Defining Marketing for Twenty-First Century
The New economy has brought success to eBay and other organization that use technology to apply marketing concept like customer focus, good value, quality service, and efficient exchange mechanisms for satisfying customer needs and wants. The digital revolution has placed a whole new set of capabilities in the hands of consumers and businesses.
The Scope of Marketing
Marketers can be involve with 10 types of entities: goods, services, experiences, events, person, places, properties, organization, information, and ideas. They can operate global, market, consumer, or nonprofit and govermental markets.
Marketing is a social process by which individuals and groups obtain what they need and want through creating, offering, and exchanging product and services of value freely with other. Definition of Marketing is the art and science of choosign target market and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Core Marketing Concepts
Marketing can be further understood by defining several of its core concepts.
Target Markets and Segmentation.
A marketer can rarely satisfy everyone in a market. The market segments can be identified by examining demographic, psychographic, and behavioral differences among buyers.
Marketplace, Merketspace, and Metamarket.
Marketplace is physical, as when one goes shopping in a store. Marketspace is digital, as when one goes shopping in Internet. Metamarket, a cluster of complementary goods and services that are closely related in the minds of consumers but are spread across a diverse set of industries.
Marketers and Prospects.
A marketer is someone who is seeking a response from another party, called the prospect.
Needs, Wants, and Demands.
The marketer must try to understand the target market's needs, wants, and demands.
Product,Offering, and Brand.
The intangible value proposition is made physical by an offering, which can be a combination of products, services, information, and experiences. And Brand is an offering from a known sources.
Value and Satisfaction.
The offering will be successful if it delivers value and satisfaction to the target buyer.
Exchange and Transaction.
Exchange is the process of obtaining a desired product from someone by offering something in return. And transaction is a trade of value between two or more parties.
Relationships and Networks.
Through customer relationship marketing, organization aim to build enduring, mutually satisfying bonds with customer to earn and retain their long-term business.
Reaching out to a target market entail communication channels, distribution channels, and service channels.
Which stretches from raw materials to the final products for final buyers, represents a value delivery system.
Marketers face brand, industry, from and generic competition.
It can be divided into the task environment, and the broad environment.
Marketers create a marketing program through the marketign mix: product, price, place, and promotion.