In our increasingly digital, mobile, and global world, the existing theories of business and economics have lost much of their appeal with the phenomenal rise of Chindia, the reality of Brexit, the turmoil caused by the Covid-19 pandemic, and the seismic shifting of the global center of gravity from west to east. In the area of innovation, the traditional thinking that a developed country, often the US, will come up with the next major innovation, launch at home first, and then take it to other markets does not ring true anymore. Similarly, the world where conglomerates go bargain-hunting for acquisitions in emerging markets has been turned upside-down. This book reveals and illustrates the Global Rule of Three phenomenon, which stipulates that in competitive markets only three companies (which the authors call "generalists") can dominate the market. All other players in the market are specialists. Further, whereas the financial performance of generalists improves as market share increases, specialist companies see a decrease in financial performance as their market share increases, as the latter are margin-driven companies. This theory powerfully captures the evolution of global markets and what executives must do to succeed. It is based on empirical analyses of hundreds of markets and industries in the US and globally. Competitive markets evolve in a predictable fashion across industries and geographies, where every industry goes through a similar lifecycle from beginning to end (or revitalization). From local to regional to national markets, the last stop in the evolution of markets is going global. The pattern is so consistent that it represents a distinct and natural market structure at every level. The authors offer strategies that generalists and specialist should follow to stay competitive as well as twelve expansion strategies for global companies from emerging markets. This book chronicles this global evolution and provides impactful managerial implications for executives and students of marketing and corporate strategy alike.
Presents a comprehensive and up-to-date account of the evolution and underlying rationale of marketing theories Marketing is a dynamic discipline, subject to evolutionary changes over time. Over the years, many schools of marketing thought have enriched the discipline. Today, some of the schools are only found in history books, while others have transformed into new, modern schools of thought shaped by changing marketing contexts and the emergence of digital technology. Marketing Theory examines 16 schools of marketing thought that emerged, evolved, and dominated the marketing discipline over the course of a century. Written by a team of noted experts, this acclaimed book provides in-depth evaluations of each school—utilizing a rigorous metatheoretical framework based on scientific criteria such as syntax, semantics, and pragmatics. In this new global expanded edition, Marketing Theory identifies four new schools of marketing thought that have emerged in the past 30 years, each with separate chapters devoted to their assessment. It remains a must-read book for doctoral students in marketing, as well as young scholars and practitioners who want to understand the rationale and theoretical tenets of the various schools and contextualize their role in developing contemporary marketing theory. New to this Edition: New chapters on four new schools of marketing thought New content on contenders for a general theory of marketing: Market Orientation, Service-Dominant Logic, Rule of Three Theory, and Resource Advantage (R-A) Theory of Competition New and expanded coverage of Relationship Marketing, with greater emphasis on R-A Theory Now includes insightful questions for analysis and advanced-level discussions for every chapter Wiley Advantage: Covers the main concepts and principles underlying marketing theory and practice Provides a comprehensive typology for the 16 major schools of marketing thought Describes concepts and axioms useful in generating a practical theory of marketing. Offers a practical approach to marketing theory that generates a more realistic view of marketing issues Illustrates how marketing problems have been solved in the real world of business by connecting theory to practice Includes extensive references throughout, including many pioneering yet lesser-known works
Business leaders need to embrace sustainability in order to ensure the lasting success of their organizations. Co-authors Suhas Apte and Jagdish Sheth bring their expertise from practice and from academia to illustrate how business leaders can embed sustainability in a truly holistic and transformative way. Through an examination of such companies as Walmart, AT&T, IKEA and the Tata Group, Apte and Sheth have developed a proven and actionable framework rooted in the real world success of these companies. The case studies reveal how business leaders proactively engage, energize and promote market sustainability to all of their stakeholders including customers, employees, suppliers, investors and the government. The Sustainability Edge enables companies to critically engage their stakeholders and influence them to accept sustainability as part of their core mission.
As businesses increasingly stress the importance of cooperation and collaboration with suppliers and customers, relationship marketing is emerging as the `core' of all marketing activity. In recent years, there has been an explosive growth in business and academic interest in relationship marketing, yet no comprehensive book has been available to present key concepts, theories, and applications. The editors of this volume have assembled an authoritative and global cast of chapter contributors and crafted a volume that will become the seminal, founding work in this growing field. Their approach is eclectic, including a broad coverage of topics, diverse theoretical and conceptual paradigms, and global viewpoints.
As businesses increasingly stress the importance of cooperation and collaboration with suppliers and customers, relationship marketing is emerging as the `core' of all marketing activity. In recent years, there has been an explosive growth in business and academic interest in relationship marketing, yet no comprehensive book has been available to present key concepts, theories, and applications. The editors of this volume have assembled an authoritative and global cast of chapter contributors and crafted a volume that will become the seminal, founding work in this growing field. Their approach is eclectic, including a broad coverage of topics, diverse theoretical and conceptual paradigms, and global viewpoints.
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