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Principles of Marketing cover

Principles of Marketing

Published by OpenStax under the CC BY 4.0 license

Maria Gomez AlbrechtUniversity of Texas at DallasMark GreenSimpson CollegeLinda HoffmanIvy Tech Community Collegeand 7 more authors

Credit and license

Principles of Marketing by Maria Gomez Albrecht, Mark Green and Linda Hoffman. Published by OpenStax (2023) under the Creative Commons Attribution 4.0 International License. Read it free at openstax.org.

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Section 4 of 6The four Ps, and the decisions hiding inside them
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The section says the single word Product was hiding three separate jobs. What are they?

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Question 1

The section says the single word Product was hiding three separate jobs. What are they?

The product, the price charged, and the place it is sold. Price and Place are already their own words on the list, so they were never hiding inside Product.

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A team lists its marketing decisions and writes Product as a single line. Which three decisions does that one line quietly cover?

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Principles of Marketing · Chapter 3

The Marketing Environment

Netflix changed its business three times as conditions changed, with each change coming a year or two before its competitors responded. In 1998, Netflix’s founders began mailing DVDs because home internet connections were too slow for streaming. By 2007, internet connections had become fast enough for streaming, so Netflix moved to streaming while Blockbuster, the country’s largest video-rental chain, continued to rely on its 9,000 stores.

Blockbuster filed for bankruptcy protection in September 2010 with a billion dollars of debt. By 2018, the stock market valued Netflix above every traditional studio competing to reach viewers on the same screens. A brand that keeps studying changes in its environment tends to outperform a brand that continues to rely on the previous year’s view of those conditions.

The marketing environment keeps changing. This chapter explains the tools a marketing team can use to analyze those changes.

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19 chapters in the book12 in your course, numbered 1 to 12
3 Segmentation, Targeting, PositioningSettingsContentsNotesAsk

Segmentation, Targeting, Positioning

Learning objectives

By the end of this chapter, you will be able to:

  • Take a market through the three steps in order: cut it into segments, pick the segment you will serve, and decide how you want the buyer to remember the brand.
  • Cut a market into segments whose buyers share the same needs inside a group and differ across groups, using descriptors you can actually act on.
3.1 Why STP exists at all

Segmentation, targeting, and positioning are necessary because buyers differ from one another. Two people can reach for the same forty-ounce insulated cup for completely different reasons. One buyer may need to drink that much water on a worksite, while the other may choose the cup because its color matches the inside of the car.

A seller who ignores these differences designs an offer for an average buyer who does not exist. Real buyers are spread out around that average rather than clustered at it. Customer heterogeneity is the formal name for this variation.

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From this book

The reading and the interactives

What this book itself contains: its chapters as students read them and the interactives inside them.

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The reading

How chapter 3, The Marketing Environment, opens for students: the text, its figure, and an interactive they can try.

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Peer EvaluationsStudents rate how much each teammate contributed to a group project.
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Table of contents

19 chapters in 3 parts

19 chapters, 109 sections in 3 parts
Part 1 · Setting the Stage
01
Marketing and Customer Value7 sections
02
Strategic Planning in Marketing5 sections
Part 2 · Understanding the Marketplace
03
Consumer Markets and Purchasing Behavior4 sections
04
Business Markets and Purchasing Behavior5 sections
05
Market Segmentation, Targeting, and Positioning7 sections
06
Marketing Research and Market Intelligence4 sections
07
Marketing in a Global Environment5 sections
08
Marketing in a Diverse Marketplace6 sections

Your course does not have to use every chapter. You choose the chapters to assign, and the book keeps prerequisite topics in order.

Authors

The 10 authors

Maria Gomez AlbrechtUniversity of Texas at Dallas

Dr. Gomez Albrecht is an adjunct professor of marketing for executive education graduate programs at The University of Texas at Dallas. She is also a fractional chief marketing officer at Alonos Consulting, as well as the director of communications and project management for an international restaurant chain.

Source: openstax.org
Mark GreenSimpson College

Dr. Green is a professor of management at Simpson College. He teaches courses in management, marketing, digital marketing, international marketing, and entrepreneurship and innovation.

Source: openstax.org
Linda HoffmanIvy Tech Community College

Linda Hoffman has over 20 years’ experience teaching Principles of Marketing and other business management courses at Indiana Institute of Technology, Ivy Tech, and Concordia University. She has developed several online business courses for Ivy Tech Community College and Indiana Tech.

Source: openstax.org
Contributing authors
Jacqueline BabbNorthwestern UniversityLauren M. DonovanDelaware County Community CollegeDebra EllerbrookConcordia University WisconsinLisa S. GoolsbySouthern New Hampshire UniversityJaciel KeltgenMinnesota State UniversitySarah M. SheplerIvy Tech Community CollegeDeborah ToomeyNorthwest Missouri State University

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