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Chapter 15 – Marketing and SupplyChain Management
Marketing is efforts to create, develop, and defend markets that satisfy the
needs and wants of individual and business customers
Supply chain is the flow of products, services, finances, and information that
passes through a set of entities from a source to the customer
Supply chain management is the activities to plan, organize, lead, and control
the supply chain
Marketing mix is the four underlying components of marketing:
o Product is the offerings that customers purchase
Global citizens are in favor of buying global brands that signal
prestige and cachet
Global dreamers may not be able to afford, but nevertheless
admire, global brands
Antiglobals are skeptical about whether global brands deliver
higher-quality goods
Global agnostics are most likely to lead anti-globalization
demonstrations smashing McDonald’s windows
o Price is the expenditures that customers are willing to pay for a
product
Most consumers are price sensitive
How price sensitive are they?
o Promotion is the communications that marketers insert into the
marketplace
Includes all types of advertising and public relations
Standardized promotion not only projects a globally consistent
message (crucial for global brands), but can also save a lot of
money
There is also a limit to the effectiveness of standardized
promotion
o Place is the location where products and services are sourced,
produced, distributed, and provided
Distribution channel is the set of firms that facilitates the
movement of goods from producers to consumers
Market segmentation is identifying segments of consumers who differ from
others in purchasing behavior
Price elasticity is how demand changes when price changes
Total cost of ownership is the total cost needed to own a product, consisting
of initial purchase cost and follow-up maintenance/service cost
Country-of-origin effect is the positive or negative perception of firms and
products from a certain country
Agility is the ability to react quickly to unexpected shifts in supply and
demand
Adaptability is the ability to change supply chain configurations in response
to longer-term changes in the environment and technology
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