Published on February 5, 2014
Market The common usage of market means a place where goods are bought and sold.
Market Market may mean a place where buying and selling take place Buyers and sellers come together for transaction An organization through which exchange of goods take place The act of buying and selling of goods (to satisfy human wants An area of operation of commercial demand for commodities
What Is Marketed? Entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. Let’s take a quick look at these categories.
Marketed GOODS Physical goods constitute the bulk of most countries’ production and marketing efforts. Each year companies market billions of fresh, canned, bagged, and frozen food products and millions of cars, refrigerators, televisions, machines, and other mainstays of a modern economy.
Marketed SERVICES As economies advance, a growing proportion of their activities focuses on the production of services. Services include the work of airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people, and accountants, bankers, lawyers, engineers, doctors, software programmers and management consultants.
Marketed EVENTS Marketers promote time-based events, such as major trade shows, artistic performances, and company anniversaries. Global sporting events such as the Olympics and the World Cup are promoted aggressively to both companies and fans.
Marketed EXPERIENCES By orchestrating several services and goods, a firm can create, stage, and market experiences. Walt Disney World’s Magic Kingdom allows customers to visit a fairy kingdom, a pirate ship, or a haunted house.
Marketed PERSONS Artists, musicians, CEOs, physicians, highprofile lawyers and financiers, and other professionals all get help from celebrity marketers
Marketed PLACES Cities, states, regions, and whole nations compete to attract tourists, residents, factories, and company headquarters. Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.
Marketed PROPERTIES Properties are intangible rights of ownership to either real property (real estate) or financial property (stocks and bonds). They are bought and sold, and these exchanges require marketing. Real estate agents work for property owners or sellers, or they buy and sell residential or commercial real estate.
Marketed ORGANIZATIONS Organizations work to build a strong, favorable, and unique image in the minds of their target publics. Universities, museums, performing arts organizations, corporations, and nonprofits all use marketing to boost their public images and compete for audiences and funds.
Marketed INFORMATION The production, packaging, and distribution of information are major industries. Information is essentially what books, schools, and universities produce, market, and distribute at a price to parents, students, and communities.
Marketed IDEAS Every market offering includes a basic idea.
What Is ?
Marketing Marketing is a human activity to satisfy needs and wants,through an exchange process. A demand is a want for which the consumer is prepared to pay a price. A want is anything or service the consumer desires or seeks Wants become demands when backed by purchasing power A need is anything the consumer feels to keep himself alive and healthy.
Marketing Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably.”
What is Marketing Management Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Marketing Management The set of tasks necessary for successful marketing management includes developing marketing strategies and plans, capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, and creating long-term growth.
Why is marketing important? Marketing is playing a key role in addressing those challenges. Marketing has helped introduce and gain acceptance of new products that have eased or enriched people’s lives.
Why is marketing important? Marketers must decide what features to design into a new product or service, what prices to set, where to sell products or offer services, and how much to spend on advertising, sales, the Internet, or mobile marketing. They must make those decisions in an Internet-fueled environment where consumers, competition, technology, and economic forces change rapidly, and the consequences of the marketer’s words and actions can quickly multiply.
Core Marketing Concepts To understand the marketing function, we need to understand the following core set of concepts. Needs, Wants, and Demands
Needs, Wants, and Demands Needs are the basic human requirements such as for air, food, water, clothing, and shelter. Humans also have strong needs for recreation, education, and entertainment. These needs become wants when they are directed to specific objects that might satisfy the need. Demands are wants for specific products backed by an ability to pay. Many people want a Mercedes; only a few are able to buy one.
Needs, Wants, and Demands The needs, wants and demands are a very important component of marketing because they help the marketer decide the products which he needs to offer in the market.
Maslow’s Hierarchy of Needs
Maslow’s Hierarchy of Needs
How to use Maslow in marketing According to Maslow’s hierarchy of needs, we make decisions and are motivated by five levels of need. Your success as a marketer will depend on how effectively you can appeal to individuals’ motivational drivers. Services and products that do not speak to the first three levels can be marketed to those individuals who are motivated by personal growth and self-esteem. The marketing techniques that apply to these levels will not be the same as those that relate to the services and products on the first level.
Demands that impact on marketing 1. Negative demand: Consumers dislike the product and may even pay to void it. 2. Nonexistent demand: Consumers may be unaware of or uninterested in the product. 3. Latent demand: Consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand: Consumers begin to buy the product less frequently or not at all.
Demands that impact on marketing 5. Irregular demand: Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. Full demand: Consumers are adequately buying all products put into the marketplace. 7. Overfull demand: More consumers would like to buy the product than can be satisfied. 8. Unwholesome demand: Consumers may be attracted to products that have undesirable social consequences.
