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FOUNDATIONS OF MARKETING 3RD EDITION
Pearson is the world’s leading learning company. Our education business combines 150 years of experience in
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FOUNDATIONS OF MARKETING
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3RD EDITION
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UNIVERSITY OF QUEENSLAND
Copyright © Pearson Australia (a division of Pearson Australia Group Pty Ltd) 2015 – 9781488609725 - Armstrong/Foundations of Marketing 3e
PLA_006.indd 1 20/11/14 11:00 AM

Contents vii
Planning marketing: Partnering to build customer Student learning centre

relationships 46 • Reviewing the learning objectives 94
Partnering with other company departments 46 • Discussion questions 94
Partnering with others in the marketing system 47 • Critical thinking exercises 95
Marketing strategy and the marketing mix 48 • Navigating the key terms 95
Customer-driven marketing strategy 49 • Ethical reflection 3.1 95
Developing an integrated marketing mix 51 • Mini cases 96
3.1 Competitive environment 96
Managing the marketing effort 52 3.2 Cultural environment 96
Marketing analysis 52 3.3 Sustainability costs 97
Marketing planning 53 • References 97
Marketing implementation 54
Marketing department organisation 55 CHAPTER 4
Marketing control 56 Managing marketing information to gain
Measuring and managing return on marketing investment 56 customer insights 100
Student learning centre
Learning objectives 100
• Reviewing the learning objectives 60
• Discussion questions 61 Concept map 101
• Critical thinking exercises 61 Marketing information and customer insights 102
• Navigating the key terms 61 Assessing marketing information needs 104
• Ethical reflection 2.1 62 Developing marketing information 105
• Mini cases 62 Internal data 105
2.1 Marketing strategy 62 Competitive marketing intelligence 105
2.2 Customer focus 62
2.3 Growth strategy 63 Marketing research 107
• References 63 Defining the problem and research objectives 108
Developing the research plan 108
Part 1 Case study: Bellamy’s Organic: Providing babies
Marketing in action 4.1
and young children with a pure start to life 65
Managerial judgment is required when interpreting
marketing research 109
2 Understanding the marketplace and

consumers 69
Primary data collection
Implementing the research plan
Interpreting and reporting the findings
113
121
121
CHAPTER 3 Analysing and using marketing information 122
Analysing the marketing environment 70 Customer relationship management 122
Distributing and using marketing information 123
Learning objectives 70
Concept map 71 Other marketing information considerations 123
Marketing research in small businesses and non-profit
The company’s microenvironment 72 organisations 123
The company 72 International marketing research 124
Suppliers 73 Public policy and ethics in marketing research 125
Marketing intermediaries 73
Competitors 74 Student learning centre
Publics 74 • Reviewing the learning objectives 128
Customers 75 • Discussion questions 129
• Critical thinking exercises 129
The company’s macroenvironment 75 • Navigating the key terms 129
Demographic environment 75 • Ethical reflection 4.1 130
Economic environment 82 • Mini cases 130
Natural environment 83 4.1 Gathering data 130
Technological environment 85 4.2 Customer insights 131
Political and social environment 86 4.3 Marketing research and innovation 131
Cultural environment 89 • References 132
Individual me 92
Responding to the marketing environment 93
A01_ARMS2696_06_SE_FM.indd 7 19/11/14 9:18 AM

viii Contents
CHAPTER 5 Selecting target market segments 185

Understanding consumer and business buyer Socially responsible target marketing 188
behaviour 134 Differentiation and positioning 189
Positioning maps 190
Learning objectives 134 Choosing a differentiation and positioning strategy 190
Concept map 135 Communicating and delivering the chosen position 195
Consumer markets and consumer buyer behaviour 136 Student learning centre
Model of consumer behaviour 136 • Reviewing the learning objectives 196
Characteristics affecting consumer behaviour 137 • Discussion questions 197
Marketing in action 5.1 • Critical thinking exercises 197
Consumer behaviour: A whole life story 142 • Navigating the key terms 197
The buyer decision process 147 • Ethical reflection 6.1 197
The buyer decision process for new products 151 • Mini cases 198
Stages in the adoption process 151 6.1 Target marketing 198
Individual differences in innovativeness 151 6.2 Product differentiation 199
Influence of product characteristics on rate of adoption 152 6.3 Differentiation 199
• References 200
Business markets and business buyer behaviour 152
Business markets 153 CHAPTER 7
Business buyer behaviour 155
Products, services and brands: Offering
The business buying process 158
E-procurement: Buying on the internet 160 customer value 202
Student learning centre Learning objectives 202
• Reviewing the learning objectives 162 Concept map 203
• Discussion questions 163 What is a product? 204
• Critical thinking exercises 163 Products, services and experiences 204
• Navigating the key terms 164 Levels of products and services 205
• Ethical reflection 5.1 164 Product and service classifications 206
• Mini cases 164 Product and service decisions 209
5.1 Consumer behaviour 164 Individual product and service decisions 209
5.2 Buying process 165
5.3 Business buyer behaviour 165 Marketing in action 7.1
• References 166 Just what is effective packaging? 213
Product line decisions 215
Part 2 Case study: Customer insights: On the road to Product mix decisions 216
customer value 168
Services marketing 217
3
Nature and characteristics of a service 217
Designing a customer-driven strategy Marketing strategies for service firms 219
and mix 171 The service–profit chain 219
Managing service differentiation 220
CHAPTER 6 Branding strategy: Building strong brands 222
Customer-driven marketing strategy: Creating Brand equity 222
value for target customers 172 Building strong brands 223
Learning objectives 172 Managing brands 228
Concept map 173 Student learning centre
Customer-driven marketing strategy 174 • Reviewing the learning objectives 229
• Discussion questions 230
Market segmentation 175 • Critical thinking exercises 231
Segmenting consumer markets 175 • Navigating the key terms 231
Marketing in action 6.1 • Ethical reflection 7.1 231
ALDI: Offering a ‘same-for-less’ value proposition 178 • Mini cases 232
Segmenting business markets 182 7.1 Products, services and experiences 232
Segmenting international markets 183 7.2 Product mix 232
Requirements for effective segmentation 183 7.3 Brand value 232
Market targeting 184 • References 233
Evaluating market segments 184

Contents ix
CHAPTER 8 Other internal and external considerations affecting

Developing new products and managing price decisions 271
Overall marketing strategy, objectives and mix 271
innovation 236
Organisational considerations 272
Learning objectives 236 The market and demand 272
Concept map 237 The economy 274
New-product development strategy 238 Other external factors 274
The new-product development process 239 New-product pricing strategies 275
Idea generation 239 Market-skimming pricing 275
Market-penetration pricing 276
Product-mix pricing strategies 276
aussieBum: The innovation fast track 242
Product-line pricing 276
Idea screening 243
Optional-product pricing 277
Concept development and testing 243
Captive-product pricing 277
Marketing strategy development 244 By-product pricing 278
Business analysis 245 Product-bundle pricing 278
Product development 245
Test marketing 246 Price-adjustment strategies 279
Commercialisation 247 Discount and allowance pricing 279
Segmented pricing 279
Managing new-product development 247 Psychological pricing 280
Customer-centred new-product development 247
Team-based new-product development 248 Marketing in action 9.1
Pricing cues are customer clues 281
Systematic new-product development 249
Promotional pricing 283
Product life-cycle strategies 249 Geographical pricing 283
Introduction stage 251 Dynamic pricing 284
Growth stage 252 International pricing 285
Maturity stage 252
Price changes 286
Decline stage 253
Initiating price changes 286
Additional product and service considerations 254 Responding to price changes 288
Product decisions and social responsibility 254 Public policy and pricing 289
International product and services marketing 255 Pricing within channel levels 290
Student learning centre Pricing across channel levels 290
• Reviewing the learning objectives 257 Student learning centre
• Discussion questions 258 • Reviewing the learning objectives 291
• Critical thinking exercises 259 • Discussion questions 292
• Navigating the key terms 259 • Critical thinking exercises 293
• Ethical reflection 8.1 259 • Navigating the key terms 293
• Mini cases 260 • Ethical reflection 293
8.1 Innovation 260 • Mini cases 294
8.2 Social responsibility 260 9.1 Marketing technology 294
8.3 New-product development strategy 260 9.2 Price adjustments 294
• References 261 9.3 Marketing metrics 294
• References 295
CHAPTER 9 CHAPTER 10
Pricing to capture customer value 262 Placement: Customer value fulfilment 296
Learning objectives 262 Learning objectives 296
Concept map 263 Concept map 297
What is a price? 264 Supply chains and the value delivery network 298
Major pricing strategies 264 Supply chain goals 301
Customer value-based pricing 265 Major supply chain functions 303
Cost-based pricing 267 The nature of marketing channels and value creation 305
Competition-based pricing 269 Marketing channels add value 306

x Contents
Number of channel levels 307 • Discussion questions 369

Channels in the service sector 309 • Critical thinking exercises 371
Channel behaviour and organisation 309 • Navigating the key terms 371
Channel behaviour 309 • Ethical reflection 11.1 371
Channel organisation 310 • Mini cases 371
11.1 Integrated marketing communication 371
11.2 Advertising ratings 372
Multichannel services marketing 314
11.3 PR and social media 373
Retailing 316 • References 373
Types of retailers 316
Retailer marketing decisions 323
Wholesaling 328 CHAPTER 12
Types of wholesalers 328 Personal selling and sales promotion 376
Wholesaler marketing decisions 330 Learning objectives 376
Student learning centre Concept map 377
• Reviewing the learning objectives 333 Personal selling 378
• Discussion questions 334 The nature of personal selling 378
• Critical thinking exercises 335 The role of the salesforce 379
• Navigating the key terms 335
Managing the salesforce 380
• Ethical reflection 10.1 336
Designing salesforce strategy and structure 381
• Mini cases 336
Recruiting and selecting salespeople 384
10.1 Supply chains at work 336
Training salespeople 385
10.2 Corporate VMN 336
Compensating salespeople 386
10.3 Multichannel distribution networks 337
• References 338 Supervising and motivating salespeople 386
Evaluating salespeople and salesforce performance 389
CHAPTER 11 The personal selling process 389
Communicating customer value: Advertising Steps in the selling process 390
and public relations 340 Personal selling and managing customer relationships 392
Sales promotion 393
Learning objectives 340 Rapid growth of sales promotion 393
Concept map 341 Sales promotion objectives 394
The promotion mix 342 Marketing in action 12.1
Integrated marketing communications 342 Customer experience: Where loyalty programs and some
The new marketing communications landscape 343 really smart marketing analytics meet strategy 395
The shifting marketing communications model 343 Major sales promotion tools 396
The need for integrated marketing communications 344 Developing the sales promotion program 399
Marketing in action 11.1 Student learning centre
Dramatic shifts in main media 346 • Reviewing the learning objectives 401
Shaping the overall promotion mix 348 • Discussion questions 402
The nature of each promotion tool 349 • Critical thinking exercises 403
Promotion mix strategies 350 • Navigating the key terms 403
Advertising 351 • Ethical reflection 12.1 403
Setting advertising objectives 352 • Mini cases 404
Setting the advertising budget 353 12.1 Evaluating the salesforce 404
Developing advertising strategy 355 12.2 Smart about sales 404
Evaluating advertising effectiveness and return on 12.3 eCoupons 405
advertising investment 363 • References 405
Other advertising considerations 364
CHAPTER 13
Public relations 366
The role and impact of public relations 366
Direct and digital marketing: Building one-to-one
The main public relations tools 367 customer relationships 408
Student learning centre Learning objectives 408
• Reviewing the learning objectives 369 Concept map 409

