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4 Marketing: the Basics
take a closer look at this new and exciting medium, particularly at social network marketing.
Chapter 5 through Chapter 8 constitute the heart of the book. In these chapters readers will learn the tools marketers use to influ- ence the revenue generated by a product. Specifically, we discuss the five Ps of marketing: product, placement, price, promotion and people. We will explore each of these topics in detail and explain how these variables are used to build a competitive advantage for the firm. We also discuss the new ‘basics’ that are starting to gain widespread acceptance. Customer relationship marketing is also discussed in these chapters.
Chapter 9 peers into the black box of the customer’s mind. Market research is the means to STP’s ends. We will compare and contrast the methodologies of various data collection techniques such as focus groups, surveys and simulators illustrating their benefits and drawbacks. The chapter ends with a discussion of neuromarketing, a new field that uses brain-scanning technology to measure a customer’s neural response to particular imagery. It is only a matter of time before neuromarketing becomes part of the ‘new’ basics.
We end the book with a discussion of global marketing. Chapter 10 discusses the role culture plays in business and the importance for marketers to adapt the product to suit local tastes.
The authors would like to thank Jody Cohn, John Matheson, Kelly McAndrew, Margaret Snell, Kristine Triandafilou and Carolyn Wheatley for their considerable contributions to ensuring that the second edition is as up-to-date as possible. All are/were recent students at McGill University with whom Karl had the pleasure of working – and students who represent McGill at its best.





























































































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