, Instructor Manual:
Instructor Manual For
Marketing Strategy, 8th Edition O. C. Ferrell (Author), Michael
Hartline (Author), Bryan W. Hochstein (Author)
Chapter 1-10
Ferrell, Hartline, Hochstein, Marketing Strategy; Chapter 1: Marketing in Today’s Economy
Contents
Purpose and Perspective of the Chapter ............................................................................................................... 2
Cengage Supplements .................................................................................................................................................. 2
Chapter Objectives ......................................................................................................................................................... 2
Key Terms ........................................................................................................................................................................... 2
What's New in This Chapter ........................................................................................................................................ 4
Chapter Outline ............................................................................................................................................................... 4
Discussion Questions ..................................................................................................................................................... 9
© 2022 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 1
website, in whole or in part.
, Instructor Manual: Ferrell, Hartline, Hochstein, Marketing Strategy; Chapter 1: Marketing in Today’s Economy
Purpose and Perspective of the Chapter
In this first chapter, we review some of the major challenges and opportunities that exist in
planning marketing strategy in today’s economy. We also review the nature and scope of major
marketing activities and decisions that occur throughout the planning process. Finally, we look
at some of the major challenges involved in developing a marketing strategy.
Cengage Supplements
The following product-level supplements provide additional information that may help you in
preparing your course. They are available in the Instructor Resource Center.
• Test Bank (contains assessment questions and problems)
• PowerPoint (provides text-based lectures and presentations)
• Case Notes (provides a case summary and teaching questions)
• Marketing Plan Worksheets (assists in writing a formal marketing plan)
Chapter Objectives
• Describe the challenges and opportunities of marketing in today’s economy
• Define marketing
• Explain basic marketing concepts
• Discuss major marketing activities and decisions
• Describe some of the challenges involved in developing a marketing strategy
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Key Terms
Competitive advantage: A firm’s capabilities that allow it to serve customers’ needs better than
the competition
Competitive intelligence: Analysis of the competitive environment that involves analyzing the
capabilities, vulnerabilities, and intentions of competing businesses
Environmental scanning: Analysis of the external environment that involves the analysis of
economic, political, legal, technological, and cultural events and trends that may affect the
future of the organization and its marketing efforts
Exchange: The process of obtaining something of value from someone by offering something in
return
Integrated marketing communication (IMC): The coordination of all promotional activities
(e.g., media advertising, social media, direct mail, personal selling, sales promotion, public
relations, packaging, store displays, website design, personnel) to produce a unified, customer-
focused message
© 2022 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 2
website, in whole or in part.
, Instructor Manual: Ferrell, Hartline, Hochstein, Marketing Strategy; Chapter 1: Marketing in Today’s Economy
Internal analysis: The objective review of internal information pertaining to the firm’s current
strategy and performance, as well as the current and future availability of resources
Market: A collection of buyers and sellers that have similar needs that can be met by a
particular product
Market segmentation: Dividing the total market into smaller, relatively homogeneous groups
or segments that share similar needs, wants, or characteristics
Marketing: The activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large
Marketing ethics: Principles and standards that define acceptable marketing conduct as
determined by the public, government regulators, private-interest groups, competitors, and the
firm itself
Marketing implementation: The process of executing the marketing strategy
Marketing plan: A written document that provides the blueprint or outline of the organization’s
marketing activities, including the implementation, evaluation, and control of those activities
Marketplace: The location where buyers and sellers meet to conduct transactions
Marketspace: Electronic marketplaces unbound by time or space
Product: Something that can be acquired via exchange to satisfy a need or a want
Product positioning: Establishing a mental image, or position, of the product offering relative
to competing offerings in the minds of target buyers
Situation analysis: The overall process of collecting and interpreting internal, competitive, and
environmental information
Social responsibility: An organization’s obligation to maximize its positive impact on society,
while minimizing its negative impact
Strategy: Outlines the organization’s game plan for success
Supply chain: The connection and integration of all members of the marketing channel
Tactical planning: Addresses specific markets or market segments and the development of
marketing programs that will fulfill the needs of customers in those markets
Target markets: One or more segments of individuals, businesses, or institutions toward which
the firm’s marketing efforts will be directed
Utility: The ability of a product to satisfy a customer’s desires
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© 2022 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 3
website, in whole or in part.