Contents xi
The direct and digital marketing model 410 Sustainable marketing 454
Benefits of direct and digital marketing 412 Social criticisms of marketing 455
Benefits for buyers 412 Marketing’s impact on individual customers 455
Benefits for sellers 413 Marketing’s impact on society as a whole 459
Forms of direct and digital marketing 413 Marketing’s impact on other businesses 461
Using internet and mobile marketing 414 Consumer actions to promote sustainable marketing 462
Using direct print and reproduction 416 Consumerism 462
Using direct-response television and radio 416 Environmentalism 463
Using telemarketing 416 Public actions to regulate marketing 466
Using telesales 416 Business actions towards sustainable marketing 466
Using kiosks and electronic dispensing 417 Sustainable marketing principles 466
Customer database use in direct and digital marketing 417 Marketing in action 14.1
The customer database defined 417 Timberland: Making a difference in the world 469
Using a database in direct and digital marketing 419
The role of ethics in marketing 471
Adding value through interaction in online marketing 421 Marketing ethics 471
Methods of interacting online 421 The sustainable company 473
Marketing in action 13.1 Legal compliance in marketing 473
Search engine marketing: Three reasons why search engines exist 423 Putting a compliance program in place: Australian Standard
Customer-to-customer interaction 430 AS3806 – 2006 474
Customer-to-business interaction 431 Legal education 474
The promise and challenges of digital marketing 432 Coverage of a legal compliance program 475
Evaluating direct and digital marketing results 432 Student learning centre
Evaluating direct and digital marketing 433 • Reviewing the learning objectives 481
Evaluating online marketing 433 • Discussion questions 482
Evaluating customer database performance 436 • Critical thinking exercises 482
Public policy issues in direct and digital marketing 437 • Navigating the key terms 482
Irritation, unfairness, deception and fraud 437 • Ethical reflection 14.1 483
Privacy 438 • Mini cases 483
Student learning centre 14.1 Sustainability 483
• Reviewing the learning objectives 439 14.2 Legal compliance in marketing 484
• Discussion questions 440 14.3 Social responsibility in marketing 485
• Critical thinking exercises 441 • References 485
• Navigating the key terms 441 Part 4 Case study: Supermarket wars: Coles and Woolies
• Ethical reflection 13.1 441 battle for Australia’s grocery dollar 488
• Mini cases 442
13.1 Location-based marketing 442 APPENDIX 1
13.2 Direct and digital marketing 442 Marketing metrics spotlights 493
13.3 Evaluating direct and digital marketing 443
• References 443 APPENDIX 2
Part 3 Case study: Posse: Marketing the social search engine The marketing plan: An introduction 516
to business customers 446
APPENDIX 3
4 Extending marketing 451 FashionStatementX: A mini case study and

marketing plan 529
CHAPTER 14 APPENDIX 4
Sustainable marketing: Social responsibility, Study skills to succeed 534
ethics and legal compliance 452
Introduction 534
Learning objectives 452 Why did we write this appendix? 534
Concept map 453 What is today’s business world really like? 534

xii Contents
How this appendix will help you to achieve the three goals of Goal 2
your business degree 537 Become an effective professional communicator 578
How your business degree is structured 539
4 Become a professional communicator 582
Goal 1 Why you should read this section 582
Become a subject expert and higher order thinker 543 4.1 The key features of professional writing 582
4.2 Feature 1: Logical structure 582
1 Acquire knowledge in business disciplines 544
4.3 Feature 2: Analytical writing 583
Why you should read this section 544
4.4 Feature 3: Objectivity and tone 584
1.1 What is a subject discipline? 544
4.4.1 Objectivity 584
1.2 The terminology of disciplines: Facts, concepts, frameworks,
4.4.2 Appropriate tone 585
processes and theories 545
4.5 Feature 4: Evidence that is properly acknowledged and
1.3 Facts and what they are 546
referenced 586
1.3.1 Facts fit in to concepts 546
4.5.1 Why you must acknowledge and reference evidence:
1.4 What is a concept? 546
Academic and professional integrity 587
1.4.1 How concepts work in academic disciplines 548
4.5.2 How to reference (acknowledge sources) 588
1.4.2 How to work with concepts: From ‘the consumer’ to
4.6 Feature 5: Evidence that is integrated into your writing 593
‘celebrity endorsement’ in marketing 548
4.6.1 Using reporting verbs to convey exact meaning 594
1.4.3 Two further points about concepts 550
4.6.2 Using figures, tables and graphs 594
1.5 What is a framework? 551
4.7 Professional standards in writing: Grammar, punctuation
1.5.1 Applying frameworks in the disciplines 551
and spelling 596
1.6 What are processes in a discipline? 552
4.7.1 Basic sentences 596
1.7 What is a theory and what is the place of theory
4.7.2 Complex sentences 597
in disciplines? 552
4.7.3 Subject–verb agreement 597
1.8 The falsifiability of theories 553
4.7.4 Use of fewer and less 598
1.8.1 Theories and the world: A final thought 554
4.7.5 Tense 599
2 Introduction to higher order thinking 554 4.7.6 Use of articles 599
Why you should read this section 554 4.7.7 Punctuation 599
2.1 What is higher order thinking? 554 4.7.8 Commas, colons and semi-colons 600
2.2 Higher order thinking in personal and professional life 555 4.7.9 Common spelling errors 601
2.3 A process for higher order thinking: ARE 556 4.7.10 Use of verb tense (present, past) 601
2.4 The Analysis stage 557 4.8 Professional presentation of documents 602
2.4.1 Analysing the topic 557
5 Report writing 602
2.4.2 What you need to find out 559
Why you should read this section 602
2.4.3 The main ideas of your topic 559
5.1 What is a business report? 602
2.5 The Research stage 559
5.2 How is a business report structured? 603
2.5.1 Finding the information you need 560
5.2.1 Report structure applied to the celebrity
2.5.2 Assessing the information you have found 561
endorsement topic 604
2.5.3 Organising your research as you collect it 562
5.3 How to write and present the components of a business
2.6 The Evaluation stage 564
report 605
2.6.1 Evaluation to synthesise ideas and evidence 564
5.4 How to write an executive summary 605
2.6.2 Evaluation to select your final evidence 567
5.5 How to construct a table of contents 606
2.6.3 Self-assess how well you have carried out the
5.6 How to write a report introduction 606
ARE process 569
5.7 How to present your research and analysis in the discussion
2.7 The ARE process and your assignments 569
section of a report 607
2.7.1 Higher order thinking in the classroom 569
5.8 How to write a report conclusion 608
3 Higher order thinking in practice 570 5.9 How to write recommendations 609
Why you should read this section 570 5.10 How to construct a list of references 610
3.1 The example topic: Celebrity endorsement 570 5.11 Advice on the inclusion of appendixes 611
3.2 Working with your topic: The Analysis stage 570 5.12 How to write a business brief 612
3.2.1 Three approaches to the topic 572
3.3 Investigating the topic: The Research stage 573 6 Other forms of business writing 614
3.4 Bringing it all together: The Evaluation stage 576 Why you should read this section 614
3.4.1 Synthesising and selecting 576 6.1 Introduction to the section 614
3.4.2 Presenting your response to the topic 576 6.2 The structure and composition of an essay 614
6.2.1 Introduction 615
6.2.2 Main body 616

Contents xiii
6.2.3 Paragraph structure 617 9.2.2 The moral and social rationale for Professional
6.2.4 Conclusion 617 Codes of Conduct 661
6.3 The case study: How to respond to it and structure 9.3 Ethical reasoning: A difficult situation in professional life 663
your answer 619 9.4 Boundaries of a Professional Code of Conduct:
6.4 Reflective writing: What it is and how to do it 621 The area of personal ethics 664
6.5 Annotated bibliography: How to prepare and present it 622 9.5 Links between business and ethical theories 666
6.6 Literature review: How to prepare and structure it 623 10 The contemporary business world: Intercultural
6.6.1 How to refer to literature 626 and international perspectives 667
7 Oral communication 626 Why you should read this section 667
Why you should read this section 626 10.1 Diversity in the company workforce 667
7.1 The 3Cs of oral presentation: Connection, Communication, 10.2 Diversity in today’s business world 669
Confidence 626 10.3 What is culture and how is it manifested? 670
7.1.1 Why are these 3 skills the key ones? 626 10.4 Working effectively in multicultural settings:
7.2 The first ‘C’ of oral presentation: Connection 627 Acquiring knowledge, skills and experience 671
7.3 The second ‘C’ of oral presentation: Communication 628 10.4.1 The concept of cultural difference 671
7.4 The third ‘C’ of oral presentation: Confidence 632 10.4.2 Knowledge of other cultures: Research and theory 672
7.5 Practice, practice, practice 632 10.4.3 Gaining knowledge of other cultures in your
7.6 Giving the presentation 635 degree program 672
7.6.1 Taking questions 636 10.4.4 Gaining knowledge and skills in other cultures:
7.7 Assessing your performance 636 You and your fellow students 673
7.8 Creating effective PowerPoint presentations 637 10.4.5 Gaining knowledge of other cultures: Have
some fun! 674
Goal 3 10.5 The message of this appendix 674
Become an effective worker in a globalised world 638
8 Working effectively – in a team and on your own 639 APPENDIX 5
Why you should read this section 639 The marketing plan handbook 675
8.1 Introduction to teamwork 639 Preface 675
8.2 Working in teams: Why employers want graduates with
teamwork skills 639 Section 1
8.3 What is a professional team? 640 Marketing planning: New pace, new possibilities 679
8.4 Some misunderstandings about teamwork in your degree 640 Preview 679
8.5 Team formation 640
8.6 Teamwork and diversity 642 Marketing planning today 680
8.6.1 Celebrate diversity in your teamwork 644 Marketing and value 681
8.7 Keys to successful teamwork and teamwork experiences 644 The purpose of marketing planning 681
8.7.1 Communicate, communicate, communicate! 644 Contents of a marketing plan 682
8.7.2 Product: Task, sub-tasks and project stages Developing a marketing plan 684
and timing 645 Research and analyze the current situation 686
8.7.3 Process: Teamwork roles needed for a team to Understand markets and customers 686
operate effectively 645 Plan segmentation, targeting, and positioning 687
8.7.4 Process: Agreements for working together 646 Plan direction, objectives, and marketing support 688
8.8 Process: Understanding the evolutionary stages of teams 647 Develop marketing strategies and programs 688
8.9 Dealing with conflict situations in teams 647 Plan metrics and implementation control 690
8.10 Taking responsibility for your own learning: Preparing for marketing planning 691
The skills of self-reflection and self-efficacy 652 Primary marketing tools 691
8.10.1 Teamwork reflection and review 652 Supporting the marketing mix 692
8.10.2 Individual self-reflection and review 653 Guiding principles 693
8.10.3 Self-reflection and self-efficacy 656 • Summary 696
9 Professional and ethical conduct in business 656 • Your marketing plan, step by step 696
Why you should read this section 656 • Endnotes 696
9.1 What is a good professional? 657
9.2 How Professional Codes of Conduct help you to be
a good professional 660
9.2.1 The personal fall-out for you of a moral dilemma 661

