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The marketing mix concept is an essential part of marketing theory. It has endured because it is both effective and simple. Now there are several ways managers can add more strength to the concept while maintaining its simplicity. By applying such ideas as consistency, integration, and leverage, managers can see how a marketing program must fit the needs of the marketplace, the skills of the company, and the vagaries of the competition. To meet such disparate demands, the elements of the marketing mix must make the most effective use of company strengths, take aim at precisely defined segments, and protect the company from competitive threats.

Traditional forecasting techniques, which rest on the assumption that tomorrow's world will be much like today's, are inadequate in a fluid and turbulent business environment. When forecasts made by Royal Dutch/Shell in the late 1960s signaled major disruptions in the world oil market, company planners realized they needed a more realistic way to think about the future. Beginning in 1971, the company decided to develop a series of scenarios to explore the future business environment. By listening to planners' analysis, Shell's management was prepared for the 1973 oil crisis. The power of scenarios becomes evident when the world changes. McKinsey Award Winner.

Describes three years of the Volcker monetary policy experiment. The Federal Reserve changed the focus by its operating procedure from an interest rate instrument to a reserve instrument and it reaffirmed its commitment to hitting its preannounced monetary growth target. At the same time Congress initiated widespread deregulation of financial institutions. The case encourages discussion on the best strategy and implementation of monetary policy, the effect of deregulation on its conduct, the causes of the recession and disinflation, and the competitive implications of the recent changes in monetary policy for competitive institutions.

Contains a description of some issues confronting management of CML Group. They have decided to go public, have selected an underwriting team, and must make final decisions about the size, composition and pricing of the issue. Because stock prices have fallen since the decision to go public was made, the company is faced with the prospect of lowering the number of shares to be sold, lowering the offering price, or withdrawing the issue altogether. Can be handed out at the end of class discussion of CML Group, Inc.: Going Public (B).

Provides background information on the high performance liquid chromatography (HPLC) industry and the Waters Chromatography Division, an operation engaged in the development, manufacture and sale of HPLC instrument systems and chemical products. An overview of Waters' marketing effort in general and sales/service operations in particular provides a lead-in to the focus of the case: a diary-style account of a day in the field with Ray Burnett, a Waters field sales representative. Includes information on Ray's background and his current supervisor, a general description of Ray's job responsibilities, and a detailed account of one day's customer calls. Written for use in the communication section of the first year marketing course taught at HBS. The primary teaching objective is to show how one company executes the selling function.

Presents a sequel to the (A) case, which features a diary-style account of "a day in the field" with Ray Burnett, a field sales representative for Waters Chromatography Division.

The manager of international finance of a major U.S. electronics company is concerned about the exposure of the firm to changes in exchange rates. Of particular concern is the exposure of operations to changes in real exchange rates. The teaching objectives include: 1) understanding operating exposure and contractual exposure; 2) understanding the issues in estimating operating exposure; 3) understanding possible actions to neutralize operating exposure; and 4) assigning responsibility for the management of operating exposure.

Robert Malott, Chairman and CEO of FMC, must decide whether or not to continue his work on product liability law reform, an issue on which he has worked for almost 10 years. Malott must decide how extensive his own involvement should be and what arguments he can or should make to persuade fellow members of the Business Roundtable and other business leaders to join him.

A recent college graduate decides to buy a small multiple-unit building in Boston as a residence and an investment. He learns about finding and valuing properties, property management, construction, and mortgages. After some difficulty he finds a building in an area that is increasing in value. The previous owner has run out of funds to complete renovations.

Spreadsheet Supplement for case 386036

Describes the concept of exposure; the dependence of a goal on an uncertain external event. Describes in detail how hedges may be constructed to eliminate exposure, including the algebra of cross-hedging and hedge ratios. The relevance of regression analysis is discussed. A running example clarifies the text.

Two forest products manufacturers negotiate the sale of a group of assets. ACRS would allow the buyer to rapidly depreciate the stepped up basis to justify a high valuation. The seller recently paid greenmail, and this transaction may be linked to its desire to avoid paying off a second investor.

Spreadsheet Supplement for case 286004.

American Hospital Supply, the largest firm in the U.S. hospital supply industry, has achieved success in part through the use of information systems. Changes in the hospital marketplace suggest a shift in strategy would be appropriate. What role should information systems play in future strategies?

A brief summary from published sources of events between the time of the (A) case and mid-1985.

The nonpunitive approach to discipline is gaining acceptance at U.S. companies. Since Tampa Electric adopted a nonpunitive system of discipline companywide in January 1981, it has reported only favorable results. Organizations that have adopted a nonpunitive system have found measurable reductions in absenteeism, dismissals, disciplinary actions, grievances, and arbitration. They have also found a reduction in wrongful termination suits.

People decisions are long lasting in their consequences and difficult to unmake. At most one third of such decisions come out right. Executives who take their people decisions seriously will find the following principles helpful: 1) take responsibility for the decision--if the person the executive places in a position does not perform, the executive has made a mistake; 2) it is the duty of managers to make sure that the responsible persons in their organizations perform; 3) make the decision well; 4) don't give new people major new assignments. There are also some basic steps managers can follow in making effective promotion and staffing decisions.

Corporate response to the threat of foreign competition is often misdirected and ill timed--in part because many executives don't fully understand what global competition is. Executives must anticipate competitive moves by starting from new strategic intentions rather than from old strategies. They must think and act in complex ways. They may slice the company in one way for distribution investments, in another for technology, and in still another for manufacturing. In addition, global competitors must develop varied criteria and analytical tools to justify these investments. Even when its manufacturing is not on a global scale, a company must be sensitive to the potential of global competitive interaction.

Many American companies have begun to plan for their professional, managerial, and technical personnel. The most critical element is management's appreciation for the ways in which its human resource decisions affect the company's ability to achieve its business plans--and vice versa. Designing and strengthening work programs, assessing the corporate culture, and modifying or reinforcing it from the top are among the ways human resource planners target performance objectives.

Information technology is more than just computers. It must be conceived of broadly to encompass information as well as a spectrum of technologies that process the information. An important concept that highlights the role of information technology is the "value chain." This concept divides a company's activities into the technologically and economically distinct activities it performs to do business (marketing and delivery to buyers, support and servicing after sale, installation, repair, and parts inventory management, for example).