77(1)
Summary
78(1)
Market-Based Logic and Strategic Thinking
79(1)
Application Problem: Personal Computer Industry
80(1)
Notes
81(1)
Customer Analysis and Value Creation
82(30)
Discovering Customer Benefits
82(6)
A Day in the Life of a Customer
82(1)
Empathic Design Process
83(2)
Lead User Solutions
85(1)
Staple Yourself to an Order
86(1)
Customer Benefits and Customer Value
87(1)
Economic Benefits and Value Creation
88(3)
Low Price
88(1)
Acquisition Costs
89(1)
Usage Costs
89(1)
Maintenance Costs
90(1)
Ownership Costs
91(1)
Disposal Costs
91(1)
Price-Performance and Value Creation
91(4)
Relative Performance
91(1)
Relative Price
92(1)
Customer Value
93(1)
Value Map
94(1)
Perceived Benefits and Value Creation
95(4)
Product Benefits
95(1)
Service Benefits
96(1)
Company or Brand Benefits
97(1)
Overall Customer Benefits
97(1)
Perceived Cost of Purchase
98(1)
Perceived Customer Value
98(1)
Emotional Benefits and Value Creation
99(2)
Emotional Benefits and Psychological Value
99(1)
Brand Personality and Value Creation
100(1)
Transaction Value
101(3)
Space Value
101(1)
Transaction Value
102(1)
Value Creation Across the Supply Chain
103(1)
Identifying Value Drivers
104(3)
Summary
107(1)
Market-Based Logic and Strategic Thinking
108(1)
Application Problem: Advan-Tech Software
109(1)
Notes
110(1)
Appendix 4.1---Trade-Off Analysis Computations
111(1)
Market Segmentation and Segmentation Strategies
112(26)
Customer Needs
113(1)
Forces That Shape Consumer Market Needs
113(1)
Forces That Shape Business Market Needs
114(2)
Needs-Based Market Segmentation
116(8)
The Demographic Trap
116(1)
Needs-Based Market Segments
117(1)
Segment Identification
118(1)
Segment Attractiveness
119(1)
Segment Profitability
120(1)
Segment Positioning
121(2)
Segment Strategy Acid Test
123(1)
Segment Marketing Mix Strategy
123(1)
Segmentation Strategies
124(7)
Mass Market Strategy
124(1)
Large Segment Strategy
125(1)
Adjacent Segment Strategies
125(1)
Multisegment Strategies
126(2)
Small Segment Strategy
128(1)
Niche Segment Strategies
129(1)
Mass Customization
129(2)
Customer Relationship Management
131(2)
Building a Customer Relationship Management Program
131(2)
Summary
133(1)
Market-Based Logic and Strategic Thinking
133(1)
Application Problem: US Fiber Siding
134(3)
Notes
137(1)
Competitor Analysis and Sources of Advantage
138(27)
Competition and Competitive Position
138(2)
Industry Analysis
140(3)
Barriers to Entry
140(1)
Barriers to Exit
141(1)
Customer Buying Power
141(1)
Supplier Selling Power
142(1)
Product Substitutes
142(1)
Competitive Rivalry
142(1)
Prisoner's Dilemma
143(1)
Competitive Position
143(6)
Benchmark Competitors
144(1)
Competitor Analysis
144(2)
Competitor Intelligence
146(1)
A Sample Competitor Analysis
147(1)
Competitive Benchmarking
148(1)
Sources of Competitive Advantage
149(1)
Cost Advantage
150(4)
Variable Cost Advantage
150(2)
Marketing Cost Advantage
152(1)
Operating Cost Advantage
153(1)
Differentiation Advantage
154(2)
Product Advantage
154(1)
Service Advantage
154(1)
Reputation Advantage
155(1)
Marketing Advantage
156(1)
Channel Advantage
156(1)
Sales Force Advantage
156(1)
Brand Awareness
157(1)
Summary
157(1)
Application Problem: New-Vector
158(3)
Market-Based Logic and Strategic Thinking
161(1)
Notes
161(4)
PART III MARKETING MIX STRATEGIES165(104)
Product Positioning and Brand Strategies
167(28)
Product Positioning
168(3)
Product Positioning and Market Share
169(1)
Product Positioning Strategies
170(1)
Product Positioning and Differentiation
171(5)
Product Differentiation
172(2)
Service Differentiation
174(1)
Brand Differentiation
174(1)
Low Cost of Purchase
175(1)
Low-Price Position
175(1)
Lower Transaction Costs
176(1)
Branding and Brand Management Strategies
176(7)
Brand Identity
176(1)
Brand Encoding
176(4)
Brand Assets and Liabilities
180(2)