xiv Contents
Section 2 Geographic variables 733

Analyzing the current situation 698 Psychographic variables 734
Preview 698 Applying segmentation variables to business markets 734
Behavioral and attitudinal variables 734
Understanding the marketing environment 699
Demographic variables 735
Environmental scanning 699
Geographic variables 735
SWOT analysis 700
Assessing and targeting segments 736
Analyzing the internal environment 701
Segment evaluation 736
Mission 701
Concentrated, undifferentiated, and differentiated marketing 738
Resources 702
Segment personas 738
Offerings 703
Previous results 703 Positioning for competitive advantage 739
Business relationships 704 Meaningful differentiation 739
Keys to success and warning signs 704 Positioning and marketing leverage 740
• Summary 741
Analyzing the external environment 704
• Your marketing plan, step by step 741
Political-legal trends 705
• Endnotes 742
Economic trends 706
Social-cultural trends 706 Section 5
Technological trends 707 Planning direction, objectives, and marketing support 743
Ecological trends 708
Preview 743
Competitor analysis 709
Refining the SWOT analysis 710 Determining marketing plan direction 744
• Summary 711 Growth strategies 745
• Your marketing plan, step by step 711 Nongrowth strategies 745
• Endnotes 712 Setting marketing plan objectives 746
Types of objectives 747
Section 3 Marketing objectives 747
Understanding markets and customers 713 Financial objectives 749
Preview 713 Societal objectives 749
Analyzing markets today 714 Planning marketing support 750
Broad definition of market and needs 715 Customer service 751
Markets as moving targets 717 Internal marketing 751
Market share as a vital sign 717 Shaping the marketing mix 752
Analyzing customer needs and behavior 718 • Summary 753
Consumer markets 719 • Your marketing plan, step by step 753
Business markets 721 • Endnotes 753
Planning marketing research 723 Section 6
Secondary research 723 Developing product and brand strategy 755
Primary research 724
Preview 755
Using marketing research 725
• Summary 726 Planning product strategy today 756
• Your marketing plan, step by step 726 Goods, services, and other products 756
• Endnotes 726 Features, benefits, and services 757
Quality and design 758
Section 4 Packaging and labeling 759
Segmenting, targeting, and positioning 728 Product development and management 760
Preview 728 New product development 761
Segmenting consumer and business markets 729 Product lines and the product mix 763
Segments and niches 730 Planning branding 764
Reasons to segment 730 Branding and positioning 764
Select the market 731 The power of brand equity 765
Applying segmentation variables to consumer markets 731 • Summary 767
Behavioral and attitudinal variables 732 • Your marketing plan, step by step 767
Demographic variables 732 • Endnotes 767

Contents xv
Section 7 Public relations 808

Developing pricing strategy 769 Direct marketing 809
Personal selling 809
Preview 769
Integrated marketing communication 810
Understanding value and pricing today 770 • Summary 811
Fixed, dynamic, and negotiated pricing 771 • Your marketing plan, step by step 811
Customer perceptions and demand 772 • Endnotes 812
Value-based pricing 773
Planning pricing decisions 774 Section 10
Pricing objectives 774 Planning metrics and implementation control 813
External pricing influences 775 Preview 813
Internal pricing influences 778 Measuring what matters 814
Adapting prices 781
Planning metrics 815
• Summary 782
Identifying metrics 816
Marketing metrics for digital and social media 818
• Endnotes 782
Using metrics 819
Section 8 Planning forecasts, budgets, and schedules 820
Developing channel and logistics strategy 784 Forecasting sales and costs 820
Preview 784 Budgeting to plan and track expenses 822
Scheduling marketing plan programs 824
Planning for value-chain flexibility 785
Flows in the value chain 786 Controlling marketing plan implementation 825
Adding value through the chain 786 Applying control 826
Preparing contingency plans 826
Planning channel strategy 787
• Summary 828
Channel functions 787
Channel levels 788
• Endnotes 828
Multichannel marketing 789
Reverse channels 790 Section 11
Channel members 790 Sample marketing plan: PretzL Elegance’s Artisanal
Influences on channel strategy 790
Chocolate Twists 830
Planning for logistics 793
Executive Summary 825
Logistical functions 793
Influences on logistics decisions 794 Current Situation 830
• Summary 796 Competition 831
• Your marketing plan, step by step 796 SWOT Analysis 832
• Endnotes 796 Market Size, Trends, and Needs 831
Target Segments and Service Requirements 833
Section 9 Consumers 833
Developing marketing communications and Businesses 834
influence strategy 798 Service Support 834
Preview 798 Marketing Direction and Objectives 835
Planning to communicate with and influence audiences 799 Product Strategy 835
Social media, word of mouth, buzz, and influence 799 Pricing Strategy 836
Choose the target audience 800
Communications and Influence Strategy 837
Set objectives and budget 802
Examine issues 802 Channel Strategy 838
Choose communication tools 803 Financials and Forecasts 839
Plan research 804 Implementation, Metrics, and Marketing Control 839
Using communication tools to engage audiences 805 • Answers to self-check questions 841
Advertising 805 • Glossary 852
Sales promotion 807 • Index 866

P R E FA C E
Welcome to your Principles of Marketing package

The sixth edition of Principles of Marketing makes the road to learning and teaching marketing more
effective, easier and more enjoyable than ever. Its streamlined approach strikes a careful balance between
depth of coverage and ease of learning. The sixth edition’s learning design – with revised integrative Concept
Map features at the start of each chapter – enhances student understanding. Principles of Marketing ensures
that you will come to class well prepared and leave with a richer understanding of basic marketing concepts,
strategies and practices.
The marketing journey: Creating and capturing customer value

Top marketers all share a common goal: putting the consumer at the heart of marketing. Today’s
marketing is all about creating customer value and building profitable customer relationships. It starts
with understanding consumer needs, wants and demands, deciding which target markets the organisation
can serve best, and developing a compelling value proposition by which the organisation can attract, keep
and grow targeted consumers. If the organisation does these things well, it will reap the rewards in terms of
market share, profits and customer equity. In this sixth edition of Principles of Marketing, you will see how
customer value – creating it and capturing it – drives every good marketing strategy.
New in the sixth edition

We have thoroughly revised the sixth edition of Principles of Marketing to reflect the major trends and forces
that marketing must take into account in this era of customer value and relationships. Here are just some
of the main changes you will find in this edition:
• The sixth edition builds on our learning design. The text’s more active and integrative presentation
includes in-chapter learning enhancements that guide you down the road to learning marketing. The
chapter-opening layout provides a Concept Map that graphically previews and positions each chapter
and its key concepts, providing you with a visual guide to more easily navigate the chapter. End-of-
chapter features summarise important concepts and highlight important themes, such as marketing
and the economy, technology, ethics and marketing financial analysis. We have added critical thinking
questions and mini-cases to provide opportunities to practise marketing skills. In all, the new design
enhances student understanding and facilitates learning.
• Throughout the sixth edition, you will find important coverage of the rapidly changing nature of
customer relationships with companies and brands. Today’s marketers aim to create deeper consumer
involvement and a sense of community surrounding a brand – to make the brand a meaningful part
of consumers’ conversations and their lives. New relationship-building tools include everything from

Preface xvii
websites, blogs, in-person events and video sharing, to online communities and social networks such as
Facebook, YouTube, Twitter and LinkedIn, or the organisation’s own social networking sites.
• Every chapter shows how companies are marketing in turbulent local and international economies
in the aftermath of the global financial crisis, political unrest in the Middle East, and natural disasters
in Asia, Oceania and Japan. Starting with sections on adding customer value in each chapter, and
continuing with discussions and examples integrated throughout the text, the sixth edition shows how,
now more than ever, marketers must focus on creating customer value and sharpening their value
propositions to serve the needs of today’s more frugal consumers.
• Increasingly, marketing is taking the form of two-way conversations between consumers and brands.
The sixth edition contains material on the exciting trend towards consumer-generated marketing,
by which marketers invite consumers to play a more active role in providing customer insights that
shape new products and marketing communication among other developments. This can be seen in
Chapters 11 and 13, in particular.
• This edition provides new and expanded discussions of new marketing technologies, from ‘the
immersive web’ in Chapter 13 to radio frequency ID (RFID) in Chapter 10, to the new-age digital
marketing and online technologies discussed in Chapters 1, 5, 11 and 13.
• In line with the text’s emphasis on measuring and managing return on marketing, we have added
marketing metrics discussions to an innovative Appendix 1: Marketing Metrics Spotlights to encourage
students to apply analytical thinking to relevant concepts in related chapters. We have also included
a number of mini cases at the end of each chapter to provide further opportunities to practise using
marketing metrics.
• When discussing marketing strategy in Chapter 2, we interconnect the discussion with a sample
marketing plan in Appendix 2. The marketing plan is set in the exciting mobile telephone market –
a topic close to the heart of today’s wired generations.
• The sixth edition provides refreshed and expanded coverage of the explosive developments in
integrated marketing communications and direct and digital marketing. It discusses how marketers
are incorporating a host of new digital and direct approaches in order to build and create more targeted,
personal and interactive customer relationships. No other text provides more current or encompassing
coverage of these exciting developments.
• In this edition we have cross-referenced the end-of-chapter discussion questions, critical thinking
questions and mini cases to the chapter learning objectives and AACSB General Skill Area requirements.
Your marketing tools

