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CAP 1 – DEFINING MARKETING IN THE 21st CENTURY

Marketers are responsible for demand management, they seek to influence the level, timing and composition of demand to meet the organizationsobjectives. You can distinguish between 8 different states of demand:

Negative demand – a major part of market dislikes the product and may even pay a price to avoid it . No demand – target consumers maybe unawared of or uninterested in the product. Lateng demand – Consumers share a strong need that can’t be satisfied by any existing product. Declining demand. Irregular demand – demand that varies onseasonal, daily or even hourly basis. Full demand. Overfull demand – a demand that is higher than the firm can handle. Unwholesome demand.

The new economies consumers: have substancial increase inbuying power, greater variety of available goods and services. Great amount of information about practically anything. Greater ease in interacting and in placing and receiving orders. Ability tocompare notes on products and services.

The economies companies: websites as sales or information channel, to collect more and better information about market, customers, prospects, to send the rightinformation to the right people, to improve purchasing recruiting training and internal and external communications.

People are involved in marketing for: goods, services, experiences, events,persons, places, properties, organizations, information, ideas, etc.

THE CORE MARKETING CONCEPTS:

1. Markets segmentation. To identify and profile various groups of buyers who might prefer orrequire
varying products and marketing mixes
2. Marketplace (physical), marketspace (digital); metamarket a cluster of complementary products and services that are closely related in the minds ofconsumers but are spread across a diverse set of industries
3. Needs, wants and demands of the target market describe basic human requirements; these
needs become wants when they are directed to...