Scope of Marketing and types of Demand

We will learn the second part of the scope of marketing we started with what is marketing we learn about what is being marketed.

We learn about the first four entities and in this we will see the six remaining entities.

What is being marketed we learn about goods service events experiences in the last video. we will see our persons places properties organizations information and ideas.

What is being marketed the first entity that we will learn in this video is person artists musicians CEOs and high-profile lawyers.

They all need their marketing they get their marketers to promote them as a skillful and a capable artist as a skillful and a capable lawyer or as a skillful and a capable Cu and that's how they market themselves here.

We are talking about people as brands and promotion of skills and capabilities.

If you talk about David Beckham and Oprah Winfrey, they have done a remarkable job of marketing themselves.

 

When you appear for an interview, you are actually marketing yourself by citing past achievements and skillset that you carry when you are going for an interview are telling about your past experiences.

 

You are telling about that how you dealt with the challenges that you were facing in the previous job and what the opportunities that you took care of and you actually brought profit to the company and how you were in the role of responsibilities in the role of leadership and other things as well next in our list places are being promoted by marketers as well cities states region and whole nations, they compete to attract tourists residence factories and company headquarters.

If you talk about Gujarat, they are promoting themselves.

They are promoting the two they are promoting the local culture.

They are promoting the food and that's how they are promoting themselves or through television commercials or through really channels as well.

So places are marketed to the tourists so that they can visit them to the industries for investments.

If we talk about mother Paris, they recently concluded their global investor summit where they invited companies from all across India and across the globe to explore the business opportunities in the land of mother Pradesh and that's how they market themselves as the land of opportunities.

So this is all about the places that are being marketed next as the property's my properties.

We are talking about real estate and the properties of the stock are intangible rights of ownership to either a real property that is real estate or financial properties that is stocks or bonds and other things they are bought and sold and these exchanges it requires marketing as well real estate agents work for property.

Are they buy and sell residential or commercial real estate investment companies and banks market securities to both institutional and individual investors.

We see Township builders market their Township with attractive offers like a free car or 0% finance or down payment is so-and-so and that's how they market themselves.

They give amenities free gym or free swimming pool and free medical facilities and that's how they market themselves next in our list as organizations work to build a strong favorable and unique image in the minds of their target people.

If you talk about universities, you talk about museums performing arts, organizations corporations and nonprofit all of them used marketing to boost their public image and to compete for audience and funds as well.

You will see lovely professional universities add across the television you will see was an eye care center as across the television and they as an organization, they are promoting themselves.

They are promoting their services next on our list is ideas.

Every market offering includes basic idea charge Revlon of Revlon once observed that in the factory, we make cosmetics in the drugstores.

We sell home products and services are platforms for delivering some idea or benefit social marketers are busy promoting such ideas as friends don't let friends drive drunk and that's how they are making the masses aware that they should not drink and drive and avoid accidents.

So marketers market ideas, which is or is not only beneficial to the target markets, but build goodwill for the market.

Next we have to understand that who is responsible for marketing marketers and prospects a marketer is someone who seeks a response and attention in the form of a purchase award or a donation from another party that is called the prospects if the two parties are seeking to sell something to each other a recall.

Both of they as marketers  are good at generating demand for their products just as production and logistics perform professionals.

They are responsible for Supply Management marketers on the other hand are responsible for demand management.

So logistics and production people they will make sure that the supply is always there marketers.

They will make sure that always there is demand in a market they seek to influence the level timing and the composition of the demand to meet the organization's.

Let us now see how many types of demands are there in the market according to Kotler and Keller.

There are eight demands that are being possible in the market first is the negative demand that may tell such that consumers.

They dislike the product and they may even pay to avoid your product.

Next is the non-existent demand consumers may be unaware or uninterested in the product that you are offering then comes the latent demand.

That means that consumers may share a strong lead that cannot be satisfied by an existent product.

Next comes the declining demand of consumers.

They begin to buy the products less frequently or ultimately they will not at all buy a products or the services in regular demand consumers purchase that varies on the seasons that vary from month to month.

That means that more consumers would like to buy the product than can be satisfied and wholesome demand means that the consumers may be attracted to the perks.

Let us understand about the modern markets traditionally the markets were defined as the place where you know, people would come they would sell their products or services and there will be people who would be interested in buying those products and services.

They describe a market as a collection of buyers and sellers who transit over a particular product or per class such as housing market grain market electronics market growth markets and other things manufacturers go to the resource market they get raw materials.

They buy the resources turn them into goods and services sell the finished good to the intermediaries who sell them to the consumer or the customers.

So if you will see this textbook image that I have taken from so you will see that manufacture market they pump their money into a resource market resource market supply resources in the form of Labour's and raw materials that resources comes into the manufacturer market that resource is used to produce goods and services.

Those are supplied to the intermediaries market then the money again flows back to the manufacturer market the image shows where the consumers they sell their labor and receive money with which they pay for the goods and services the government collects tax revenues to buy goods from resources.

The money flows in and the resources are turned into goods and services and there is a tax element also then comes to the modern markets.

This textbooks image shows that a simple marketing system.

It shows that relationship between the industry and the market sellers and buyers are connected by four floors sellers send goods and service.

They receive money and information such as customers attitude.

What do what do they feel about their products or service and the sales data the internal loop shows an excess of money for goods and services the outer loop shows an exchange of information.

So here you are communicating to the market is the company giving you information back.

We communicate to the market you get the information back you give the goods and services to the market you get the money back, and this is how the flows of the market are done.

I hope that you have enjoyed this session stay tuned for the next session as well.