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Marketing John Mullins Orville C. Walker, Jr Harper W. Boyd, Jr Barbara Jamieson MK-A5-engb 1/2014 (1004)
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This course text is part of the learning content for this Edinburgh Business School course. In addition to this printed course text, you should also have access to the course website in this subject, which will provide you with more learning content, the Profiler software and past examination questions and answers. The content of this course text is updated from time to time, and all changes are reflected in the version of the text that appears on the accompanying website at http://coursewebsites.ebsglobal.net/. Most updates are minor, and examination questions will avoid any new or significantly altered material for two years following publication of the relevant material on the website. You can check the version of the course text via the version release number to be found on the front page of the text, and compare this to the version number of the latest PDF version of the text on the website. If you are studying this course as part of a tutored programme, you should contact your Centre for further information on any changes. Full terms and conditions that apply to students on any of the Edinburgh Business School courses are available on the website www.ebsglobal.net, and should have been notified to you either by Edinburgh Business School or by the centre or regional partner through whom you purchased your course. If this is not the case, please contact Edinburgh Business School at the address below: Edinburgh Business School Heriot-Watt University Edinburgh EH14 4AS United Kingdom Tel + 44 (0) 131 451 3090 Fax + 44 (0) 131 451 3002 Email enquiries@ebs.hw.ac.uk Website www.ebsglobal.net The courses are updated on a regular basis to take account of errors, omissions and recent developments. If you'd like to suggest a change to this course, please contact us: comments@ebs.hw.ac.uk.
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Marketing John Mullins is Associate Professor of Management Practice in Marketing and Entrepreneurship at London Business School. He earned his MBA at the Stanford Graduate School of Business and, considera- bly later in life, his PhD in marketing from the University of Minnesota. An award-winning teacher, John brings to his teaching and research 20 years of executive experience in high-growth firms, including two ventures he founded, one of which he took public. Since becoming a business school professor in 1992, John has published more than 40 articles in a variety of outlets, including Harvard Business Review, MIT Sloan Management Review and the Journal of Product Innovation Management. His research has won national and international awards from the Marketing Science Institute, the American Marketing Association and the Richard D. Irwin Foundation. He has authored two best-selling trade books: The New Business Road Test (London: Prentice-Hall/FT, 3rd edition 2010), which shows entrepreneurs and executives what they should do before writing a business plan; and, with noted author and venture capital investor Randy Komisar, Getting to Plan B: Breaking Through to a Better Business Model (Boston: Harvard Business Press, 2009). He has served on the boards of fast-growing entrepreneurial companies in North America, Europe and Asia and is a frequent speaker on topics related to entrepreneurship and venture capital. Professor Orville C. Walker, Jr was the James D. Watkins Professor of Marketing and Director of the PhD Programme, in the University of Minnesota's Carlson School of Management. He holds a Master's degree in social psychology from the Ohio State University and a PhD in marketing from the University of Wisconsin-Madison. Orville is the co-author of three books and has published more than 50 research articles in scholarly and business journals. He has won several awards for his research, including the O'Dell award from the Journal of Marketing Research, the Maynard award from the Journal of Marketing and a lifetime achievement award from the Sales Management Interest Group of the American Marketing Association. Orville has been a consultant to a number of business firms and not-for-profit organisations and he has taught in executive development programmes around the world, including programmes in Poland, Switzerland, Scotland and Hong Kong. Perhaps his biggest business challenge, however, was attempting to turn a profit as the owner-manager of a small vineyard in western Wisconsin. The late Professor Harper W. Boyd, Jr was the Donaghey Distinguished Professor Emeritus of Marketing at the University of Arkansas at Little Rock. He was internationally known in the areas of marketing strategy and marketing research. He authored, co-authored, or edited more than 50 books and monographs and 100 articles, cases and other teaching materials and served as editor of the Journal of Marketing Research. He taught on the faculties of several prominent business schools around the world, including Stanford, Northwestern, Tulane and INSEAD; and he received an honorary Doctorate of Letters from the Edinburgh Business School in Scotland. He also consulted extensively with both con- sumer and industrial products companies around the world. Barbara Jamieson is a Senior Teaching Fellow and Marketing course leader. With an extensive career in industry and academia, she brings a wealth of practical and theoretical knowledge to her teaching. Before entering academia she built up more than 15 years’ commercial experience in advertising, marketing research and marketing consultancy. She holds an MBA, an honours degree in business organisation, and is a Chartered Marketer. Barbara Jamieson delivers a broad range of marketing-related courses across the MBA, MSc and DBA programmes. As well as her teaching roles, she supports faculty in the Edinburgh Business School international learning partner network to promote quality in programme delivery, with particular emphasis on using the case method approach.
