1. Chapter 14 Learning Objectives After studying this chapter, you should be able to: 1.Articulate three of the four Ps in marketing (product, price, and promotion) in a global context 2.Explain how the fourth P in marketing (place) has evolved to be labeled supply chain management 3.Outline the triple As in supply chain management (agility, adaptability, and alignment) 4.Discuss how institutions and resources affect marketing and supply chain management 5.Participate in two leading debates concerning marketing and supply chain management 6.Draw implications for action

2. MARKETING AND SUPPLY CHAIN MANAGEMENT marketing - the effort to create, develop, and defend markets that satisfy the needs and wants of individual and business customers supply chain - flow of products, services, finances, and information that passes through a set of entities from a source to the customer supply chain management - activities to plan, organize, lead, and control the supply chain

4. TERMS RELATED TO THE FOUR MARKETING Ps price - expenditures that customers are willing to pay for a product price elasticity - how demand changes when prices change total cost of ownership - direct and indirect costs related to cost of purchase and also all aspects in the further use and maintenance of the equipment, device, or system; a form of full cost accounting promotion - communications that marketers insert into the marketplace: TV, radio, print, and online advertising, as well as coupons, direct mail, billboards, direct marketing (personal selling), and public relations country-of-origin effect - positive or negative perception of firms and products from a certain country place - fourth P in the marketing mix - to the location where products and services are provided which includes the online marketplace distribution channel—the set of firms that facilitate the movement of goods from producers to consumers

6. TRIPLE As IN SUPPLY CHAIN MANAGEMENT agility - ability to quickly react to unexpected shifts in supply and demand adaptability - ability to change supply chain configurations in response to long-term changes in the environment and technology alignment - way in which the interests of various players involved in the supply chain align make-or-buy decisions - decisions whether to produce in-house or to outsource

8. RESOURCES, MARKETING AND SUPPLY CHAIN MANAGEMENT VRIO criteria  traditional media are losing viewers, readers, and thus effectiveness, but marketers do not have a good handle of how advertising on the new online media adds value  managers need to assess the rarity of marketing and supply chain activities – if all firms use FedEx to manage logistics which does add value), these activities, in themselves, are not rare  how likely is it for rivals and partners to imitate ?  is the firm organizationally ready to accomplish objectives?