A wealth of chapter-opening, within-chapter and end-of-chapter learning devices help students to learn,
link and apply major concepts:
• Chapter-opening Concept Maps. Each chapter is introduced with a graphical concept map. These maps
are designed to contextualise the main topics that are introduced in the chapter and discussed in detail.
This innovation is designed to help the reader navigate each chapter and more easily interconnect the
various elements that are discussed.
• Figure Annotations. Throughout the chapter, figure annotations ease and enhance student learning by
explaining the figures.
• Marketing in Action. Each chapter contains one Marketing in Action (MIA) feature that delves into
the real marketing practices of large and small companies.
• Reviewing the Learning Objectives. A summary at the end of each chapter reviews the main chapter
concepts and links them to the chapter objectives.
• Discussion and Critical Thinking Questions. At the end of each chapter, issues are raised that form ideal
tutorial questions since they invite discussion and the critical exploration of marketing ideas.

xviii Preface
• Navigating the Key Terms. A helpful listing of chapter key terms by order of appearance with page
numbers facilitates easy reference.
• Ethical Reflections. End-of-chapter ethical reflections present a counterpoint to mainstream marketing
thinking.
• Mini Cases. Brief sections at the end of each chapter provide short application cases that facilitate
discussion of current issues and company situations. The mini cases complement the longer cases
provided at the end of each part. The end-of-part case studies link the learning objectives across the
various chapters.
• Marketing Metrics Spotlights. Appendix 1 provides you with a comprehensive introduction to marketing
and financial measures that help to guide, assess and support marketing.
• Marketing Plan. Appendix 2 contains a sample marketing plan that helps you to apply important
marketing planning concepts.
• FashionStatementX: Appendix 3 is a mini case study which provides students with the opportunity to
develop a strategic marketing plan for a new business.
More than ever before, the sixth edition of Principles of Marketing provides an effective and enjoyable
total package designed to guide you down the road to learning marketing!
Learning aids contained within this book

This text provides a practical, managerial approach to marketing and gives the reader a rich variety of
examples and applications to illustrate the main decisions that marketing management faces in its efforts
to balance the organisation’s objectives and resources against needs and opportunities in the global
marketplace. These learning aids are illustrated on the following pages.
Learning objectives Concept map

Each chapter begins with LO 1
Explain how companies find
New
produ
ct development pr
oces
Idea
s A marketing story
screening
learning objectives that introduces every

and develop new-product
ideas.
(pp. 238–39)
prepare the reader for 8

CHAPTER D E V E LO P I N G N E W P R O D U C T S A N D
M A N A G I N G I N N O V AT I O N
Concept
development
and testing
Idea
generation
chapter, providing a
the chapter material and In the previous chapter, you learned how marketers manage and develop products and brands. In this
chapter, we examine two additional product topics: developing new products and managing products
through their life cycles. New products are the lifeblood of an organisation. However, new-product develop-
real-world context for
detail the learning goals. the central themes
ment is risky, and many new products fail. So, the first part of this chapter lays out a process for developing LO 2 Marketing
and introducing successful new products. Once introduced, marketers want their products to enjoy long List and define the steps in strategy
the new-product development
and successful lives. In the second part of the chapter, you will see that every product passes through
development process and
several life-cycle stages and that each stage poses new challenges requiring different marketing strategies describe the main Business
analysis
ges
and tactics. Finally, we’ll wrap up our product discussion by looking at two additional considerations: social considerations in managing
of the chapter.
responsibility in product decisions, and international product and services marketing. this process. sta
High
le
maj iddle
cyc
ority
(pp. 239–49)
profi
For a visual representation of the chapter, please see the diagram on the following page.
M
fe
t
t li
Peak sale Stable

duc
s
Learning Learning Objective 1 Explain how companies find and develop new-product ideas. Maturity competition
Pro
Objectives New-product development strategy pp. 238–39

competi
g
Growing
Learning Objective 2 List and define the steps in the new-product development process, and
Declinin
sales
describe the main considerations in managing this process. Product

tion
LO 3 Early ning development

The new-product development process pp. 239–47 adop Decli ofit
Describe the stages of the ters pr
Managing new-product development pp. 247–49 product life cycle and how Growth Commercialisation Decline
Learning Objective 3 Describe the stages of the product life cycle and how marketing strategies marketing strategies change t Lagga
during the product life cycle. profi rds
change during the product life cycle. Risin
g
(pp. 249–54)
sales g
compet
Product life-cycle strategies pp. 249–54

risin
Decliniition
Rapidly
Learning Objective 4 Discuss socially responsible product decisions, and international product
ng
Test
and services marketing. marketing
Additional product and service considerations pp. 254–57 Introduction
s Innova
Low sale tors
com
profitive
Few ors
petit
t
Nega
LO 4
Discuss socially responsible
product decisions and
international product and
services marketing.
(pp. 254–57)

Preface xix
Self-check questions 48 Part 1 Defining marketing and the marketing process Chapter 2 Company and marketing strategy: Partnering to build customer relationships 49
Highlighted
are included at the end Marketing
Intermediaries
Competitors definitions and
of each chapter’s main key terms
Ma
ng pla rk
eti sis n
y Peop
eti ng
an k
e
Pric
r
le
Ma
ng
al
ni
Marketing strategy involves two
n
Segme tation key questions: Which customers
sections. Answers are

will we serve (segmentation and
Throughout each
targeting)? and How will we create
Process
Product
Profitable value for them (differentiation and
Targeting
Po s i t i o n i n g
positioning)? Then, the company
At its core, customer designs a marketing program—
marketing is all relationships
about creating the marketing mix—that delivers
the intended value to targeted
provided at the end of

customer value and
ce
chapter, definitions
consumers.
den
profitable customer
D ifferenti ati on
Pro
evi
relationships.
mo
on c
ysi
al
ti
Cooperation and
Ph
Ma ont
nta ng
competition: The Toyota 86
n
ti Placement logistics rk
tio
rke
rol ng
e ti
Ma me
c
is a well-reviewed sports
le
imp
the text.
car made in conjunction
are highlighted in the

with Subaru, which markets
the BRZ.
Bloomberg via Getty Images
Suppliers Publics
FIGURE 2.4 Managing marketing strategies and the marketing mix

maker Toyota’s performance against Holden and Ford depends on the quality of Toyota’s overall value
delivery network compared to that of its competitors. Despite recalls of various models in recent times,
Toyota and Honda have been renowned for making good cars. Toyota’s network provides very customer- Customer-driven marketing strategy
margin in colour adjacent
satisfying sales and service. This, on top of speed to market with innovative products such as the Prius and As we emphasised throughout Chapter 1, to succeed in today’s competitive marketplace, companies need to
to where each term

its new sports car made in partnership with Subaru, the 86, has led to Toyota’s global success. be customer-centred. They must win customers from competitors, then keep and grow them by delivering
greater value. But before it can satisfy customers, a company must first understand their needs and wants.
SELF CHECK QUESTION Thus, sound marketing requires careful customer analysis.
Is the marketing department solely responsible for the organisation meeting its strategic objectives? Companies know that they cannot profitably serve all consumers in a given market – at least not all
is discussed in the text.

consumers in the same way. There are too many different kinds of consumers with too many different kinds
of needs. And most companies are in a position to serve some segments better than others. Thus, each
Marketing strategy and the marketing mix (pp. 48–52) company must divide up the total market, choose the best segments, and design strategies for profitably
The strategic plan defines the company’s overall mission and objectives. Marketing’s role and activities serving chosen segments. This process involves market segmentation, market targeting, differentiation and
are shown in Figure 2.4, which summarises the main activities involved in managing a customer-driven positioning.
marketing strategy and the marketing mix.
Customers stand in the centre. The goal is to create value for customers and build profitable customer Market segmentation
Marketing strategy relationships. Next comes marketing strategy – the marketing logic by which the company hopes to create The market consists of many types of customers, products and needs. The marketer has to determine which Market segmentation
The marketing logic by this customer value and achieve these profitable relationships. The company decides which customers segments offer the best opportunities. Consumers can be grouped and served in various ways based on Dividing a market into
which the company hopes to distinct groups of buyers
create customer value and it will serve (segmentation and targeting) and how (differentiation and positioning). It identifies the total geographic, demographic, psychographic and behavioural factors. The process of dividing a market into
who have different needs,
achieve profitable customer market, then divides it into smaller segments, selects the most promising segments, and focuses on serving distinct groups of buyers who have different needs, characteristics or behaviours, and who might require characteristics or behaviours,
relationships. and satisfying the customers in these segments. separate products or marketing programs, is called market segmentation. and who might require
Guided by marketing strategy, the company designs an integrated marketing mix made up of factors Every market has segments, but not all ways of segmenting a market are equally useful. For example, separate products or
marketing programs.
under its control – product, price, people, process, physical evidence, placement logistics and promotion. Panadol or Herron would gain little by distinguishing between low-income and high-income pain reliever
To find the best marketing strategy and mix, the company engages in marketing analysis, planning, users if both respond the same way to marketing efforts for paracetamol analgesics. A market segment consists Market segment
implementation and control. Through these activities, the company watches and adapts to the actors and of consumers who respond in a similar way to a given set of marketing efforts. In the car market, for example, A group of consumers who
respond in a similar way
forces in the marketing environment. We will now look briefly at each activity. Then, in later chapters, consumers who want the biggest, most comfortable car regardless of price make up one market segment. to a given set of marketing
we will discuss each one in more depth. Consumers who care mainly about price and operating economy make up another segment. It would be efforts.
Marketing in action 242 Part 3 Designing a customer-driven strategy and mix

128 Part 2 Understanding the marketplace and consumers
Student learning
REVIEWING THE LEARNING OBJECTIVES
centre
STUDENT LEARNING CENTRE
Additional examples and