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Since 2005 she has played a leading role in several projects supported by the Global Business School Network to build management education capacity in Kenya, involving seminars and workshops to promote case method teaching and develop case writing skills among university faculty. She is pursuing doctoral-level research on the relationship between distance-learning student characteris- tics, the student learning experience and learning outcomes. She is leading a related initiative to explore how new technology can enrich the student learning experience.
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First Published in Great Britain in 1996. Original edition copyright 2010 The McGraw-Hill Companies, Inc. All rights reserved. The rights of John W. Mullins, Orville C. Walker, Jr, Harper W. Boyd, Jr and Barbara Jamieson to be identified as Authors of this Work have been asserted in accordance with the Copyright, Designs and Patents Act 1988. All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publishers. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published, without the prior consent of the Publishers.
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Contents Preface xiii Why This Book? xiii A Focus on Decision Making xiii Web-Savvy Insights xiv A Real-World, Global Perspective xiv Introduction to this Course xviii Instructions on Using the Study Programme Materials xviii Conclusion xix Acknowledgements xx PART 1 AN OVERVIEW OF MARKETING MANAGEMENT Module 1 The Marketing Management Process 1/1 1.1 Why Are Marketing Decisions Important? 1/4 1.2 Marketing Creates Value by Facilitating Exchange Relationships 1/5 1.3 What Does Effective Marketing Practice Look Like? 1/14 1.4 Who Does What? 1/25 1.5 Some Recent Developments Affecting Marketing Management 1/28 Learning Summary 1/31 Review Questions 1/33 Module 2 Corporate Strategies and Their Marketing Implications 2/1 2.1 What Is Marketing’s Role in Formulating and Implementing Strategies? 2/6 2.2 Three Levels of Strategy: Similar Components But Different Issues 2/13 2.3 The Marketing Implications of Corporate Strategy Decisions 2/17 Learning Summary 2/37 Review Questions 2/38 Module 3 Business Strategies and Their Marketing Implications 3/1 3.1 Strategic Decisions at the Business-Unit Level 3/4 3.2 How Do Businesses Compete? 3/7 3.3 How Do Competitive Strategies Differ from One Another? 3/14 3.4 Deciding When a Strategy Is Appropriate: The Fit between Business Strategies and the Environment 3/17 3.5 How Different Business Strategies Influence Marketing Decisions 3/22 Marketing Edinburgh Business School vii
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Contents 3.6 What If the Best Marketing Programme for a Product Does Not Fit the Business’s Competitive Strategy? 3/26 Learning Summary 3/28 Review Questions 3/29 PART 2 OPPORTUNITY ANALYSIS Module 4 Environmental Analysis: Tools to Identify Attractive Markets 4/1 4.1 Swimming Upstream or Downstream: An Important Strategic Choice 4/3 4.2 Macro Trend Analysis: A Framework for Assessing Market Attractiveness 4/3 4.3 Environmental Analysis Guides Marketing Decision Making 4/13 Learning Summary 4/15 Review Questions 4/16 Module 5 Industry Analysis and Competitive Advantage 5/1 5.1 Markets and Industries: What’s the Difference? 5/3 5.2 The Market Is Attractive: What About the Industry? 5/6 5.3 Industry Analysis Locally: How Intense Is the Immediate Competition? 5/12 5.4 Rate of Diffusion of Innovations: Another Factor in Assessing Opportunity Attractiveness 5/14 5.5 Sustaining Competitive Advantage over the Product Life Cycle 5/17 Learning Summary 5/25 Review Questions 5/26 Module 6 Understanding Consumer Buying Behaviour 6/1 6.1 The Psychological Importance of the Purchase Affects the Decision-Making Process 6/4 6.2 Why People Buy Different Things: Part 1 – The Marketing Implications of Psychological and Personal Influences 6/18 6.3 Why People Buy Different Things: Part 2 – The Marketing Implications of Social Influences 6/26 Learning Summary 6/29 Review Questions 6/30 Module 7 Understanding Organisational Markets and Buying Behaviour 7/1 7.1 Who Is the Customer? 7/3 7.2 How Organisational Members Make Purchase Decisions 7/9 7.3 Selling Different Kinds of Goods and Services to Organisations Requires Different Marketing Programmes 7/21 Learning Summary 7/26 Review Questions 7/27 viii Edinburgh Business School Marketing
