Mia Wallace
Chapter 1 Defining Marketing for the 21st century
What Is Marketing?
Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is "meeting needs profitably."
Marketing Management
The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Scope of Marketing
Marketing people are involved in 10 types of entities:
Goods
Services Experiences
Events
Persons
Places
Properties
Organizations
Information
Ideas
The Eight different states of demand:
Negative demand: if a major part of market dislikes the product and may even pay a price to avoid it – vaccinations, gall bladder operations etc.
No Demand: Target consumers may be unaware of or uninterested in the product. Ex. College students may not be interested in foreign language courses.
Latent demand: Market feels strong needs for some products like harmless cigarettes
Declining demand: Market for the product declines. Then marketer need to know the causes and rectify
Irregular demand: Demand of many products and services are seasonal.
Full demand: sometimes full demand is there.
Overfull demand: sometimes demand is higher than what organization can handle.
Unwholesome demand: Unwholesome products will attract organized efforts to discourage consumption. Like unselling campaigns against cigarettes, alcohol, handguns.
Consider the following major customer markets
Consumer market: mass consumer goods and services such as soft drinks, toothpaste, air travel etc.
Business Markets: Companies selling business goods and services face well trained and well informed professional buyers. They buy goods for their utility or to make or resell a product to others.
Global markets: goods and services for global marketplace. They have to decide which country to enter , how to enter, has to have a fit the cultural practices etc.
What Is Marketing?
Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is "meeting needs profitably."
Marketing Management
The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Scope of Marketing
Marketing people are involved in 10 types of entities:
Goods
Services Experiences
Events
Persons
Places
Properties
Organizations
Information
Ideas
The Eight different states of demand:
Negative demand: if a major part of market dislikes the product and may even pay a price to avoid it – vaccinations, gall bladder operations etc.
No Demand: Target consumers may be unaware of or uninterested in the product. Ex. College students may not be interested in foreign language courses.
Latent demand: Market feels strong needs for some products like harmless cigarettes
Declining demand: Market for the product declines. Then marketer need to know the causes and rectify
Irregular demand: Demand of many products and services are seasonal.
Full demand: sometimes full demand is there.
Overfull demand: sometimes demand is higher than what organization can handle.
Unwholesome demand: Unwholesome products will attract organized efforts to discourage consumption. Like unselling campaigns against cigarettes, alcohol, handguns.
Consider the following major customer markets
Consumer market: mass consumer goods and services such as soft drinks, toothpaste, air travel etc.
Business Markets: Companies selling business goods and services face well trained and well informed professional buyers. They buy goods for their utility or to make or resell a product to others.
Global markets: goods and services for global marketplace. They have to decide which country to enter , how to enter, has to have a fit the cultural practices etc.