The report describes about the marketing management. How the company put the efforts to market the product. Which type of consumer is been targeted, what are the strategies company use to market their product. The different idea to promote their product, the different ways of approaching the customers. The First heading describes about what is been marketed? There are different entities through which marketer market some of them are goods, services, events, experience, places and properties. The Second heading describes about the who is been marketed. Types of the demand which the consumers directly or indirectly follows such type of demand. There are eight different type of demand. Which is been explained in detail in the research report.
It also describes about the customer market in which different markets are explained in detail The Third heading describes about the core concepts. The first one is needs, wants and demand of the consumer. The second point describes about the Target market, segmentation and positioning, the target market which they are going to target, the segmentation they are going to use and the third point describes about the segmentation value satisfaction the fourth point is market channel.
Table of content
Types of demand
Key customer value
Needs, wants and demand
Target Market, segmentation and Positioning
Advertising is about recognizing and gathering human and social needs. One of the most brief great meanings of advertising is “addressing needs profitably.” when ebay perceived that individuals were not able to spot a portion of the things they coveted most, it made an online closeout clearinghouse .At the point when IKEA perceived that individuals needed great decorations at generously lower costs, it made knockdown furniture. These two organizations showed show casing clever and turned a private or social need into a beneficial business opportunity.
Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. (kotler, 2014).
What is marketed?
Marketer’s market different type of entities some of them are as follows:-
GOODS: – Physical merchandise constitutes the main part of most nations’ generation and showcasing endeavors. Every year, U.S. organizations market billions of new, canned, stowed, and solidified nourishment items and a large number of autos, coolers, TVs, machines, and different pillars of a cutting edge economy.
Service: – As economies development, a becoming extent of their exercises concentrates on the generation of administrations. The U.s. economy today delivers a 70–30 administrations to-products blend .Administrations incorporate the work of carriers, lodgings, auto rental firms, hairdressers and beauticians, support and repair individuals, and bookkeepers, investors, legal advisors, designers, specialists, programming developers, and administration experts. Numerous business sector offerings blend products and administrations.
Events: – Advertisers advance time-based occasions, for example, real exchange shows, creative exhibitions, and organization celebrations. Worldwide brandishing occasions, for example, the Olympics and the World Cup are elevated forcefully to both organizations and fans.
Experience: – By coordinating a few administrations and products, a firm can make, stage, and business sector encounters. Walt Disney World’s Magic Kingdom permits clients to visit a pixie kingdom, a privateer boat, or a spooky house. There is likewise a business sector for modified encounters, for example, a week at a baseball camp with resigned baseball greats, a four-day shake and move dream camp, or an ascend Mount Everest.
PLACES: – Urban communities, states, areas, and entire countries contend to draw in voyagers, inhabitants, industrial facilities, and organization headquarters. Place advertisers incorporate monetary improvement experts, land agents, commercial banks, nearby business affiliations, and publicizing and advertising organization
PROPERTIES: – Properties are impalpable privileges of proprietorship to either genuine property (land) or money related property (stocks and securities). They are purchased and sold, and these trades require showcasing. Land operators work for property managers or dealers, or they purchase and offer private or business land. Venture organizations and banks market securities to both institutional also singular speculators .
Marketing is done to find out the prospect and the marketers who will promote his product.
A prospect is a potential customer or sales lead which has been qualified as fitting certain criteria. This may include: fitting the target market, having buying authority and being a key decision maker. To become a prospect, an indicated interest in the product or service being offered is not always necessary. (Lilyquist, 2014)
“Marketing is the activity, set of institution and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large”. (Thimmesch, 2010 ).
There is different type of demand in the market. Marketers are the one who finds the demand for their product, but that’s just a smallest way of doing. As finance department are responsible for financing, marketers are responsible for managing demand for the product. There are eight different type of demand which is as follows:-
1. Negative demand— customer don’t like the product but still have to purchase that product.
2. Nonexistent demand—customer is not that aware of the product or uninterested in product.
3. Latent demand—the desire for the customer is high which cannot be fulfill by the company.
4. Declining demand—consumers stop buying the product frequently or he has stop losing interest in it.
5. Irregular demand—costumers purchases product at any time. May be daily, weekly, monthly or yearly. 6. Full demand— customers always purchases such type of product. Demand for such product is always high.
7. Overfull demand—After purchasing the product customer are always satisfied.
8. Unwholesome demand—customer are satisfied with the product, but are not willing to buy the product daily.
Dealers and purchasers are joined by four streams. Dealers send merchandise and administrations and interchanges, for example, advertisements and standard mail to the business sector; in exchange they get cash and data, for example, client state of mind and deals information. The inward circle demonstrates a trade of cash for products and administrations; the external circle demonstrates a trade of data.
