The Scope of Marketing

What Is Marketing?

Marketing is about identifying and meeting human and social needs

Two Definitions of Marketing

Social definition:

Deliver a higher standard of living

Managerial definition:

The art of selling products

We need to design the right product by doing careful marketing homework

Canon ELPH digital camera

Toyota Prius hybrid automobile

Example

These manufacturers were swamped with orders

What Is Marketed?

Goods

Services

Events

Experiences

Persons

Places

Properties

Information

Most Importantly

Ideas are being Marketed

The Rolling Stones have done a masterful job of marketing their rebellious form of rock and roll to audiences of all ages.

Who Markets?

MARKETERS AND PROSPECTS

Marketer: who seeks a response

Prospect: attention from another party

Eight demand states are possible:

Negative demand

Non-existent demand

Latent demand

Declining demand

Irregular demand

Full demand

Overfull demand

Unwholesome demand

Structure of Flows in a Modern Exchange Economy

A Simple Marketing System

KEY CUSTOMER MARKETS

Consumer Markets

Business Markets

Global Markets

Non-profit and Governmental Markets

MARKETPLACES, MARKETSPACES, AND METAMARKETS

marketplace is physical

marketspace is digital

metamarket is cluster of complementary products and services