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Contents Module 8 Measuring Market Opportunities: Forecasting and Market Research 8/1 8.1 Every Forecast Is Wrong! 8/4 8.2 A Forecaster’s Toolkit: A Tool for Every Forecasting Setting 8/4 8.3 Cautions and Caveats in Forecasting 8/12 8.4 Why Data? Why Marketing Research? 8/13 8.5 Market Knowledge Systems: Charting a Path toward Competitive Advantage 8/14 8.6 Marketing Research Resolves Specific Marketing Challenges 8/21 8.7 What Users of Marketing Research Should Ask 8/31 8.8 Rudimentary Competence: Are We There Yet? 8/31 Learning Summary 8/32 Review Questions 8/32 Module 9 Market Segmentation and Target Marketing 9/1 9.1 Why Do Market Segmentation and Target Marketing Make Sense? 9/3 9.2 How Are Market Segments Best Defined? 9/5 9.3 Choosing Attractive Market Segments: A Five-Step Process 9/13 9.4 Different Targeting Strategies Suit Different Opportunities 9/21 9.5 Global Market Segmentation and Target Marketing 9/22 Learning Summary 9/23 Review Questions 9/24 Module 10 Positioning 10/1 10.1 Differentiation: One Key to Customer Preference and Competitive Advantage 10/2 10.2 Physical Positioning 10/4 10.3 Perceptual Positioning 10/5 10.4 Levers Marketers Can Use to Establish Brand Positioning 10/6 10.5 Preparing the Foundation for Marketing Strategies: The Brand Positioning Process 10/7 10.6 The Outcome of Effective Positioning: Building Brand Equity 10/22 10.7 Analytical Tools for Positioning Decision Making 10/24 Learning Summary 10/26 Review Questions 10/26 Marketing Edinburgh Business School ix
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Contents PART 3 MARKETING PROGRAMME DECISIONS Module 11 Product Decisions 11/1 11.1 Product Design Decisions for Competitive Advantage 11/3 11.2 Managing Product Lines for Customer Appeal and Profit Performance 11/14 11.3 New Product Development Process Decisions 11/17 Learning Summary 11/29 Review Questions 11/30 Module 12 Pricing Decisions 12/1 12.1 A Process for Making Pricing Decisions 12/3 12.2 Methods Managers Use to Determine an Appropriate Price Level 12/13 12.3 Deciding on a Price Structure: Adapting Prices to Market Variations 12/22 Learning Summary 12/29 Review Questions 12/30 Module 13 Distribution Channel Decisions 13/1 13.1 Why Do Multi-firm Marketing Channels Exist? 13/3 13.2 Designing Distribution Channels: What Are the Objectives to Be Accomplished? 13/5 13.3 Designing Distribution Channels: What Kinds of Institutions Might Be Included? 13/9 13.4 Channel Design Alternatives 13/13 13.5 Which Alternative Is Best? It Depends on the Firm’s Objectives and Resources 13/16 13.6 Channel Design for Global Markets 13/23 13.7 Channel Design for Services 13/27 13.8 Channel Management Decisions 13/28 Learning Summary 13/37 Review Questions 13/38 Module 14 Integrated Promotion Decisions 14/1 14.1 The Promotion Mix: A Communication Toolkit 14/3 14.2 Developing an Integrated Marketing Communications Plan 14/4 14.3 The Nitty-Gritty of Promotional Decision Making 14/10 Learning Summary 14/32 Review Questions 14/33 x Edinburgh Business School Marketing
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Contents PART 4 STRATEGIC MARKETING PROGRAMMES FOR SELECTED SITUATIONS Module 15 Marketing Strategies for New Market Entries 15/1 15.1 How New Is New? 15/3 15.2 Market Entry Strategies: Is It Better to Be a Pioneer or a Follower? 15/5 15.3 Strategic Marketing Programmes for Pioneers 15/12 Learning Summary 15/21 Review Questions 15/22 Module 16 Marketing Strategies for Growth Markets 16/1 16.1 Opportunities and Risks in Growth Markets 16/4 16.2 Growth-Market Strategies for Market Leaders 16/7 16.3 Share-Growth Strategies for Followers 16/17 Learning Summary 16/27 Review Questions 16/29 Module 17 Marketing Strategies for Mature and Declining Markets 17/1 17.1 Shakeout: The Transition from Market Growth to Maturity 17/4 17.2 Strategic Choices in Mature Markets 17/5 17.3 Marketing Strategies for Mature Markets 17/20 17.4 Strategies for Declining Markets 17/28 Learning Summary 17/36 Review Questions 17/37 PART 5 IMPLEMENTATION AND CONTROL Module 18 Organising and Planning for Effective Implementation 18/1 18.1 Designing Appropriate Administrative Relationships for the Implementation of Different Competitive Strategies 18/4 18.2 Designing Appropriate Organisational Structures and Processes for Implementing Different Strategies 18/9 18.3 Marketing Plans: The Foundation for Implementing Marketing Actions 18/22 Learning Summary 18/30 Review Questions 18/31 Module 19 Measuring and Delivering Marketing Performance 19/1 19.1 Designing Marketing Metrics Step by Step 19/3 19.2 Design Decisions for Strategic Monitoring Systems 19/13 19.3 Design Decisions for Marketing Performance Measurement 19/15 Marketing Edinburgh Business School xi
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Contents 19.4 A Tool for Periodic Assessment of Marketing Performance: The Marketing Audit 19/26 19.5 Measuring and Delivering Marketing Performance 19/28 Learning Summary 19/29 Review Questions 19/30 Appendix 1 Practice Final Examinations 1/1 Practice Final Examination 1 1/2 Practice Final Examination 2 1/4 Examination Answers 1/5 Appendix 2 Answers to Review Questions 2/1 Module 1 2/1 Module 2 2/3 Module 3 2/7 Module 4 2/9 Module 5 2/12 Module 6 2/14 Module 7 2/17 Module 8 2/20 Module 9 2/21 Module 10 2/25 Module 11 2/27 Module 12 2/30 Module 13 2/33 Module 14 2/36 Module 15 2/39 Module 16 2/40 Module 17 2/41 Module 18 2/44 Module 19 2/45 Index I/1 xii Edinburgh Business School Marketing
