Marketers and Prospects:
A marketer is someone who seeks a response attention, a purchase, a vote, a donation from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers.
Marketers are skilled at stimulating demand for their products, but that’s limited view of what they do. Just as production and logistics professional are responsible for supply management, marketers are responsible for demand management. They seek to influence the level, timing, and composition of demand to meet the organization’s objectives. Eight demand states are possible below;
1.Negative Demand: Consumer dislikes the product and may even pay to avoid it.
2. Nonexistent Demand: Consumers may be unaware of or uninterested in the product.
3. Latent Demand: Consumer 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.
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 market place.
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.
Traditionally a market was a physical place where buyers and sellers gathered to buy and sell goods. Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class.
Five basic markets:
# Manufacturers go to resource markets (raw material markets, labor markets, money markets) buy resources and turn them into goods and services, and
# Sell finished products ton intermediaries, who sell them to consumer.
# Consumers sell their labor and receive money with which they pay for goods and services.
# Government collects tax revenues to buy goods from resource, manufacturer, and intermediary markets.
# uses these goods and services to provide public services.
Each nation’s economy, and the global economy, consists of interacting sets of market linked through exchange processes.
Marketers use the term market to cover various groupings of customers. They view sellers as constituting the industry and buyers as constituting the market. They talk about need markets, product markets (the shoe market), demographic markets (the youth market), and geographic markets (the Chinese market); or they extend the concept to cover voter markets, labor markets, and donor markets, for instance.
The relationship between the industry and the market shows below. Seller and buyers are connected by four flows. Sellers send goods and services and communications such as ads and direct mail to the market; in return they receive money and information such as customer attitudes and sales data. The inner loop shows and exchange of money for goods and services; the outer loop shows an exchange of information.
Key Customer Markets:
Consider the following key customer markets;
- Consumer markets
- Business markets
- Global markets
- Nonprofit and Governmental markets
Companies selling mass consumer goods and services such as juices, cosmetics, athletics shoes, and air travel spend a great deal of time establishing a strong brand image by developing a superior product and packaging ensuring its availability and backing it with engaging communications and reliable service.
Companies selling business goods and services often face well informed professional buyers skilled at evaluating competitive offerings. Business buyers buy goods to make or resell a product to others at a profit. Business markets must demonstrate how their products will help achieve higher revenue or lower costs.
Companies in the global marketplace must decide which countries to enter; how to enter each (as an exporter, licenser, joint venture partner, contract manufacturer); how to adapt product and service features to each country; how to price products in different countries; and how to design communications for different cultures. They face different requirements for buying and disposing of property; culture language, legal and political differences, and currency fluctuations.
Nonprofit and Governmental markets:
Companies selling to nonprofit organizations with limited purchasing power such as churches, universities, charitable organizations, and government agencies need to price carefully. Lower selling prices affect the features and quality the seller can build into the offering.
Marketplaces, Market spaces, and Met markets:
The Market place is a physical such as a store you shop in; the market space is digital, as when you shop on the internet.
Meta markets are the result of marketers packaging a system that simplifies carrying out these related product/service activities.