Brand Equity
182(1)
Brand and Product Line Strategies
183(7)
Product-Line Development
183(1)
Umbrella and Flanker Brands
184(2)
Product-Line Extensions
186(2)
Bundling and Unbundling Strategies
188(1)
Product Elimination
189(1)
Summary
190(1)
Application Problem: Silicone Sealants
191(2)
Market-Based Logic and Strategic Thinking
193(1)
Notes
193(2)
Market-Based Pricing and Pricing Strategies
195(27)
Market-Based Pricing
197(5)
Skim Pricing
197(2)
Value-In-Use Pricing
199(1)
Perceived Value Pricing
199(1)
Segment Pricing
200(1)
Strategic-Account Pricing
201(1)
Plus-One Pricing
201(1)
Cost-Based Pricing Strategies
202(5)
Floor Pricing
202(1)
Cost-Plus Pricing
203(1)
Penetration Pricing
203(1)
Low-Cost Lender Pricing
204(1)
Competitive Bid Pricing
205(1)
Harvest Pricing
206(1)
Pricing and Profitability
207(2)
Total Contributions
208(1)
Price-Volume Break-Even Analysis
209(1)
Price Elasticity and Performance
209(7)
Inelastic Price Performance
211(1)
Elastic Price Performance
212(1)
Ease of Switching
213(1)
Supply/Demand Conditions
214(1)
Competitor Price Response
215(1)
Product Line Pricing
216(1)
Pricing Substitute Products
216(1)
Pricing Complementary Products
217(1)
Promotion Pricing
217(2)
Price Promotion Bundling Strategies
217(2)
Summary
219(1)
Application Problem: Microsoft Windows 95
220(1)
Market-Based Logic and Strategic Thinking
220(1)
Notes
221(1)
Marketing Channels and E-Marketing
222(24)
Marketing Channels and Channel Management
224(1)
Marketing Channel Performance
225(2)
Customer Reach
225(1)
Operating Efficiency
226(1)
Service Quality
227(1)
Alternative Channel Systems
227(7)
Direct Channel Systems
228(1)
Indirect Channel Systems
229(1)
Mixed Channel Systems
230(1)
B2C Channels
230(1)
B2B Channels
231(3)
Channel Systems That Build Customer Value
234(4)
Delivering Product Benefits
234(1)
Delivering Service Benefits
235(1)
Building Brand Image
235(1)
Building Company Benefits
236(1)
Improving Cost Efficiency
236(2)
Channel Systems and Competitive Advantage
238(2)
Sales Force Advantage
238(1)
Sales Productivity
238(1)
Distribution Advantage
239(1)
Profit Impact of Alternative Channel Systems
240(1)
Summary
241(1)
Application Problem: WWW.MESURVEY.COM
242(2)
Market-Based Logic and Strategic Thinking
244(1)
Notes
244(2)
Marketing Communications and Customer Response
246(23)
Marketing Communication
246(2)
Strategies to Increase Customer Response
248(2)
Building Customer Awareness and Comprehension
250(3)
Media Selection and Customer Awareness
250(1)
Message Frequency and Customer Awareness
250(3)
Ad Copy and Customer Response
253(1)
Message Reinforcement
253(2)
Message Reinforcement and Pulsing
253(1)
Heavy-Up Message Frequency
254(1)
Stimulating Customer Action
255(1)
Push versus Pull Communications Strategies
255(1)
Pull Communications and Customer Response
256(4)
Advertising Elasticity
257(1)
Advertising Carryover Effects
257(1)
Direct Marketing Promotions
258(1)
Promotional Price Elasticity
259(1)
Push Communications and Customer Response
260(3)
Trade Promotions and Customer Response
260(1)
Forward Buying and Customer Response
261(1)
Market Infrastructure and Push Communications
262(1)
Summary
263(1)
Application Problem: Gardenburger
264(1)
Market-Based Logic and Strategic Thinking
265(1)
Notes
266(3)
PART IV STRATEGIC MARKETING269(58)
Strategic Market Planning
271(19)
Product-Market Diversification
272(1)
Strategic Market Planning Process
273(1)
Business Performance
274(1)
Market Attractiveness
275(2)
Competitive Advantage
277(1)
Portfolio Analysis and Strategic Market Plans
278(4)
Offensive Strategic Market Plans and Performance Impact
279(1)
Defensive Strategic Market Plans and Performance Impact
280(2)
Tactical Marketing Strategy and Performance Plan
282(3)
Tactical Marketing Strategy
282(1)
Performance Plan
282(3)
Summary
285(1)