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Preface Why This Book? Why did EBS choose this book? Chances are, it was for one or more of the follow- ing reasons: EBS wants to give you the necessary tools and frameworks to enable you to be an effective contributor to marketing decision making, whether as an entrepre- neur or in an established firm. This book’s focus on decision making sets it apart from other texts that place greater emphasis on description of marketing phenomena than on the strategic and tactical marketing decisions that market- ing managers and entrepreneurs must make each and every day. EBS wants to use the most current and most Web-savvy book available. We integrate the latest new-economy developments into each module. In addition, we supplement the book with an interactive website to help you learn. Our goal is to make both the latest Web-based tools as well as time-tested marketing principles relevant to those of you who will work in either old – or new – econ- omy companies. EBS appreciates and believes you will benefit from the real-world, global perspectives offered by the authors of this book. Our combined entrepreneur- ial, marketing management and consulting experience spans a broad variety of manufacturing, service, software and distribution industries and has taken us – and thereby you, the reader – around the world many times over. As the reader will see from the outset in Module 1, marketing decision making is a critical activity in every firm, including start-ups, not just in big companies with traditional marketing departments. Further, it is not just marketing managers who make marketing decisions. People in nearly every role in every company can have powerful influence on how happy its customers are – or are not – with the goods and services the company provides. Stockbrokers must attract new customers. Accounting and consulting firms must find ways to differentiate their services from other providers so their customers have reasons to give them their business. Software engineers developing the next great Internet or other technology must understand how their technology can benefit the intended customer, for without such benefits, customers will not buy. Thus, we have written this book to meet the marketing needs of readers who hope to make a difference in the long-term strategic success of their organisations – whether their principal roles are in marketing or otherwise. In this brief preface, we want to say a bit more about each of the three distinctive benefits – bulleted above – that this book offers its readers. A Focus on Decision Making This revised edition of Marketing retains the strategic perspectives that have marked the earlier editions, while providing, in each module, specific tools and frameworks Marketing Edinburgh Business School xiii
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Preface for making marketing decisions that take best advantage of the conditions in which the firm finds itself – both internally, in terms of the firm’s mission and competen- cies and externally, in terms of the market and competitive context in which it operates. This decision-focused approach is important to students and executives who are our readers. Our decision-focused approach is also important to employers, who tell us they want today’s graduates to be prepared to ‘hit the ground running’ and contribute to the firm’s decision making from day one. The ability to bring thought- ful and disciplined tools and frameworks – as opposed to seat-of-the-pants hunches or blind intuition – to marketing decision making is one of the key assets today’s business school graduates offer their employers. This book puts the tools in the toolbox to make this happen. In the end, employers want to know what their new hires can do, not just what they know. Web-Savvy Insights Because this book has been written by authors who teach at Web-savvy institutions and work with Web-savvy companies, it brings a realistic, informed and Web-savvy perspective to an important question many students are asking: ‘Has the advent of the Internet changed all the rules?’ Our answer is, ‘Well, yes and no.’ On one hand, the Internet has made available a host of new marketing tools – from banner ads to email marketing to delivery of digital goods and services over the Internet – many of which are available to companies in the so-called old and new economies alike. On the other hand, time-tested marketing fundamentals – such as understanding one’s customers and competitors and meeting customer needs in ways that are differenti- ated from the offerings of those competitors – have become even more important in the fast-moving, dot-com world, as the many dot-com failures over the last few years attest. Thus, throughout the book, we integrate examples of new-economy companies – both successful and otherwise – to show how both yesterday’s and today’s market- ing tools and decision frameworks can most effectively be applied. A Real-World, Global Perspective Theory is important, because it enhances our understanding of business phenomena and helps managers think about what they should do. It is in the application of theory – the world of marketing practice – where we believe this book excels. Our decision focus is all about application. But we don’t just bring an academic perspec- tive to the party, important as that perspective is. Two of us on the author team, Orville Walker and John Mullins, have started successful entrepreneurial companies. One of these firms has ‘gone public.’ Orville Walker worked for many years in the United States, at the University of Minnesota. John Mullins works in Europe at the London Business School. Barbara Jamieson brings to this fully updated and revised edition her deep global understanding of distance learning to round out the picture. All of us have contributed the fruits of xiv Edinburgh Business School Marketing