To create value for customers and build meaningful relationships of developing a research plan for collecting data from primary
and secondary sources. The third step calls for implementing the
8.1
with them, marketers must first gain fresh, deep insights into
AUSSIEBUM: THE INNOVATION FAST TRACK what customers need and want. Such insights come from good marketing research plan by gathering, processing and analysing
marketing information. As a result of the recent explosion of the information. The fourth step consists of interpreting and
In the world of fashion, it can take anything from six to everything is done in-house – from design, to fabric printing,
important information
reporting the findings. Additional information analysis helps
Each chapter concludes

marketing technology, companies can now obtain great quantities
18 months to create a new collection. Not so for Australian men’s to communications. The local production enables the company of information, sometimes even too much. The challenge is to marketing managers apply the information and provides them
swimwear and underwear icon aussieBum – the company has a to maintain a very high level of control over the whole process.
MARKETING IN ACTION
transform today’s vast volume of consumer information into with sophisticated statistical procedures and models from which
design cycle of just 12 weeks and can create a new look and have So, even though manufacturing costs are about ten times what actionable customer and market insights. to develop more rigorous findings.
it on the market in just a week (if it has to). As Sean Ashby, lead they would be if it manufactured in China, the company was still Both internal and external secondary data sources often
are presented in with a section dedicated

designer, company founder and co-owner of aussieBum, notes: able to grow by 40 per cent during the Global Financial Crisis LEARNING OBJECTIVE 1. Explain the importance of provide information more quickly and at a lower cost than primary
‘It is not unusual for me to come up with a new idea on Monday. and now has an annual turnover in the tens of millions and an information in gaining insights about the marketplace data sources, and they can sometimes yield information that a
We have it sampled and any adjustments made by Wednesday. estimated 1000 e-tail orders a day. and customers. (pp. 102–4) company cannot collect by itself. However, needed information
We shoot using the prototype Thursday and because all the The marketing process starts with a complete understanding might not exist in secondary sources. Researchers must also
marketing is done in-house we can have it on sale by Friday. Sources: Kat Slowe, ‘Exclusive interview: Aussie Bum founder Sean Ashby’, Lingerie
of the marketplace and consumer needs and wants. Thus, the evaluate secondary information to ensure that it is relevant,
marketing highlight to student learning.

Insight, 12 November 2012; ‘Aussie Bum releases WrestleMe’, The Underwear Expert,
Over the weekend the garment goes into production to meet the company needs sound information in order to produce superior accurate, current and impartial.
21 September 2012; Katrina O’Brien, ‘Smarty pants’, The Australian, 6 March 2009;
initial internet orders for Monday.’ and Felicity Carter, ‘Speak the lingo’, Fastthinking, 1 September 2008. value and satisfaction for customers. The company also requires Primary research must also be evaluated for these features.
Inspiration begins with a colour theme and then the idea information on competitors, resellers, and other actors and Each primary data collection method – observational, survey
behind each range, but customers are a big part of the design Questions forces in the marketplace. Increasingly, marketers are viewing and experimental – has its own advantages and disadvantages.
process. The company’s customer base is broad and includes The aussieBum website encourages its customers to keep information not only as an input for making better decisions but
exhibits throughout It provides a Summary of

Similarly, each of the various research contact methods – mail,
everyone from the ‘fashion trendsetter to the more classic guy in touch through social media such as Facebook, and even also as an important strategic asset and marketing tool. telephone, personal interview and online – also has its own
who does not want to be seen wearing labels’. The company’s advantages and drawbacks.
directly to its co-founder
international markets are also very different, so aussieBum LEARNING OBJECTIVE 2. Define the marketing information
Sean Ashbury. How could aussieBum’s new system and discuss its parts. (pp. 104–7)
creates three summer lines every year, first for Australia and LEARNING OBJECTIVE 4. Explain how companies analyse
this information be useful for WrestleMe swimwear:
and use marketing information. (pp. 122–23)
the text, together with the chapter, Key Terms,

Asia, then for North America, and finally for Europe. With over Inspiration came from the The marketing information system (MIS) consists of people and
150 products, the company has garments for every taste, from the company as it seeks to wrestling events during procedures for assessing information needs, developing the needed Information gathered in internal databases and through market-
the WONDERJOCK PRO to the SRUFFS loungewear range and the develop new products? the London Summer information, and helping decision makers to use the information ing intelligence and marketing research usually requires more
The company has a very short Olympics. With styles aptly
new WRESTLE ME swimsuits modelled after a wrestler’s outfit to generate and validate actionable customer and market insights. analysis. This may include advanced statistical analysis or the
named WrestleMe France,
and shown on a billboard for the Disney Marvel movie, The new-product development WrestleMe USA (shown), A well-designed information system begins and ends with users. application of analytical models that will help marketers make
questions for class and a Concept Check section

Avengers. lead-time. Do you think the WrestleMe Australia and The MIS first assesses information needs. The marketing better decisions. To analyse individual customer data, many
The short lead-time enables the company to be very new-product development WrestleMe Everybody, information system primarily serves the company’s marketing companies have now acquired or developed special software and
there’s a colour for any
responsive to customer feedback, to take advantage of process (see Figure 8.1) might and other managers, but it may also provide information to analysis techniques – called customer relationship management
team or any taste.
opportunities (such as an exciting new fabric) and to respond be different for aussieBum? aussieBum, www.aussieBum. external partners. Then, the MIS develops information from (CRM) – that integrate, analyse and apply the mountains of
quickly to market trends (such as the shift com internal databases, marketing intelligence activities and individual customer data contained in their databases.
individual use. and a Reviewing the

to clothing with a reduced environmental marketing research. Internal databases provide information on Marketing information has no value until it is used to make
impact). One look at the website gives a the company’s own operations and departments. Such data can better marketing decisions. Thus, the marketing information
real sense of just how customer-focused the be obtained quickly and cheaply but often needs to be adapted system must make the information available to the managers and
company is. How many company contact for marketing decisions. others who make marketing decisions or deal with customers.
Issues section.
pages include the company founder’s email Marketing intelligence activities supply everyday information In some cases, this means providing regular reports and updates;
address with a friendly note saying, ‘If Sean about developments in the external marketing environment. in other cases, it means making non-routine information available
is away on assignment there may be a short Market research consists of collecting information relevant to for special situations and on-the-spot decisions. Many firms use
delay.’ Visitors can make a suggestion or leave a specific marketing problem faced by the company. Lastly, the company intranets and extranets to facilitate this process. Thanks
a comment, and can advise of technical and MIS helps users to analyse and use the information to develop to modern technology, today’s marketing managers can gain
site content issues via the contact pages or on customer insights, make marketing decisions and manage direct access to the information system at any time and from
the brand’s Facebook site. ‘The comments are customer relationships. virtually any location.
taken so seriously, they sometimes result in
new products.’ LEARNING OBJECTIVE 3. Outline the steps in the marketing LEARNING OBJECTIVE 5. Discuss the special issues some
The success of aussieBum is not based research process. (pp. 107–21) marketing researchers face, including public policy and
just on its customer-focused design, but The first step in the marketing research process involves defining ethics issues. (pp. 123–27)
also on its innovative business model. Unlike the problem and setting the research objectives, which may be Some marketers face special marketing research situations, such
many clothing manufacturers, aussieBum exploratory, descriptive or causal research. The second step consists as those conducting research in small business, not-for-profit or
has not moved production offshore. In fact,
Mini cases 232 Part 3 Designing a customer-driven strategy and mix Chapter 2 Company and marketing strategy: Partnering to build customer relationships 65
Case studies
Mini cases Bellamy’s Organic: Providing
STUDENT LEARNING CENTRE
PART 1: C ASE STUDY
These short application 7.1 Products, services and experiences

Real money for virtual goods
Who would pay $330 000 for a virtual space station? Players of
of analysing the online behaviour of gamers to make games even
more compelling. One social commentator noted, ‘We humans
tend to corrupt our environments and so a drive for power becomes
babies and young children with
a pure start to life and colour illustrations
Dr Gemma Lewis
cases at the end of each highlight key ideas,

the massively multi-player online (MMO) game called Entropia a desire for exploitation, and a need for financial success becomes
Tasmanian School of Business and Economics
Universe did. There is a new business model – called freemi-um – greed.’49
University of Tasmania, Australia
driving the economics of these games. Under this model, users play 1 How would you classify virtual goods – as a good, an
for free but can purchase virtual goods with real money. Worldwide experience or a service? Discuss the technological factors In today’s modern world of fast food and high obesity levels,
sales of virtual goods are predicted to reach US$11 billion by 2016. enabling the growth of virtual goods. (Learning Objective 1) parents are increasingly mindful of what they feed their children,
chapter address current stories and marketing

Most virtual goods are inexpensive – costing about $1 – such (AACSB: Communication; Application of Knowledge) including what formula they give to newborn babies. Products that
as the tractor you can buy in FarmVille or a weapon in World of 2 Discuss the ethical issues that might need to be considered enhance the welfare of children during the first few years of their Helen Sessions/Alamy
Warcraft. That may not seem like much, but when you consider that by a business developing games in which virtual products life are growing in popularity. The trends towards women returning continues to invest heavily in growing its distribution network.
game-maker Zynga’s FrontierVille had 5 million players within one are bought and sold. (Learning Objectives 1 and 4) (AACSB: to work, and families leading fast-paced lives, have also contributed Today, its products are available for purchase via the company’s
Communication; Application of Knowledge; Ethical Thinking)
issues and company strategies. Cases involve

month of launch, we are talking real money! Social commentators to demand for pre-prepared baby food and healthy child snacks. online store, and in major supermarkets and independent stores
are discussing the ethics of buying and selling virtual goods, and In Australia, the baby food industry has been growing at a rate nationwide. The company also exports 100% certified organic
of 4.8 per cent annually, with the strongest growth in the nutrient- baby food and formula to 12 countries, including China, Hong
rich and organic categories (IBIS World, 2013). Some experts predict Kong, Vietnam, Taiwan, Singapore, Malaysia and New Zealand,
7.2 Product mix companies are using these tools to engage directly with their that if present trends continue, by the time they reach the age of with more on the way.
situations. Questions are small- and medium-size

customers and to help shape their product mix.50 20, Australian children will have a shorter life expectancy than
Country Road’s ‘Summer by request’
In early 2013, customers of the iconic brand Country Road voted 1 Country Road is aligning its product mix with the preferences earlier generations, simply because of obesity (Modi, 2013). Levels Connecting with customers
to bring back classic garments to create an exclusive collection for of its customers. What might be the risks and rewards of of childhood obesity are increasing at staggering rates in many For Bellamy’s, its marketing plan has involved building and
Summer 2013. The successful Facebook campaign – ‘Summer by such product mix decisions? (Learning Objective 2) (AACSB: countries. In the UK, similar health issues are of concern. There, maintaining strong and profitable relationships with its customers.
organic baby food dominates the organic dry grocery category, It recognises that one of the most powerful promotional channels
linked to the chapter’s enterprises, as well as