Application Problem: Small Biz Solutions
286(2)
Market-Based Logic and Strategic Thinking
288(1)
Notes
289(1)
Offensive Strategic Market Plans
290(16)
Offensive Strategic Market Plans
291(1)
Market Penetration Strategies
292(5)
Strategies to Grow Market Share
292(3)
Strategies to Grow Customer Purchase
295(1)
Strategies to Enter New Customer Segments
295(1)
Strategies to Grow Market Demand
296(1)
New Market Entry Strategies
297(4)
Related New Market Entry Strategies
298(1)
Diversified New Market Entry Growth Strategies
298(1)
Strategies to Enter New Emerging Markets
299(1)
Strategies to Develop New Market Potential
300(1)
Evaluating Offensive Strategic Market Plans
301(1)
Summary
301(1)
Application Problem: Blockbuster
302(1)
Market-Based Logic and Strategic Thinking
303(1)
Notes
304(2)
Defensive Strategic Market Plans
306(21)
Defensive Strategic Market Plans
307(1)
Protect Market Strategies
308(8)
Protect Market Share
308(1)
Protecting Share in Growth Markets
309(1)
Protecting a High-Share Position
310(1)
Protecting a Follower Share Position
311(2)
Protecting a Niche Share Position
313(1)
Building Customer Retention
314(1)
Reduced Market Focus
315(1)
Exit Market Strategies
316(4)
Harvest Price Strategy
316(2)
Harvest Resource Strategy
318(1)
Divest Market Strategies
319(1)
Selecting a Defensive Strategic Market Plan
320(1)
Summary
321(1)
Application Problem: Amazon.com
322(1)
Market-Based Logic and Strategic Thinking
323(1)
Notes
324(3)
PART V MARKET PLANS AND PERFORMANCE327(60)
Building a Marketing Plan
329(24)
Creativity versus Structure
330(1)
Benefits of Building a Marketing Plan
330(2)
Identifying Opportunities
331(1)
Leveraging Core Capabilities
331(1)
Focused Marketing Strategy
331(1)
Resource Allocation
331(1)
Performance Roadmap
332(1)
Building A Marketing Plan: Process and Logic
332(9)
Step I: Situation Analysis
332(3)
Step II: SWOT Analysis and Key Performance Issues
335(1)
Step III: Strategic Market Plan
336(1)
Step IV: Marketing Mix Strategy
337(1)
Step V: Marketing Budget
338(2)
Step VI: Performance Timeline
340(1)
Step VII: Performance Evaluation
340(1)
Sample Marketing Plan
341(4)
Step I: Situation Analysis
342(1)
Step II: SWOT Analysis
342(1)
Step III: Strategic Market Plan
343(1)
Step IV: Marketing Mix Strategy
343(1)
Step V: Marketing Budget
344(1)
Step VI: Performance Timeline
344(1)
Step VII: Performance Evaluation
344(1)
Summary
345(1)
Market-Based Logic and Strategic Thinking
345(1)
Application Problem: Stericycle, Inc.
346(1)
Notes
347(1)
Stericycle Marketing Plan
348(5)
Performance Metrics and Strategy Implementation
353(15)
Market Performance Metrics
354(2)
Process versus End-Result Market Metrics
356(3)
Process Market Metrics
356(1)
End-Result Market Metrics
357(2)
Successful Strategy Implementation
359(6)
Owning the Marketing Plan
359(2)
Supporting the Marketing Plan
361(1)
Adapting the Marketing Plan
362(2)
Assessing Marketing Plan Implementation
364(1)
Summary
365(1)
Application Problem: Stericycle, Inc.
366(1)
Market-Based Logic and Strategic Thinking
366(1)
Notes
367(1)
Profit Impact of Market-Based Management
368(19)
Customer Satisfaction and Profitability
369(2)
How Marketing Strategies Affect Profitability
371(4)
Customer Volume
372(1)
Margin per Customer
373(1)
Total Contribution
374(1)
Net Marketing Contribution
374(1)
Net Profit (before Taxes)
374(1)
How Marketing Strategies Affect Assets
375(2)
Investment in Accounts Receivable
375(1)
Investment in Inventory
376(1)
Investment in Fixed Assets
377(1)
Return Measures of Profitability
377(3)
Measures of Shareholder Value
380(3)
Market-Based Management
383(1)
Summary
384(1)
Application Problem: Stericycle, Inc.
385(1)
Market-Based Logic and Strategic Thinking
386(1)
Notes
386(1)
Glossary387(6)
Photo Credits393(2)
Index395

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