What is Market and what are markets,Marketing Management

Marketing Management

1. Who Markets A marketer is someone who seeks a response –attention, a purchase, vote, a donation- from another party, called as prospect. If two parties are seeking to sell something to each other, we call them both marketers. What is MARKET? Traditionally, a “Market” was a place where buyers and sellers gathered to buy and sell goods. Economist describe a market as a collection of buyers and sellers who transact over a particular product or product class. Note: May be a one specific place or may not be existing physically at all.

2. What are Invisible Markets Markets can exist: Over telephone lines Online Emails

3. Types of Markets Consumer Markets Business Markets Global Markets Non-Profit and Governmental Markets A. CONSUMER MARKETS -Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel, and shoes etc. ---- -Individuals and families purchasing goods and services for personal use. - The major focus is on developing a superior brand image. Much of a brands strength depends on developing a superior product and packaging, ensuring its availability, backing it with engaging communications and reliable services.

4. BUSINESS MARKETS The market of goods and services to individuals and organizations for the purpose other than personal consumption. Characteristics: The focus of market is organization. They are geographically concentrated. It is business to business marketing The individuals buy for business use, reselling or making other products. Buyers buy in large volumes. Major aim of the buyer is to make profit.

5. Global Markets Global markets consists of transactions that are devised and carried out across national borders to satisfy the objectives of individuals, companies and organizations. Characteristics: More challenging than local markets. Challenges How to adapt their product and services features to each country Pricing strategy Adaptation to culture, language, legal and political environment

6. NON-PROFITABLE MARKETS Companies sell their goods to non-profit organizations such as universities; charitable trust; needs to be priced carefully as these people have lower purchasing powers. Lower selling price affects the features and quality the seller can build into the offering.

7. MARKETPLACES; MARKETSPACES AND META MARKETS MARKETPLACE: it is physical, such as stores you shop in MARKETSPACE: is digital; as when you shop on the Internet METAMRKETS: cluster of complementary products and services that are closely related in the minds of consumers, but spread across a diverse set of industries. For example: Automobile meta market consists of automobile manufacturers; new cars and old car dealers, financing agencies, insurance companies etc. Metamediaries assist buyers in moving seamlessly.

8. NEEDS, WANTS AND DEMAND NEED: The basic human requirement WANT: needs become want when they are directed to specific objectives that might satisfy the need. Note: wants are shaped by our society DEMAND: are wants for specific products backed by the ability to pay.

9. Types of needs Stated Needs : the customer wants an inexpensive car Real Need: The customer wants a car whose operating cost, not its initial price, is low Unstated Needs: The customer expects good service from the dealer. Delight Needs: the customer would like the dealer to include an onboard navigation system. Secret Needs: the customer wants friends to see him as a savvy consumer.

10. TYPES OF DEMAND Negative Demand: Consumer dislike the product and may even pay a price to avoid it. Non existent Demand: Consumers may be unaware or uninterested in the product. Latent Demand: Consumers may share a strong need that cannot be satisfied by an existing product. Declining Demand: Consumers start to buy the products less frequently. Full Demand: Consumers are adequately buying all the products into the market place. Irregular Damand: Consumer purchase vary on a seasonal, monthly basis.

11. Summarize Market and Industry Types of Markets Need, Want and Demand Types of Need and Demand

12. Questions Discuss the case of NANO as a success or failure?

13. Thank You 13