Request’ – was enthusiastically received by customers and the Communication; Application of Knowledge)
company alike. As one fashion commentator observed, ‘Country 2 Evaluate the likely impact on Country Road’s brand equity with a 57 per cent share of trade (Smithers, 2013). for its products is word of mouth. For example, what could be
Road have recognised the importance of engaging their online of the ‘Summer by Request’ campaign using the Young and As parents become more educated about food nutrition a better endorsement for your product than having mothers
community, and it’s campaigns such as this which have helped Rubicam Brand Asset Valuator measures of differentiation, and the benefits of a healthy and balanced diet, their purchase recommending Bellamy’s to their friends? So, how does Bellamy’s
it develop such a loyal following who regularly engage with the relevance, knowledge and esteem (see ‘Brand Equity’, choices change. In 2004 Bellamy’s Organic broke into the market encourage positive word of mouth while also increasing awareness
learning objectives. large firms.

brand.’ Using customer feedback to determine the product mix p. 222). (Learning Objective 4) (AACSB: Analytical Thinking; by launching Australia’s first organically certified baby formula, and loyalty towards its brand? Not surprisingly, social media and
is not new, but social media such as Facebook make connecting Application of Knowledge) from its location in northern Tasmania. Originally a family- electronic marketing make it possible for the firm to reach and
with the market much easier today than five years ago. Smart owned company, Bellamy’s worked closely with Australia’s major interact with consumers, for consumers to reach and communicate
supermarkets prior to launching its range of three nutritional with the firm, and for consumers to connect and communicate
infant formula products. Over the next decade, expert supply directly among themselves. The number of online communities that
chain management and a commitment to promoting mindful exist to serve the needs of expectant or new mothers continues to
7.3 Brand value 1 Compare and contrast the methodologies used by Interbrand
eating have seen Bellamy’s develop a strong reputation for grow (for example, <www.kidspot.com.au>; <www.babycenter.
Investigating brand equity <www.interbrand.com>, BrandZ <www.brandz.com>
sourcing quality ingredients and providing their customers with com.au>; <www.huggies.com.au>; <www.bubhub.com.au>).
What is a brand’s worth? It depends on who is measuring it. For and Brandirectory <www.brandirectory.com> to determine
a trusted product. Still to this day, Bellamy’s produce Australia’s Importantly, these online network sites provide consumers
example, in 2013 Google was estimated to be worth US$93 billion brand value. Explain why there is a discrepancy in the rankings
only certified organic infant formula product; all its products are with the opportunity to interact and share stories, while also
by one brand valuation company, but only US$52 billion by from these ranking agencies (Learning Objective 4) (AACSB:
also 100 per cent Australian made. providing a suitable platform for companies to contribute to the
another. While this variation is extreme, it is not uncommon to Communication; Analytical Thinking)
Bellamy’s mission is to provide infants and children conversations or take up sponsorship opportunities (Mangold &
find that valuations of the same brand may differ by hundreds of 2 In 2013, Brandirectory ranked Woolworths the number
everywhere with a pure start to life. This value proposition has Faulds, 2009).
millions of dollars. Interbrand, BrandZ and Brandirectory publish one brand in Australia and number 113 in the Global Top
very clearly resonated with its target market of middle-income, In recent years, Bellamy’s has moved its marketing
global brand value rankings each year, but a comparison of these 500, valuing the brand at more than US$8.7 billion. In
more highly educated mothers. The company’s ability to communications back in-house, and spent time developing a
rating agencies’ 2013 rankings reveals an overlap of only five of the 2010, however, it valued the Woolworths brand at just over
continually deliver customer value and satisfaction has paid off; sophisticated social media strategy. This includes weekly posts
top ten brands. US$6 billion. Discuss reasons for the increase in Woolworths’
demand for its products has risen exponentially and in the past on the company-operated blog, regular updates and monthly
brand value between 2010 and 2013. (Learning Objective 4)
few years, revenue has increased by 900 per cent. competitions via its Facebook page and Twitter feed, and branded
(AACSB: Communication; Reflective Thinking)
In 2007 the original Bellamy family stepped out of the instructional videos via the company’s YouTube channel. Its
business, and it was acquired by Tasmanian Pure Foods Ltd. One of carefully crafted and executed strategy has worked. While the
the new owner’s first objectives was to make Bellamy’s products company does not have millions of social media fans, those that
available to every mum, everywhere. As such, Bellamy’s Organic do follow Bellamy’s are genuinely interested in the brand and

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A valuable learning package xxi
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R E S O U R C E S F O R E D U C AT O R S A N D S T U D E N T S
A full suite of additional supplementary materials is provided with this textbook to assist teaching and
learning. The educator resources contain a variety of useful features including:
A Test Bank of questions. Each chapter has a bank of Multiple choice, True/False, Short-answer and
Essay type questions featuring problems of varying complexity and is now structured by Learning Objective
for the educator’s convenience with questions for every LO. The Testgen Test Bank has been tagged by
topic, AACSB standards and also by difficulty level. It is now also available in Word as well as Pearson’s
Testgen which allows the creation of customised exams in minutes.
Solutions Manual. Fully revised and updated by leading subject matter experts to include the answers
to all the questions contained in the text. For each chapter it provides the learning objectives, solutions to
all end-of-chapter discussion questions, critical thinking exercises, case studies and mini cases, together with
suggested answers for the Marketing in Action questions and additional class activities.
The PowerPoint slides have been updated to match the new edition. In response to market demand
they now include additional teaching tips, illustrating key concepts to enhance the learning experience and
engage students.
Digital Image PowerPoint slides. The full set of images, figures and tables from the text is provided
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ABOUT THE AUTHORS
As a team, the authors Gary Armstrong, Stewart Adam, Sara Denize and Philip Kotler provide a blend of
skills and experience uniquely suited to writing the sixth edition of this widely acclaimed marketing text.
Together they make the complex world of marketing come alive.
Gary Armstrong is Crist W Blackwell Distinguished Professor Emeritus of Under-

graduate Education in the Kenan-Flagler Business School at the University
of North Carolina at Chapel Hill, in the United States. He holds undergraduate
and master’s degrees in business from Wayne State University in Detroit, and he
received his PhD in marketing from Northwestern University. Dr Armstrong has
contributed numerous articles to leading business journals. As a consultant and
researcher, he has worked with many companies on marketing research, sales
management and marketing strategy.
But Professor Armstrong’s first love has always been teaching. His long-
held Blackwell Distinguished Professorship is the only permanent endowed
professorship for distinguished undergraduate teaching at the University of North Carolina at Chapel Hill.
He has been very active in the teaching and administration of Kenan-Flagler’s undergraduate program.
His administrative posts have included Chair of Marketing, Associate Director of the Undergraduate
Business Program, Director of the Business Honors Program, and many others. Through the years, he has
worked closely with business student groups and has received several campus-wide and Business School
teaching awards. He is the only repeat recipient of the school’s highly regarded Award for Excellence in
Undergraduate Teaching, which he received three times. Most recently, Professor Armstrong received the
UNC Board of Governors Award for Excellence in Teaching, the highest teaching honour bestowed by
the 16-campus University of North Carolina system.
Stewart Adam is Associate Professor in Electronic Marketing in the Faculty of

Business and Law at Deakin University, Melbourne. He has a psychology and
sociology undergraduate degree from the University of New South Wales,
a graduate diploma in financial management from the University of New
England, and a research Master of Commerce degree from Deakin University.
Dr Adam’s PhD focused on online marketing and organisational performance in
Australia and New Zealand. He is an Associate Fellow of the Australian Institute
of Management (AFAIM), Associate Fellow of the Australian Marketing
Institute (AFAMI) and a Certified Practising Marketer (CPM). Dr Adam spent
many years in marketing practice and facilitating learning in marketing and

xxiv About the authors
management. His marketing practitioner experience includes account management with advertising
agencies in Europe and Australia. Additionally, Dr Adam has worked as product manager, marketing
manager, consultant and general manager in both the manufacturing and services sectors and regularly
consults to a number of marketing organisations. He has published 11 other marketing and electronic
marketing textbooks, and has published widely in academic journals and the business press. His research
and teaching interests in direct and digital marketing may be viewed at <www.StewartAdam.com>.
Sara Denize is Associate Professor and Deputy Dean in the School of Business at the
University of Western Sydney. A marketer through and through, she completed
her Bachelor of Commerce (honours) degree with a major in marketing at the
University of Otago, New Zealand, and followed up with a Master of Commerce
by research a few years later. After moving to Australia, she completed her PhD
at the University of Technology, Sydney. With over 25 years of experience as
an educator, Dr Denize oversees undergraduate and postgraduate programs in
business at the University of Western Sydney. She loves teaching and is keen to
make all aspects of marketing and business education accessible and meaningful.
Her teaching accomplishments have been recognised in national teaching citations. Also a keen researcher,
she continues to develop her interest in collaboration and information exchange in business marketing and
innovation contexts.
Philip Kotler is the SC Johnson & Son Distinguished Professor of International

Marketing at the Kellogg School of Management, Northwestern University, in
the United States. He received his master’s degree at the University of Chicago
and his PhD at MIT, both in economics. Dr Kotler is author of Marketing
Management (Pearson Prentice Hall), now in its 14th edition and the most widely
used marketing textbook in graduate schools of business worldwide. He has
authored dozens of other successful books and has written more than 100 articles
in leading journals. He is the only three-time winner of the coveted Alpha Kappa
Psi award for the best annual article in the Journal of Marketing.
Professor Kotler was named the first recipient of two major awards: the Distinguished Marketing Educator
of the Year Award given by the American Marketing Association and the Philip Kotler Award for Excellence
in Health Care Marketing presented by the Academy for Health Care Services Marketing. His numerous
other major honours include the Sales and Marketing Executives International Marketing Educator of
the Year Award; the European Association of Marketing Consultants and Trainers Marketing Excellence
Award; the Charles Coolidge Parlin Marketing Research Award and the Paul D Converse Award, given by
the American Marketing Association to honour ‘outstanding contributions to science in marketing’. In a
recent Financial Times poll of 1000 senior executives across the world, Professor Kotler was ranked as the
fourth ‘most influential business writer/guru’ of the 21st century.
Dr Kotler has served as chairman of the College on Marketing of the Institute of Management Sciences,
a director of the American Marketing Association and a trustee of the Marketing Science Institute. He
has consulted with many major US and international companies in the areas of marketing strategy and
planning, marketing organisation and international marketing. He has travelled and lectured extensively
throughout Europe, Asia and South America, advising companies and governments about global marketing
practices and opportunities.

