What Is Marketed?(Cont) Places Cities, states, regions, and whole nations compete actively to attract tourists factories and new residents Properties Are intangible rights of ownership of either real property(real estate)or financial property(stocks and bonds) Organizations Actively work to build a strong, favorable, and unique image in the minds of their target publics · Information Can be produced and marketed as a product. Schools, universities, and others produce information and then market it · ldeas Every market offering includes a basic idea. Products and services are platforms for delivering some idea or benefit 2008-3-5 Marketing Management UG)
2008-3-5 Marketing Management (UG) 7 What Is Marketed? (Con’t) • Places – Cities, states, regions, and whole nations compete actively to attract tourists, factories, and new residents. • Properties – Are intangible rights of ownership of either real property (real estate) or financial property (stocks and bonds). • Organizations – Actively work to build a strong, favorable, and unique image in the minds of their target publics. • Information – Can be produced and marketed as a product. Schools, universities, and others produce information and then market it. • Ideas – Every market offering includes a basic idea. Products and services are platforms for delivering some idea or benefit
Markets Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class · Marketers use the term“ market" to cover various groups of customers. They view the sellers as constituting the industry and the buyers as constituting the market. They talk about need markets, product markets demographic markets, and geographic markets 2008-3-5 Marketing Management UG)
2008-3-5 Marketing Management (UG) 8 Markets • Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class. • Marketers use the term “ market” to cover various groups of customers. They view the sellers as constituting the industry and the buyers as constituting the market. They talk about need markets, product markets, demographic markets, and geographic markets
Key Customer Markets · Consumer markets Consumer goods and services such as soft drinks and cosmetics spend a great deal of time trying to establish a superior brand Image · Business markets Companies selling business goods and services often face well trained and well-informed professional buyers who are skilled in evaluating competitive offerings ·G| obal markets Companies face challenges and decisions regarding which countries to enter, how to enter the country, how to adapt their products/services to the country, and how to price their products Nonprofit and Governmental Markets Companies selling to these markets have to price carefully because these organizations have limited purchasing power 2008-3-5 Marketing Management ( UG)
2008-3-5 Marketing Management (UG) 9 Key Customer Markets • Consumer Markets – Consumer goods and services such as soft drinks and cosmetics, spend a great deal of time trying to establish a superior brand image. • Business Markets – Companies selling business goods and services often face welltrained and well-informed professional buyers who are skilled in evaluating competitive offerings. • Global Markets – Companies face challenges and decisions regarding which countries to enter, how to enter the country, how to adapt their products/services to the country, and how to price their products. • Nonprofit and Governmental Markets – Companies selling to these markets have to price carefully because these organizations have limited purchasing power
Marketplace, Marketspace & Metamarket The marketplace is physical The marketspace is digital · Metamarkets a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries E.g. the automobile indust Manufacturer · Spare parts dealers · Car dea|er Service shops Financing companies Auto magazines · Mechanics Auto sites on the internet 2008-3-5 Marketing Management UG)
2008-3-5 Marketing Management (UG) 10 Marketplace, Marketspace & Metamarket • The marketplace is physical • The marketspace is digital. • Metamarkets – a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries. – E.g., the automobile industry • Manufacturer • Car dealer • Financing companies • Mechanics • Spare parts dealers • Service shops • Auto magazines • Auto sites on the Internet
The Changing Business Marketing Changing technology Globalization Deregulation Privatization Customer empowerment · Customization Heightened competition Industry convergent Disintermediation 2008-3-5 Marketing Management UG)
2008-3-5 Marketing Management (UG) 11 The Changing Business & Marketing • Changing technology. • Globalization. • Deregulation. • Privatization. • Customer empowerment. • Customization. • Heightened competition. • Industry convergent. • Disintermediation