- Peer Review: “Principles of Marketing”
Principles of Marketing
- Jun 25, 2018 by Business
This open textbook is a basic principles of marketing text. It provides basic concepts for an introductory marketing course. It has been adapted from a previously published textbook.
Principles of Marketing teaches the experience and process of actually doing marketing – not just the vocabulary. It carries five dominant themes throughout in order to expose students to marketing in today's environment: Service dominant logic — This textbook employs the term "offering" instead of the more traditional First "P" — product. That is because consumers don’t sacrifice value when alternating between a product and a service. They are evaluating the entire experience, whether they interact with a product, a service, or a combination. So the fundamental focus is providing value throughout the value chain, whether that value chain encompasses a product, service, or both. Sustainability — Increasingly, companies are interested in the impact they are having on their local community as well as the overall environment. This is often referred to as the "triple bottom line" of financial, social, and environment performance. Ethics and social responsibility — Following on the sustainability notion is the broader importance of ethics and social responsibility in creating successful organizations. The authors make consistent references to ethical situations throughout chapter coverage, and end of chapter material in most chapters will encompass ethical situations. Global coverage — the authors deliberately entitled Chapter 1 "What is Marketing?" Whether it is today’s price of gasoline, the current U.S. presidential race, or Midwestern U.S. farming, almost every industry and company needs strong global awareness. And today’s marketing professionals must understand the world in which they and their companies operate. Metrics — Firms today have the potential to gather more information than ever before about their current and potential customers. That information gathering can be costly, but it can also be very revealing. With the potential to capture so much more detail about micro transactions, firms should now be more able to answer "well, what this marketing strategy really worth it?" And "what is the marketing ROI?" And finally, "what is this customer or set of customers worth to us over their lifetime?"
- Type of Material:
Open (Access) Textbook
- Recommended Uses:
- Textbook for the class
- Resource for review of marketing concepts
- Specific chapters and assignments could be assigned as homework or for class discussion.
- Technical Requirements:
Available in multiple formats (PDF, Kindle, ePub, Mobi)
- Identify Major Learning Goals:
- Understand the principles of marketing
- Examine marketing practices from a service, sustainability, ethical/socially responsible, global, and measurement perspective
- Describe and define the marketing process and the 4Ps of marketing
- Understand the components of a marketing plan
- Target Student Population:
College Lower Division, College Upper Division, Marketing classes
- Prerequisite Knowledge or Skills:
Introduction to Marketing, Principles of Marketing courses.
- Well written, clear textbook with definitions, examples, and discussion questions
- Material seems current
- Includes learning objectives and key takeaways
- Concepts and topics are covered well.
- Some citations for specific quotes, but no citations or links to additional resources
- Terms are highlighted, but are not linked to a definition
- Some chapters (like Public Relations and Social Media, Research, Pricing) seem very light on material
- Due to the dated content--taken from 2010, there is little or no coverage of digital marketing,
Potential Effectiveness as a Teaching Tool
- Learning objectives are identified at the start of every section
- Good Principles of Marketing textbook that builds upon concepts as the reader moves through the text
- Links to concepts within the text
- Discussion questions and activities in each chapter that can be used in class
- Might be helpful to link more concepts to each other
- The sequencing of the text is a little odd
- The review questions at the end of each chapter are minimal in content and effectiveness.
- There are no learning activities, so instructors will need to develop these for individual classes.
- The lack of content regarding social media, mobile marketing, and digital marketing makes the content dated.
- Today, most texts have integrated these topics into each and every chapter.
Ease of Use for Both Students and Faculty
- Very easy to use – via the Table of Contents a student can click to any section of the text and then navigate to other sections
- Has a clean layout, some visuals used and some links
- The book can be downloaded in multiple formats, including pdf.
- It can also be viewed/used online.
- Could use more links to outside resources, videos, etc.
- Could be more interactive if links were used to take a student from a vocabulary word to a definition
- Lack of digital marketing content has been sufficiently addressed in other areas.