Another random document with
no related content on Scribd:
diverted, while it almost unnerved me; the good soul's
gratitude at seeing me restored to health and happiness
was expressed in her own quaint fashion:
"Ah, how sweet you look, Miss Louie, ma'am! As pretty

again as ever, and everything about you smells of the
country! Why, that's a bunch of Glory-de-John roses from
dear master's own old tree! And here's a basket of the
rectory pears, that make my mouth water to behold 'em!
Come, my dear, step into a cab, and don't speak a word till
you have had a cup of tea and a good rest."
Obeying her kind command, I was silent as we rolled on

through the sunshiny London streets; but when we drew
near home, my heart began to throb fast with the bliss of
the old love and the new peace.
Still in silence, I entered the little room from which I

had fled in such wild haste and anguish. All the familiar
objects seemed to give me a mute welcome; there were
Ronald's tambourines with their bright streamers of ribbon;
there were the bulrushes and the old china. On the table
was my ancient silver teapot, covered by a satin cosy of my
own making, and everything spoke of forethought and
expectation. This was my true home; within these two
rooms, my husband and I were destined, as I then believed,
to spend many an hour together.
When nurse had sent one of the maids to boil a new-

laid egg, and had taken off my bonnet with her own hands,
she began to fuss over me, and wait upon me as if I had
been her little charge of long ago. I had emptied one cup of
tea, and was ready for another, before she remembered
that she had a message to give me.
"Lady Waterville's man called with a parcel this
morning, my dear," she said. "Her ladyship's love, and she
wished to see you as soon as you were well enough to go to
her."
"I shall very soon be well enough," I answered. "But

where is the parcel, nurse?"
"Now drink your tea in peace like a good girl, ma'am,"

said nurse, authoritatively.
"I shan't drink it in peace if you don't let me see that

parcel," I replied.
The parcel was brought, the string untied, and within

the paper envelope lay an old-fashioned book, with well-
preserved covers of scarlet morocco, and gilt edges. It was
just such a book as one sees in the drawing-rooms of
ancient maiden ladies; and to me there has always been
something touching in such volumes—shrines of memories
and dead loves.
When nurse had gone to look after household matters,

and I was left alone once more, I carried the book to the
sofa and sat down with it upon my knees. Close beside me
was the guitar, and a few rays of afternoon sunlight
illumined its polished wood and delicate mosaic
ornamentation. I toyed with it carelessly for a second or
two, and then began to turn over the album leaves.
Evidently poor Inez Greystock had been a woman who

loved poetry and flowers. Her water-colour drawings of lilies
and roses and pansies were superior to much of the
boarding school art which was in vogue in her day. As to the
poems, they were chiefly extracts from Byron and Shelley;
all melancholy—all harping more or less on one sad string—
the utter loneliness of a disappointed heart.
But at last I came to one page, near the end of the
book, which was gayer and brighter than any which had
preceded it. A large card, with a gaily gilded pattern for a
margin, was inscribed with three verses, far inferior in
literary merit to the rest of the poetry in the volume; and
these lines were set to music.
A simple air it was, apparently written out by a careful

hand—every note being perfectly distinct; and at the top of
the page there were these words—
"Hope: a Song for my Guitar."
What remembrance was it that thrilled me with a

sudden shock as my glance rested on the first words of the
little poem? I read it from beginning to end, and the lines,
commonplace as they will seem to strangers, must always
remain imprinted on my memory.
"Hope guards the jewels, peerless gems and bright,

To crown beloved brows with living light;
When other guardians fail, and joy flies fast,
Hope leads thee to the treasure-house at last.
"Hope guards the jewels; love may prove untrue,

But faithful Hope creates thy life anew;
To her, the fairest grace of all the three,
I leave my precious things to keep for thee.
"Hope guards the jewels; there will come a day,

When she, who loves thee, shall be far away;
But Hope will hover near on angel wings,
And guide thee by the tuneful song she sings."
As one in a dream, I put down the album and took up
the guitar. Already the September sunshine was beginning
to wane, and I carried it close to the window (just as my
husband had done when it first came into the house) and
examined the piece of paper pasted inside the instrument.
"Hope guards the jewels." The handwriting here was the

same as that in the book. And as the truth flashed upon my
mind, a feeling something like awe overwhelmed me for a
moment, and made me tremble from head to foot.
It was verily the lost guitar of poor Inez which I was

holding in my hands. Through changing scenes, through
divers owners, through unknown chances and dangers, it
had come back to her rightful heir at last. I remembered
that a good man had guided me to the attic where it was to
be found, and that a dying man had delivered it to me with
a blessing.
And now, with the finding of the guitar, was it not

possible that other lost things might be found too? Just as
my heart was throbbing fast with this thought, I heard the
sound of Ronald's key in the hall door, and in the next
instant he had entered the room.
"My own dear little woman, welcome home!" he said,

taking me into his arms, guitar and all. "Why, how bright
you are looking! Is that red book my aunt's old album?"
"Yes," I said, eagerly; "and oh, Ronald, here is some

guitar music in it! Play it to me at once; I am impatient to
hear this tune."
He ran his eye over the notes, tuned the instrument,

and yielded to my request at once. I was not deceived; the
first chords, sweet and soft and gay, convinced me that we
had discovered our mysterious melody at last.
"So this is really our haunting air!" said Ronald, when
he had played it to the end. "And it was a memory of my
childhood, after all. I must have heard my mother sing it."
I was silent for a minute, waiting for what he would say

next. He read the title of the little song once or twice before
it seemed to bring any light into his mind.
"Hope guards the jewels!" he cried at last. "Louie, those

words are written in Spanish inside the guitar. It surely
can't be possible, little woman, that we have got the lost
guitar here!"
"It is the fact, Ronald," I said, quietly. "Just compare

the writing in the album with the writing inside the guitar.
And now, look at this page in the book. The card on which
the music is written is merely kept in its place by means of
four slits cut in the leaf; and the four corners of the card are
slipped into the slits. Shall we draw it out and examine it?"
The hint was, enough for my husband. In a second or

two, the volume lay upon the table, and Ronald stood by
the window with the card in his hand. On the back of it
there were a few words in Spanish.
"Remove the parchment label from the inside of the

guitar, and read what is written on the reverse side of the
parchment."
It was plain that had Estella lived she would have

understood the hidden meaning in the song, even without
this direction, and would have searched the guitar to find
out the last wishes of her sister. The air was one which they
had constantly sung together in their early days, and it had,
perhaps, certain associations for them which were lost to
us. That poor Inez, always unlike other women, and partly
crazed by sorrow, should have used her beloved guitar as
the depository of her secret, would not have appeared so
strange to Estella as it seemed to Ronald and myself.
It was the work of a few moments to detach the label,

which was only pasted at the corners; and, when this had
been carefully done, the back of the label was found to be
covered with fine and delicate writing in English.
"DEAREST ESTELLA—" (Ronald read)
"I have hidden the most precious things I

possess in your house in George Street. The
diamonds given me by my first husband,
remain in the hiding place which he made for
them. Remove my portrait from the wall; press
the panel marked with a red spot, and it will
slide back and disclose a cavity. All that you find
there belongs to you and your son. Deceived
and disappointed in my second marriage, I have
reserved my best treasures for you and Ronald
Hepburne.
"(Signed) INEZ
GREYSTOCK."
For a little while we stood and looked at each other in

silence, and the same thought was in the minds of both. We
could see now why William Greystock had kept the album in
his own possession instead of delivering it to Ronald. He
had always believed in the existence of the diamonds,
although Colonel Greystock had laughed the idea to scorn.
It was doubtful whether he had ever discovered the writing
on the back of the card, but he might have fancied that the
book contained some clue to the hiding place of the gems.
And it was evident to us now that he was scheming to
get Ronald entirely into his power, that he might in the end
obtain possession of the old house in George Street.
But the guitar had kept its secret faithfully, until the
hour came for it to be revealed. How it was that the sweet
air seemed to haunt its strings we never could explain; it
was one of those things that are beyond man's philosophy.
That some mysterious power had preserved the instrument
from destruction, we could never doubt. But we often
recalled the vague rumour which said that the dying Inez
had begged a native soldier to take care of her guitar.
Unable to save her, the Sepoy had, probably, obeyed her
last request. And I remembered that it was from a Sepoy
that Monsieur Léon had bought the guitar at Bombay.
"What if the diamonds should no longer be in the hiding

place?" I said, suddenly breaking the silence. "Is it possible
that they have been found and taken away?"
"I think not," Ronald answered. "But we will know to-

night."
CHAPTER XX.
THE JEWELS.
IT was no small surprise to Lady Waterville when we

presented ourselves in George Street that evening, and it
was no small relief to us to find her alone. She kissed me
several times, cried a little over my thin cheeks, called me a
fool, and expressed her gladness at seeing me again in the
same breath. All the while that this scene was being
enacted, Ronald, bursting with impatience, was standing
with the album under his arm.
"'Why don't you sit down, Ronald?" she suddenly

demanded. "You look like a tax collector standing there with
your red book."
"There is something in the red book that I want to show

you, Lady Waterville," he replied.
"Oh, I don't want to look at books," she said, patting

my hand, which she still held. "What I do want is to talk to
your wife, now that I have got her back again."
"But do listen, dear," I entreated. "We have a wonderful

tale to tell. I suppose you won't believe us when we assure
you that we know where to look for Inez Greystock's
diamonds?"
She did at first declare that she would not believe us;
but then, growing interested in spite of herself, she let us
read to her the lines in the album, and the directions
written on the parchment label. Still protesting that the
whole thing was a delusion and a snare, and assuring us
that Inez had been half crazed for years, she at last
consented that we should make our investigation.
"Of course you must let Cox help you to move the
portrait, Ronald," she said, reluctantly. "Poor Cox, he is
getting old and stiff, like his mistress, and he doesn't care
about exerting himself. But young people won't be satisfied
unless we indulge their whims."
"I will make it worth Cox's while to indulge my whim,"

said Ronald, quietly.
So the elderly butler was summoned, and then we all

three went downstairs into the dining-room.
It was now past eight o'clock, and the shutters were

already closed for the night. The large room, always sombre
even in sunshine, was only faintly lit by two candles in tall
silver candlesticks, and looked cheerless and dim. I glanced
up at the beautiful face of Inez, and fancied that her
pensive eyes were watching us steadily in the gloom.
The picture was large, and the frame was massive and
heavy. Lady Waterville, looking on with a resigned air,
expressed her conviction that nothing but a pair of broken
heads would be the result of this freak. But I, leaning on
the back of her chair, and anxiously watching the
movements of my husband and the butler, felt no fears
about the end.
No sooner had I entered the dim room, and lifted my
eyes to the portrait, than I recalled a strange dream of
mine. I had dreamed it when I dozed over my darning by
Ronald's bedside. And once more in fancy, I saw the flash of
the glittering jewels on my neck, and believed that very
soon I should see them with my bodily sight.
That dream had come to me while I was sitting by the

bedroom fire, and wondering, with a perturbed heart, how
my husband and I were to face the coming days. If it was to
be realised to-night, I was thankful that its fulfilment had
been delayed. The time of our tribulation is needed to
prepare us for the time of our wealth; and it often fares ill
with those who are made suddenly rich without having first
felt the chastening hand of sorrow.
Slowly and carefully the two men lifted the picture from
the strong supports that kept it in its place; and then I left
Lady Waterville, and went to my husband's side.
Where the picture had hung, the oaken wall was veiled
with dust, and I, with a steady hand, began to clear those
dusty panels with my handkerchief.
"The girl is crazed," said Lady Waterville from her chair.

