Marketing in 21st Century
Chapter 1 Marketing in the 21st century
Marketing tasks
Three stages through which marketing practice might pass
1) Entrepreneurial marketing: Most companies are started by individual who live by their wits. They visualize an opportunity and knock on every door to get attention
Ex. A person sold beer door to door and such direct selling. Slowly he became market leader in selling his products. 2) Formulated marketing: when small companies achieve success, they move to formulated marketing i.e. already laid down advertising methods, like thru TV etc.
3) Intrepreneurial Marketing: some companies rely on formulated marketing, without much success. They need to develop some creative out of the box ideas to market their products.
Scope of Marketing
Marketing people are involved in 10 types of entities:
1) Goods like eggs, steel, cars (Maruti!!!! Wow)
2) Services like airlines, hotels, barbers
3) Experiences like Walt Disney world’s magic kingdom, at planet Hollywood
4) Events like Olympics, trade shows, sports events
5) Persons like celebrity marketing by making major film star as brand ambassador etc.
6) Places like cities, states, nations to attract tourists, factories, company headquarters, and new residents, like we use TAJ or say Nainital
7) Properties like real state owners market properties or agent markets securities
8) Organizations thru’ Corporate identity ads like by using tag line ‘Lets make things better’, or like Richard branson (virgin) or Phil knight of Nike are some identity
9) Information like thru encyclopedias, CDs and visit the Internet for information. This is information marketing
10) Ideas like the buyer of a drill are really buying a hole. Church should market itself as a place of worship or a community center.
A broadened view of Marketing Tasks:
Production and logistics manage supply and marketers manage demand
Eight different states of demand:
1) Negative demand: if a major part of market dislikes the product and may even
Marketing tasks
Three stages through which marketing practice might pass
1) Entrepreneurial marketing: Most companies are started by individual who live by their wits. They visualize an opportunity and knock on every door to get attention
Ex. A person sold beer door to door and such direct selling. Slowly he became market leader in selling his products. 2) Formulated marketing: when small companies achieve success, they move to formulated marketing i.e. already laid down advertising methods, like thru TV etc.
3) Intrepreneurial Marketing: some companies rely on formulated marketing, without much success. They need to develop some creative out of the box ideas to market their products.
Scope of Marketing
Marketing people are involved in 10 types of entities:
1) Goods like eggs, steel, cars (Maruti!!!! Wow)
2) Services like airlines, hotels, barbers
3) Experiences like Walt Disney world’s magic kingdom, at planet Hollywood
4) Events like Olympics, trade shows, sports events
5) Persons like celebrity marketing by making major film star as brand ambassador etc.
6) Places like cities, states, nations to attract tourists, factories, company headquarters, and new residents, like we use TAJ or say Nainital
7) Properties like real state owners market properties or agent markets securities
8) Organizations thru’ Corporate identity ads like by using tag line ‘Lets make things better’, or like Richard branson (virgin) or Phil knight of Nike are some identity
9) Information like thru encyclopedias, CDs and visit the Internet for information. This is information marketing
10) Ideas like the buyer of a drill are really buying a hole. Church should market itself as a place of worship or a community center.
A broadened view of Marketing Tasks:
Production and logistics manage supply and marketers manage demand
Eight different states of demand:
1) Negative demand: if a major part of market dislikes the product and may even