KEY CUSTOMER MARKET
1- Consumer Market :- Organizations offering mass buyer products and administrations, for example, juices, beautifying agents, sports shoes, and air travel invest a lot of time making a solid brand picture by creating a predominant item and bundling, guaranteeing its accessibility, and sponsorship it with captivating correspondences and solid administration.
2- Business markets: – Organizations offering business products and administrations frequently face overall educated proficient purchasers gifted at assessing aggressive offerings. Business purchasers purchase products to make or exchange an item to others at a benefit. Business advertisers must show how their items will help accomplish higher income or lower costs. Promoting can assume a part, however the deals constrain, the cost, and the organization’s notoriety may play a more noteworthy one.
3- Global markets: – Organizations in the worldwide commercial center must choose which nations to enter; the most effective method to enter each (as an exporter, licenser, joint wander accomplice, contract producer, or solo producer); how to adjust item and administration peculiarities to every nation; how to value items in diverse nations; and how to outline interchanges for distinctive societies. They confront diverse prerequisites for purchasing and discarding property; social, dialect, lawful and political contrasts; and coin changes. Yet, the result can be enormous.
4- Non profit and governmental markets: – Organizations offering to not-for-profit associations with restricted obtaining power, for example, chapels, colleges, beneficent associations, and government orgs need to cost precisely. Lower offering costs influence the peculiarities and quality the vender can incorporate with the advertising. Much government obtaining calls for offers, and purchasers regularly concentrate on down to earth arrangements and support the most reduced offer without mitigating components.
CORE MARKETING CONCEPTS
Need wants and demand
a- Need are the basic human requirements such as air,water,food, shelter. b- Humans also wants to have recreation in their life but that is not termed as need it is termed as wants. c- Demands are very specific need. For example many people wants expensive cars but very less people have the expensive car.so that is the demand for the particular product
These distinctions shed light on the frequent criticism that “marketers create needs” or “marketers get people to buy things they don’t want.” Marketers do not create needs: Needs preexist marketers. Marketers, along with other societal factors, influence wants. They might promote the idea that a Mercedes would satisfy a person’s need for social status. They do not, however, create the need for social status. (kotler, 2014).
There are five type of needs:-
1- Stated needs- basic need. Like a consumer wants less expensive car. 2- Real needs- the consumer purchases a car whose operating cost is low initial cost doesn’t matter much. 3- Unstated needs- the consumer wants good service from the dealer. 4- Delight needs- additional features which the dealer would like to give with an car 5- Secret needs – consumer wants to feel high status in the society with an expensive car.
Target market, segmentation and positioning
Not everybody loves the same cereal, restaurant, school, or motion picture. In this way, advertisers begin by isolating the business sector into portions. They distinguish and profile different gatherings of purchasers who may incline toward or oblige fluctuating item and administration blends by looking at demographic, psychographic, also behavioral contrasts among buyers. After distinguishing business sector portions, the advertiser chooses which show the best open doors which are its target markets. For every, the firm creates a business offering that it positions in the personalities of the target purchasers as conveying some focal benefit(s). Volvo creates its autos for purchasers to whom security is a significant concern, situating its vehicles as the most secure a client can purchase.
Value and satisfaction
The purchaser picks the offerings he or she sees to convey the most esteem, the whole of the unmistakable and elusive profits and expenses to her. Esteem, a focal promoting idea, is fundamentally a mix of value, administration, and value (qsp), called the customer value traid.
To achieve a target advertise, the advertiser utilizes three sorts of advertising channels. Correspondence stations convey and get messages from target purchasers and incorporate daily papers, magazines, radio, television, mail, phone, bulletins, publications, fliers, Cds, audiotapes, and the Internet. Past these, organizations convey through the look of their retail locations and Web destinations and different media.
Marketers are progressively including dialog channels, for example, email, web journals, and without toll numbers to well known monolog channels, for example, ads.the advertiser utilizes dispersion channels to show, offer, or convey the physical item or service(s) to the purchaser or client. These stations may be control through the Internet, mail, or cellular telephone or phone, or roundabout with merchants, wholesalers, retailers, and operators as intermediaries.to do exchanges with potential purchasers, the advertiser likewise uses administration stations that incorporate stockrooms, transportation organizations, banks, and insurance agencies. Advertisers unmistakably confront a configuration challenge in picking the best blend of correspondence, dissemination, and administration channels for their offerings.