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Preface our research to the growing body of knowledge in the marketing management, marketing strategy, new products and entrepreneurship arenas. The result of our collective and varied experience and expertise is a book marked by its real-world, global perspective. The book’s many examples of real people from around the world making real strategic marketing decisions include examples of start-ups and high- growth companies as well as examples of larger, more established firms. Marketing Edinburgh Business School xv
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Introduction to this Course This marketing distance learning study programme is based on the seventh edition of the book Marketing Management: A Strategic Decision-Making Ap- proach.1 The programme has the following objectives: 1. To provide a strategic, globally informed understanding of the marketing management process. 2. To develop an awareness of the analytical process used to identify opportunities and threats in the firm’s marketing environment which may influence profitabil- ity and market position. 3. To learn how to segment and target markets as well as position the firm’s product(s) against market needs and competitive offerings. 4. To develop appropriate marketing strategies for exploiting opportunities and overcoming threats, especially those relating to new entries, growth markets, mature/declining markets and global markets. 5. To prepare strategic marketing programmes based on the components of product, price, channels and promotion. 6. To develop an understanding of the activities and organisational structures required to implement, monitor and control strategic marketing programmes. The contents of this publication are organised around the above objectives on a sequential basis. It contains 19 modules that are structured around the 19 chapters in the text cited above. These modules are divided into five parts as follows: 1. An Overview of Marketing Management 2. Market Opportunity Analysis 3. Developing Strategic Marketing Programmes 4. Strategic Marketing Programmes for Selected Situations 5. Implementing and Controlling Strategic Marketing Programmes In addition to an opening case of a real-world company that brings to life the key principles addressed in the module, each module contains seven sections: (1) a statement of module objectives; (2) the main text; (3) a learning summary; (4) end- of-module content questions; (5) end-of-module multiple-choice questions; (6) end- of-module application questions and case(s); and (7) extensive endnotes that point the way to supplementary readings. Real-world case studies and examples are employed throughout to bring marketing principles and practices to life. They feature companies large and small from around the world, and are designed to facilitate learning about a particular marketing activity. They should also help individual students apply what is being learned to their own organisations. 1 Written by John W. Mullins and Orville C. Walker, Jr. Published by and copyright Irwin/McGraw-Hill, Burr Ridge, IL (2010). Marketing Edinburgh Business School xvii
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Introduction to this Course Instructions on Using the Study Programme Materials Before studying any of the module materials, we suggest that you read the Preface (reproduced before this Introduction) which discusses the authors’ rationale in using a strategic approach in writing (and revising) the text component of this study programme’s materials. The material in the Preface will help you understand how the course merges the traditional approach to marketing management with the authors’ newer, more relevant and more pragmatic strategic approach. You should prepare yourself for studying Module 1 – and each successive mod- ule – by reading the first two sections of the module: the opening case and the learning objectives. In the process of doing so, try to relate the content of these sections – especially the one on the module’s learning objectives – to how marketing interacts with other functional areas in your organisation such as finance and production. When you finish this brief exercise, read carefully and thoroughly the main text of Module 1 (and each successive module). Some students find it desirable to read certain modules twice – once through quickly, and then a second, more careful reading. Some find it helpful to take notes or even outline the module. You should do whatever you feel provides the best results. Upon completion of your study of the module, you should proceed to the third section of the module which contains a learning summary of the