- Service-dominant logic—This textbook employs the term “offering”instead of the more traditional first P—product. That is becauseconsumers don’t sacrifice value when alternating between a productand a service. They are evaluating the entire experience, whether theyinteract with a product, a service, or a combination. So thefundamental focus is providing value throughout the value chain,whether that value chain encompasses a product, a service, or both.
- Sustainability—Increasingly, companies are interested in their impacton their local community as well as on the overall environment. This isoften referred to as the “triple bottom line” of financial, social, andenvironment performance.
- Ethics and social responsibility—Following on the sustainabilitynotion is the broader importance of ethics and social responsibility increating successful organizations. The authors make consistentreferences to ethical situations throughout chapter coverage, and end-of-chapter material in many chapters will encompass ethicalsituations.
- Global coverage—Whether it is today’s price of gasoline, the currentU.S. presidential race, or midwestern U.S. farming, almost everyindustry and company needs strong global awareness. And today’smarketing professionals must understand the world in which they andtheir companies operate. Examples of decisions relative to the globalmarketplace are discussed throughout the text.
- Metrics—Firms today have the potential to gather more informationthan ever before about their current and potential customers. Thatinformation gathering can be costly, but it can also be very revealing.With the potential to capture so much more detail about microtransactions, firms should now be more able to answer, “Was thismarketing strategy really worth it?” and “What is the marketing ROI?”and finally, “What is this customer or set of customers worth to us overtheir lifetime?”
[size=11.000000pt]Preface
[size=11.000000pt]In this second edition, you’ll also find more emphasis on omni-channel marketing,social media in marketing, and the other components of the digital mediarevolution that are changing marketing so rapidly. Examples, videos, illustrations,and more reflect the latest in how marketing gets done.