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Fundamentals of Marketing Fifth Edition
When the first edition of this book was published (1964). the American economy was booming. The economic growth rate was high. and we were amassing mountains of goods. We also were highly successful in our international marketing efforts. Now this new edition appears in a socioeconomic setting that is a whole new ball game. Our economic growth rate and our birthrate both have slowed down. We are faced with the soaring cost of energy. the constant threat of high inflation. and increased government regulation. Some industries face intensive foreign competition. and other industries have to contend periodically with shortages. People's values are changing. There is a growing demand for a better quality of life. We are concerned about our social and physical environ-ment.
As we head into the 1980s. these social and economic changes pose major challenges to business in general and marketing in particular. Marketing executives must develop a societal orientation and an awareness of their social responsibilities. At the same time. they must satisfy consumers' wants and generate profits for their firm. A textbook in marketing likewise should change over the years to reflect these social and economic challenges. and to offer some strategic guides to marketing executives. Consequently. several changes have been made in this edition to keep it up to date. to introduce recent developments and new concepts. and to reflect the emerging societal orientation in marketing.
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