Step 1: Differentiate the cubic. For $f(x)=ax^3+bx^2+cx+d$, the derivative is $f'(x)=3ax^2+2bx+c$. Step 2: Recall what an extreme value needs. Extreme values occur where $f'(x)=0$ and the sign of $f'$ changes. So $f$ has extreme values only if $3ax^2+2bx+c=0$ has real roots. Step 3: State the no extremum condition. For no extreme value, this quadratic must have no real roots, meaning its discriminant is negative. Step 4: Compute the discriminant. $D=(2b)^2-4(3a)(c)=4b^2-12ac=4(b^2-3ac)$. Step 5: Impose $D<0$. $4(b^2-3ac)<0$ gives $b^2-3ac<0$. Step 6: Simplify. Therefore the condition is $b^2<3ac$. \[ \boxed{b^2<3ac} \]