Marketing
Seventh Edition
Dhruv Grewal, PhD
Babson College
Michael Levy, PhD
Babson College
Page iv
MARKETING, SEVENTH EDITION
Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright 2020 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions 2018, 2016, and 2014. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.
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1 2 3 4 5 6 7 8 9 LWI 21 20 19
ISBN 978-1-260-08771-0 (bound edition)
MHID 1-260-08771-9 (bound edition)
ISBN 978-1-260-42825-4 (loose-leaf edition)
MHID 1-260-42824-7 (loose-leaf edition)
Executive Portfolio Manager: Meredith Fossel
Product Developer: Kelsey Darin
Senior Marketing Manager: Nicole Young
Lead Content Project Manager: Christine Vaughan
Senior Content Project Manager: Danielle Clement
Senior Buyer: Laura Fuller
Senior Designer: Matt Diamond
Senior Content Licensing Specialist: Ann Marie Jannette
Cover images: (granola bars) Roman Samokhin/Getty Images;
(packaging) BUTENKOV ALEKSE/Shutterstock
Compositor: Aptara, Inc.
All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.
Library of Congress Cataloging-in-Publication Data
Names: Grewal, Dhruv, author. | Levy, Michael, 1950- author.
Title: Marketing / Dhruv Grewal, PhD, Babson College, Michael Levy, PhD,
Babson College.
Description: Seventh edition. | New York, NY : McGraw-Hill Education, [2020]
Identifiers: LCCN 2018043778 | ISBN 9781260087710 (alk. paper) | ISBN 1260087719 (alk. paper)
Subjects: LCSH: Marketing.
Classification: LCC HF5415 .G675 2020 | DDC 658.8dc23 LC record
available at https://lccn.loc.gov/2018043778
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.
mheducation.com/highered
Page v
To our families for their never-ending support. To my wife, Diana, my daughter, Lauren, my son-in-law, Chet, and my son, Alex.
Dhruv Grewal
To my wife, Marcia, my daughter, Eva, and my son-in-law, Alex.
Michael Levy
Page vii
About the Authors
Dhruv Grewal
Dhruv Grewal (PhD, Virginia Tech) is the Toyota Chair in Commerce and Electronic Business and a professor of marketing at Babson College. His research and teaching interests focus on direct marketing and e-commerce, marketing research, the broad areas of value-based marketing strategies, services and retailing, and pricing. He is listed in Thomson Reuters 2014 Worlds Most Influential Scientific Minds list (only 8 from the marketing field and 95 from economics and business are listed). He is an Honorary Distinguished Visiting Professor of Retailing and Marketing, Center for Retailing, Stockholm School of Economics; an Honorary Distinguished Visiting Professor of Retailing and Marketing, Tecnolgico de Monterrey; a GSBE Extramural Fellow, Maastricht University; a Global Chair in Marketing at University of Bath; and has been a Visiting Scholar at Dartmouth. He has also served as a faculty member at the University of Miami, where he was a department chair.
Professor Grewal was ranked first in the marketing field in terms of publications in the top-six marketing journals during the 19911998 period and again for the 20002007 period, and ranked eighth in terms of publications in Journal of Marketing and Journal of Marketing Research during the 20092013 period. He was also ranked first in terms of publications and third in citations for pricing research for the time period
19802010 in 20 marketing and business publications. He has published over 150 articles in Journal of Marketing, Journal of Consumer Research, Journal of Marketing Research, Journal of Retailing, Journal of Consumer Psychology, Journal of Applied Psychology, and Journal of the Academy of Marketing Science, as well as many other journals. He has over 45,000 citations based on Google Scholar. He currently serves on numerous editorial review boards, such as Journal of Marketing (area editor), Journal of the Academy of Marketing Science (area editor), Journal of Marketing Research, Academy of Marketing Science Review, Journal of Interactive Marketing, Journal of Business Research, Journal of Public Policy & Marketing, and the advisory board for Journal of Retailing. He has also served on the boards of Journal of Consumer Psychology and Journal of World Business. He also received Best Reviewer Awards (Journal of Retailing, 2008, Journal of Marketing, 2014), Outstanding Area Editor (Journal of Marketing, 2017, Journal of the Academy of Marketing Science, 2016), and a Distinguished Service Award (Journal of Retailing, 2009).
Professor Grewal was awarded the 2017 Robert B. Clarke Outstanding Educator Award (Marketing Edge, formerly DMEF), 2013 university-wide Distinguished Graduate Alumnus from his alma mater Virginia Tech, the 2012 Lifetime Achievement Award in Pricing (American Marketing Association Retailing & Pricing SIG), the 2010 Lifetime Achievement Award in Retailing (American Marketing Association Retailing SIG), the 2005 Lifetime Achievement in Behavioral Pricing Award (Fordham University, November 2005), and the Academy of Marketing Science Cutco/Vector Distinguished Educator Award in May 2010. He is a Distinguished Fellow of the Academy of Marketing Science. He has served as VP Research and Conferences, American Marketing Association Academic Council (19992001) and as VP Development for the Academy of Marketing Science (20002002). He was coeditor of Journal of Retailing (20012007).
He has won a number of awards for his research: 2018 William R. Davidson Journal of Retailing Best Paper Award (for paper published in 2016); 2017 Journal of Interactive Marketing Best Paper Award (for paper published in 2016); 2016 Journal of Marketing Sheth Award; 2016 William R. Davidson Journal of Retailing Best Paper Award (for paper published in 2014); 2015 Louis W. Stern Award (American Marketing Association Interorganizational S ig ); Babson College Faculty Scholarship Award (2015); William R. Davidson Journal of Retailing Best Paper Award 2012 (for paper published in 2010); 2011 Best Paper Award (La Londe Conference for Marketing Communications and Consumer Behavior); 2011 Louis W. Stern Award (American Marketing Association Interorganizational S ig ); William R. Davidson Journal of Retailing Honorable Mention Award 2011 (for paper published in 2009); Babson College Faculty Scholarship Award (2010); William R. Davidson