Chapter01: Defining Marketing for the 21st Century

Topics: Marketing, Supply and demand, Market Pages: 3 (446 words) Published: December 9, 2010
MKT: 601
Chapter01: Defining Marketing for the 21st Century

Importance of marketing
The scope of marketing
Services, Events, Experiences, Persons, Places, Properties, Organizations, In formations, Ideas Markets and prospects
1. Negative demand- Consumers dislike the product and may even pay a price to avoid it. 2. Nonexistent demand - Consumers may be unaware or uninterested in the product. 3. Latent demand - Consumers 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 marketplace. 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. Markets

Key customer markets
Consumer Markets
Business Markets
Global Markets
Nonprofit and Governmental Markets
Marketplaces, Market spaces and Metamarkets (search for product)

Needs, Wants and Demands
Target markets, Positioning and Segmentation
Offerings and brands
Value and satisfactions
Marketing channels
Supply chain
Marketing environment
The New marketing realities
Major Societal forces
Network information technology
Heightened Competition
Industry convergence (Combining, home theater)
Consumer resistance
Retail transformation (Direct mail)

The New Economy: Consumer benefits
Substantial increase in buying power: More disposable income and inclination to spend A greater variety of goods and services: Brand proliferation, can purchase from Internet also A greater amount of information about practically anything: Mass media and other...
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