Target Markets, Positioning, and Segmentation Dividing the market into segments. After identifying market segments, the marketer decides which present the greatest opportunities. which are its target markets. Develops a market offering that it positions in the minds of the target buyers as delivering some central benefit(s)
Value and Satisfaction Value, a central marketing concept, is primarily a combination of quality, service, and price (qsp), called the customer value triad. Value perceptions increase with quality and service but decrease with price. Satisfaction reflects a person’s judgment of a product’s perceived performance in relationship to expectations
Marketing Environment The marketing environment surrounds and impacts upon the organization. There are three key elements to the marketing environment which are the internal environment, the microenvironment and the macroenvironment.
Internal environment A useful tool for quickly auditing your internal environment is known as the Five Ms which are Men, Money, Machinery, Materials and Markets.
Macro-environment The macro-environment is comprised of the external forces that the individual company cannot influence, but which directly or indirectly influence it. Political This involves issues related to the political environment e.g. policies such as nationalisation, union legislation, taxation, customs duties, and regulatory constraints. Economic This involves inflation, unemployment, energy, price volatility, and materials availability. Crude oil continues to play a major role in the area of economics. Socio-Cultural This involves education, immigration, emigration, religion, the environment, population distribution and dynamics, and lifestyle. For example, Germany now has a negative population growth, resulting in fewer people to fund the social support structure for elderly health care and pensions
Macro-environment Technological This involves new technology, cost savings, materials and components, equipment, machinery, methods and systems, substitutes, and availability. The availability of cell phones and internet have revolutionised the communications and data transfer industry. Legal This involves legislation in areas such as employment, competition and health and safety, trading policies, and regulatory bodies. Environmental This involves the level of pollution created by producing products or services, recycling considerations, attitudes to the environment, and environmental legislature.
Micro-environment The micro-environment is more controllable and is made up of those internal variables that can be controlled by management Mission The statement of the scope and purpose of the company. Target Market Your Own Company The size and characteristics of the market; e.g. mass market, gender, age, location. This involves sales, market shares, profit margins, marketing procedures and organisation, and marketing mix variables. Market Intermediaries Middlemen (wholesalers, retailers, agents and other resellers) physical distribution contractors (warehousing and transportation), marketing service agencies (research firms, ad agencies, media brokers, etc.) and financial intermediaries (banks, credit companies and insurance companies).
Updating The Four Ps The four Ps of marketing: product, price, place, and promotion Modern marketing realities: people, processes, programs, and performance
People People reflects, in part, internal marketing and the fact that employees are critical to marketing success.Marketing will only be as good as the people inside the organization. It also reflects the fact that marketers must view consumers as people to understand their lives more broadly, and not just as they shop for and consume products and services.
Processes Processes reflects all the creativity, discipline, and structure brought to marketing management. Marketers must avoid ad hoc planning and decision making and ensure that state-of-the-art marketing ideas and concepts play an appropriate role in all they do. Only by instituting the right set of processes to guide activities and programs can a firm engage in mutually beneficial long-term relationships. Another important set of processes guides the firm in imaginatively generating insights and breakthrough products, services, and marketing activities.
Programs Programs reflects all the firm’s consumer-directed activities. It encompasses the old four Ps as well as a range of other marketing activities that might not fit as neatly into the old view of marketing. Regardless of whether they are online or offline, traditional or nontraditional, these activities must be integrated such that their whole is greater than the sum of their parts and they accomplish multiple objectives for the firm.
Performance Performance as in holistic marketing, to capture the range of possible outcome measures that have financial and nonfinancial implications (profitability as well as brand and customer equity), and implications beyond the company itself (social responsibility, legal, ethical, and community related).
Developing Marketing Strategies and Plans Developing the right marketing strategy over time requires a blend of discipline and flexibility. Firms must stick to a strategy but also constantly improve it. They must also develop strategies for a range of products and services within the organization.
Effective marketing strategy Marketing is a process of creating value for the customer. It is a set of activities to educate, communicate with, and motivate the targeted consumer about the firm’s services or the company’s product and services. The formula “segmentation, targeting, positioning (STP)” is the essence of strategic marketing. The second phase is providing the value. Marketing must determine specific product features, prices, and distribution. The task in the third phase is communicating the value by utilizing the sales force
The Value Chain The value chain identifies nine strategically relevant activities—five primary and four support activities—that create value and cost in a specific business. The primary activities are (1) inbound logistics, or bringing materials into the business; (2) operations, or converting materials into final products; (3) outbound logistics, or shipping out final products; (4) marketing, which includes sales; (5) service.
The Value Chain Specialized departments handle the support activities (1) procurement, (2) technology development, (3) human resource management, (4) firm infrastructure. (Infrastructure covers the costs of general management, planning, finance, accounting, legal, and government affairs.)
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