Marketing & economics: an integrated approach to making effective business decisions in the world of global marketing
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Wilmington, Delaware
Vernon Press
[2016]
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| Series: | Vernon series in business and finance
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Physical Description: | 210 Seiten |
| ISBN: | 9781622731046 1622731042 |
Staff View
MARC
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| adam_text | Table of Contents
. ft
Introduction 1
The Circular Economy 3
Why focus on the discipline of Economics? 4
Book Structure 5
Chapter One The Nature of Demand- Consumer
Behaviour and Preferences 7
What is demand? 7
Changes in quantities demanded and changes in demand 9
Price elasticity of demand and marketing mix strategy 10
What is the significance of price elasticity of demand to a
marketer or to a business? 11
How do consumers/customers make purchasing decisions? 14
Price vs. Value 14
Demand: Ethical and environmental considerations 17
The buying decision by businesses in the private sector 19
Forecasting demand to formulate marketing strategy 20
Big Data 21
Evolution of marketing - from production to sales to customer’s
focus and digital Marketing 22
Location of demand, supply and market. Focussing on
marketing strategies 28
How can marketers influence demand? 30
Use of Digital marketing
30
Chapter Two The Nature of Supply - Organisational
perspective in relation to marketing goods and services
33
The Theory of the Firm and Outsourcing and Resourcing
Decisions 35
Outsourcing - Your place or mine? 36
Global Sourcing 38
Global sourcing - ethical and environmental considerations 39
Suppliers beware! 40
Offshoring and reshoring to be near to markets 41
Quality 43
Quality in service 45
Gaps in service design and delivery 46
Customer care 46
Flows from supply to demand 48
Middlemen 49
The concept of supply chain 49
E-Commerce 51
Capabilities of the internet 52
E-Supply 54
Customisation 54
Chapter Three Economics of Services 57
Nature of services
57
Marketing mix - From tangibles to intangibles 58
Branding services 60
Product Life Cycle Concept 61
Price 64
Place 64
Promotion 65
Process 66
Physical evidence 67
People 68
Training 69
Appearance 70
Empowerment 70
Employees as customers (Internal Marketing) 73
Chapter Four Pricing. An important aspect of
marketing mix 75
Price and changes in demand and supply 75
Price determination 77
Price discrimination. Price elasticity of demand revisited 79
Price fences 81
Marketing mix 83
Activity-based costing 84
Pricing in Marketing 86
Not-for-profit organisations 88
Chapter Five Firms and the Benchmarking
91
Benchmarking. Best practice approach 91
Types of benchmarking 92
Benchmarking without emotions 95
How to benchmark 95
Sources of information 96
Advantages of benchmarking 96
Continuous improvement 97
Process re-engineering 102
Why have some re-engineering initiatives failed? 104
Use of value chain 105
Understanding change initiative 105
Modern literature on benchmarking 107
Chapter Six Mergers, Acquisitions and Alliances 111
Nature of mergers, acquisitions and alliances 111
Mergers, competition and market dominance 113
European law and mergers 114
Which mergers are examined by European Commission? 116
Mergers and acquisition in the service sector 117
Acquisitions 118
Strategic alliances 121
Why form strategic alliances? 121
Alliances: Marketing perspective 122
Chapter Seven Knowledge as a factor of production 125
What is knowledge? 126
Why managing knowledge has become important for all
organisations now? 129
Managing knowledge 129
Making a start. Some examples/initiatives 130
Knowledge is also power. Why should employees share this
power? 131
Process of knowledge creation 133
Building Marketing Knowledge. Improving effectiveness of
internal marketing 135
S.W.O.T. Analysis 136
Conducting S.T.E.E.P. Analysis 137
Economic factors 139
Environmental factors 139
Political factors 140
Marketing knowledge 141
Chapter Eight Globalisation 143
International Monetary Fund 143
World Trade Organisation 144
N orth American F ree T rade Agreement (NAFTA) 146
The European Union 146
Enter globalisation 147
From comparative advantage to competitive advantage 149
Marketing perspective 151
The advantages of globalisation
155
Current situation after Financial Crisis of 2007-2008 156
Chapter Nine Economics of Advertising and
Promotion 161
Advertising 161
Marketing perspective 162
Globalisation and advertising 162
Communication models 165
The Constructivist Model 167
What customers perceive, customers must receive 169
Beware of sensitivities involved 170
Digital advertising 173
Promotion 175
Note on product manuals 178
Chapter Ten Economics of Customers 181
Importance of customers 181
Relationship Marketing 182
Relationship Life Cycle model 184
Economics of customer retention and loyalty 186
Customer Loyalty Ladder 186
Reichheld Service Profit Cycle 188
Measuring the economic value of the customer to the
organisation (EVCO) 191
Using activity-based costing to calculate EVCO 191
Using discounted cash flow analysis to calculate EVCO 192
Circular Economy
193
Conclusion 195
References and sources 197
Index
205
This book bridges the disciplines of economics and
marketing and brings them to bear on the analysis
of contemporary business problems. The world has
changed dramatically over the last four decades.