module. You are now ready to be examined on how well you understand the module and can apply its content to the real world. The answers to all three sets of test material in each module are contained in Appendix 1. The first two sets of test material involve the use of content and multiple choice questions which test – in different ways – your knowledge of the meaning of certain terms, your memory concerning important marketing concepts and facts and your ability to understand certain applications of the materials presented. You should write your answers down and then compare them to the answers contained in Appendix 1. Note any discrepancies between your answers and those provided and reconcile them by referring to the appropriate text material. The next set of test material comprise application questions and minicases. They are concerned with how well you can apply module content to realworld problem situations. They are, by design, more analytical than the materials used in the first two sets of questions. Again, you should write down your answers and compare them with the answers given in Appendix 1. Since Appendix 1 gives the number of the module section where the correct answers to the content and multiple choice questions can be found, you should not have any difficulty in reconciling any differences with respect to these sets of materials. The summary outline of the text at the end of each module should prove helpful in enabling you to locate the appropriate materials in reconciling your answers to the application questions and the case studies. xviii Edinburgh Business School Marketing
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Introduction to this Course Conclusion The time required to complete a module will, of course, vary between students – and even for the same student with regard to different modules. On average, we would expect you to spend a relatively short period of time studying the first two sections of the module, including thinking about their application to your organisa- tion. You should be prepared to spend at least two to three hours studying the module’s content. Some of this time will be spent in transferring what you are reading to your own job situation. The self-examination part of the learning procedure (the three batteries of questions at the end of each module) will take probably another two hours or more depending upon how much reviewing is necessary. As you proceed through the modules, you may find it desirable, even necessary, to review certain parts of earlier modules. Thus, some of the later modules may well require additional study time. If you continuously try to apply what you are learning to your organisation, you will find yourself learning a great deal more not only about marketing, but about your organisation as well. We would hope that you will involve, where you feel it is appropriate, knowledgeable business people (including those in the organisation where you are employed) in your pursuit of an understand- ing of marketing management. We also hope that at the conclusion of the course you will be satisfied with what you have learned about this subject and feel confi- dent in your ability to apply the basic concepts included in the text. After completing your study of the 19 modules, you are now ready to take the two practice examinations (Appendix 2). A word of caution – be sure you thoroughly review all modules including the answers to the three test batteries before taking these exams. For those of you wanting more exposure to certain marketing subjects, each module’s references represent a major resource. These references not only identify a large number of useful and recent articles from a wide range of academic journals and business publications, but also refer to the best specialised textbooks which are concerned with the various marketing areas such as product development, market- ing research, sales management, channels of distribution and advertising. Marketing Edinburgh Business School xix
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Acknowledgements Simply put, this book is not solely our work. Far from it. Many of our students, colleagues and those with whom we work in industry have made contributions that have significantly shaped our perspectives on marketing decision making. We are grateful to all of them. We also thank a small army of talented people at Irwin/McGraw-Hill and Edin- burgh Business School (EBS) for their work that has turned our rough manuscript into an attractive and readable book. Finally, we thank Harper Boyd, co-author and originator of this course text’s first edition, without whom this book would not exist and our parents, without whom, of course, none of us would be here. To all of you we extend our love, our respect and our gratitude for passing on to us your curiosity and your passion for learning. We therefore dedicate this book to Harper Boyd, to Jeannette and Orville Walker, Sr, to Jack and Alice Mullins, and to Brian and Joan Jamieson. John Mullins Orville C. Walker, Jr Barbara Jamieson Marketing Edinburgh Business School xx
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