"Why can't somebody bring a cloth?"
But we could not wait for a cloth to be brought. As I

wiped the dust away, Ronald held one of the candles near
the wall, and presently an exclamation broke involuntarily
from us both. We had found a red spot on one of the
panels.
Then I pressed my two hands hard upon the panel, and

it yielded to my efforts with a slight creaking sound. Cox
drew nearer and held up the other candle.
The light shone only a little way into the darkness of the
cavity; but, without an instant's hesitation, I thrust my
hand and arm into the hollow place.
When I drew it forth again, the hand was black with the
dust of years, and I was grasping a stout, leather-covered
box, about the size of a small desk. The box had brass
handles, and it was by one of these handles that I had
dragged it out of the hole where it had lain for nearly half a
lifetime.
"I don't believe there is anything but rubbish in it!" cried

Lady Waterville, incredulous to the last.
The box was placed upon the long dining-table, and we

all gathered round and tried to open it. Cox did us good
service with his strong pocket-knife, and succeeded in
forcing up the lid.
The first thing that we then saw was a layer of cotton-

wool, which was instantly removed by my dirty fingers. And
then there was a subdued shout from three throats—a
shout which made Lady Waterville get up from her chair
with more agility than she had ever displayed in her life.
There, brighter than I had ever seen them in my vision,

lay Inez Greystock's diamonds; so large, so intensely
brilliant, that they seemed to carry us back to the days of
Sinbad the Sailor. At the sight of them, Lady Waterville
immediately became a partaker of the general ecstasy, and
so exhausted herself with unwonted raptures and
exclamations that she had to lean on Ronald's shoulder for
support.
I have only a confused recollection of all that followed.

There is an impression on my mind that we all fell to
embracing each other in the wildest way, and that Cox
shook hands with me over and over again. After that, he
went out into the moonlit square, and hilariously hailed a
hansom; and Ronald and I drove home with our booty.
I do not think the discovery had taken any serious

effect on our heads, for we were both quite composed when
the cab set us down in Chapel Place. Nurse met us in the
entry, and when we had wished her good-night, we locked
ourselves into our rooms, and took a long, long look at our
treasures.
And then Ronald would not be satisfied till he had

decked me out in all the diamonds, and made me stand
before the glass to survey myself. Let no one say, after my
experience, that dreams never come true. They do come
true (not always, but now and then), and this assertion has
been proved in other lives as well as mine.
As my husband insisted on sleeping with the diamonds

under his pillow, it was a marvel to me that he had a good-
night's rest, for jewels are not comfortable things to sleep
upon. I was at first somewhat tormented by the fear of
midnight robbers and assassins, but weariness soon
prevailed over excitement, and I slumbered soundly till
morning.
When I awoke, it was very difficult to believe that the

events of the past night had not taken place in a dream. But
there was the leather box with Ronald mounting guard over
it, and we both decided that it must be deposited in a place
of security without the least delay. It is a pleasant thing to
be the proud possessor of diamonds of immense value, but
by no means pleasant to spend all one's time in watching
them. Ronald declared himself quite tired of his charge
already.
Moreover nurse, although she rejoiced with us heartily
enough, was obviously uneasy in mind. She had no sooner
had a view of the gems than she went to the hall door and
looked for the "suspicious characters" that were sure to be
watching the house.
"We are none of us safe an hour, sir, while those things

are under this roof," she said, solemnly. "And if you don't
take 'em straight to the Horse Guards, or the Tower, or the
Bank of England, you may depend on having all our throats
cut before night."
So our landlord whistled for a hansom, and we watched

Ronald and the diamonds getting into it, and then stood at
the door to see it turn the corner.
"Look at that man standing near the church, ma'am,"

said nurse, in an appalling whisper. "Did you see him a-
fastening of his eyes on the box? It would be a good deed
to call the police, and have him taken up this moment."
I suggested that it was difficult to give a man into

custody for using his eyes. But nurse's portentous words
were not without an effect, and I had rather a bad time till
the afternoon brought Ronald back.
The diamonds were safe in the strong-room of our

bank, and my husband had made an appointment with a
dealer in precious stones, who would go to see them early
on the next day. I did not feel the least desire to keep any
of the gems for myself; the sooner they were turned into
money the better for Ronald and me.
"When we have paid all that we owe," I said, "there will

not be a single burden on my mind. And, whatever
happens, we will never, never get into debt again."
I have always been of Mr. Ruskin's opinion, that it is
better to starve and go to heaven than to buy things that
you can't pay for. And I found that my husband had come
round to my way of thinking.
We spent the rest of that day happily and quietly. The

guitar was not forgotten, and Ronald sang our mysterious
melody again and again. Never had his voice sounded
sweeter to me, and never had I felt so perfect a sense of
security and peace.
So the night closed in upon Chapel Place; and two fond

hearts, reunited, rejoiced in their newly found happiness.
CHAPTER XXI.
CLOSING WORDS.
THERE is very little more to tell about Ronald and

myself; the eventful period of our lives lasted only a short
time, and ended with the finding of Inez Greystock's legacy.
The diamonds were sold for a sum so large that it

ensured us a fair competence for the rest of our days. And
then, too, as the company flourished, Ronald's salary
increased, and we soon found ourselves in a very
comfortable position.
We did not leave our rooms in Chapel Place until the

winter was past and the spring had fairly set in; and then
we moved into a pretty little villa at Kensington.
It was not long before nurse gave up letting lodgings,

and came to live with us. Her husband died soon after our
removal, and she was left alone in the world. It was,
therefore, the most natural thing that she should take up
her abode in our home; and at this present time she
domineers over my babies as she once domineered over
me. Nothing can be successfully arranged without her
helping hands; and in all our little difficulties and ailments
she proves herself to be devoted to our interests.
In these days of eye-service, our friends are inclined to

covet our faithful old servant; and we, on our side, repay
her zeal with the heartiest affection and kindness.
Lady Waterville, now a very old woman, still lives in the

house in George Street, and our frequent visits are her
greatest pleasure. Mr. Drury comes up twice a year from his
pleasant rectory in the country, and occupies a spare room
in the Kensington villa—a room which is always ready for
his use. I can never forget that he took me in and sheltered
me in my need and sickness, and my husband owes him an
eternal debt of gratitude.
Our favourite friend, Marian, will soon cease to be Miss

Bailey, and a few weeks will find her settled in a villa close
to ours. After refusing several offers, she finally resigned
her heart to one of Ronald's friends, a clever barrister, who
fell so desperately in love with her that there was no
resisting him. My husband says that he is one of the most
fortunate of men to have won so sweet a woman; and I
think that he fully understands the true value of his prize.
Marian's price is "far above rubies," and she will be as good
and true in wifehood as she has ever been in friendship.
Many friends come to the villa, and charm us with their

bright talk and news of that great world which we only peep
into now and then. But Ronald and I are very little known in
society, and we prefer to hear of its doings from others,
instead of plunging into its whirl ourselves. Our early
misunderstandings have made us cling all the closer to each
other; life is so sweet to us (ay, and so short), that we do
not care to waste it in intercourse with mere acquaintances.
The stranger inter-meddleth not with our joy.
Only yesterday, just after the summer sunset, we two

sat together at the open window overlooking our garden.
The scent of flowers drifted into the room, and the warm
blush of the west was lingering over the trees. It was the
very hour for music, and as he touched the strings of the
guitar, that sweet, gay melody sounded in my ears again.
It is not given to all of us to know the meaning of the

melodies that blend with our lives; and some may have to
wait till such strains are repeated by "the harpers harping
with their harps" before the throne. But to every one there
comes the old music of Hope; the promise (however faintly
chanted) of that voice which heaven has lent to earth. And,
although the turmoil of the great crowd may often drown its
notes, the song is always the same; "a song and melody in
our heaviness," breathing of labour ended, love repaid, and
the satisfied heart at peace in an everlasting rest.
THE END.
LORIMER AND GILLIES, PRINTERS, EDINBURGH.

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A CUSTOM EDITION COMPILED BY OWEN SEAMONS

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Planning marketing: Partnering to build customer Student learning centre

2 Understanding the marketplace and

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CHAPTER 5 Selecting target market segments 185

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CHAPTER 8 Other internal and external considerations affecting

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Number of channel levels 307 • Discussion questions 369

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4 Extending marketing 451 FashionStatementX: A mini case study and

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Section 2 Geographic variables 733

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Section 7 Public relations 808

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Welcome to your Principles of Marketing package

The marketing journey: Creating and capturing customer value

New in the sixth edition

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Your marketing tools

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Learning aids contained within this book

Learning objectives Concept map

learning objectives that introduces every

prepare the reader for 8

Peak sale Stable

Objectives New-product development strategy pp. 238–39

describe the main considerations in managing this process. Product

LO 3 Early ning development

Product life-cycle strategies pp. 249–54

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sections. Answers are

provided at the end of

are highlighted in the

FIGURE 2.4 Managing marketing strategies and the marketing mix

to where each term

is discussed in the text.

Marketing in action 242 Part 3 Designing a customer-driven strategy and mix

Additional examples and

Each chapter concludes

are presented in with a section dedicated

marketing highlight to student learning.

exhibits throughout It provides a Summary of

the text, together with the chapter, Key Terms,

questions for class and a Concept Check section

individual use. and a Reviewing the