Sociologically, technologically, economically and
politically speaking the world is changing at an
increasing pace. The spread of ideas and values are
reinforcing the impact of globalization on various
business operations and activities. As the late Peter
Drucker once remarked: whileyou were out the
world changed.
To make sense of to the world we live in, we are
compelled to draw from diverse disciplines and
subjects.This book focuses on the contributions
of economics and marketing. The basic principles,
theories and issues of economics are selected and
are integrated with key elements and principles of
marketing. Marketers, in conventional as well as in
digital markets, are encouraged to integrate market-
ing with economics in order to make successful and
effective business decisions.
Marketing and Economics are subjects dealing with
business - business of private firms, not-for-profit
organisations and that of government. Economics
involves allocation of scarce resources. Scarcity in
economics is relative scarcity, scarcity in relation to
demand. Written in a casual, accessible language
and taking very little for granted, this book is for
anyone who is curious about economics and mar-
keting. It provides the essential analytical framework
necessary for thriving in today s business.
In its diverse chapters it covers topics such as
offshoring, the circular economy, benchmarking,
mergers and acquisitions, knowledge and inno-
vation, services industries, customer relationships,
advertising and communication, among others.
It is particularly well suited to undergraduates in
business or economics and its fresh perspectives on
today s challenges would be of interest to business
managers and marketing professionals.
Sultan Kermally is an Economist and Chartered Mar-
keter. He holds degrees in Geography, Economics,
Sociology and Law, Diploma in Finance Account-
ing, Diploma in Marketing, Certificate in Further Edu-
cation, Certificate in on-line teaching and Certificate
in Mentoring. He is a Fellow of the Chartered Institute
of Marketing. He has conducted management train-
ing for well-known organisations in the UK, the Neth-
erlands, Belgium, France, Italy, Greece, Austria, the
Middle East, Hong Kong, Kyrgyzstan and Tajikistan.
He has been taught at undergraduate and MBA level
for the Open University Business School, Durham
University Business School, Chartered Management
Institute, Oxford Brookes University and Laureate/
University of Liverpool. For several years he held
senior academic positions in Scotland and thereafter
senior directorship positions at Management Centre
Europe (Brussels), London Business School and the
Economist Conferences (The Economist Group) based
in London. At Management Centre Europe and again
at the Economist, he spent some time working with
well-known management gurus including the late
Peter Drucker, Michael Porter, Tom Peters, Richard
Pascale, Philip Kotler, Don Schultz, Rosabeth Moss
Kanter, Tony Buzan and Benjamin Zander to name
but a few.
ISBN 1-62273-104-2
Vernon Press
www.vernonpress.com
SERIES IN BUSINESS AND FINANCE
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| title | Marketing & economics an integrated approach to making effective business decisions in the world of global marketing |
| title_auth | Marketing & economics an integrated approach to making effective business decisions in the world of global marketing |
| title_exact_search | Marketing & economics an integrated approach to making effective business decisions in the world of global marketing |
| title_full | Marketing & economics an integrated approach to making effective business decisions in the world of global marketing Sultan Kermally |
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| title_short | Marketing & economics |
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