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Who Markets?

Who Markets?

WHO MARKETS: MARKETERS AND PROSPECTS A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect.

If two parties are seeking to sell something to each other we call them both marketers.

Marketers are skilled at stimulating demand for their products, but that’s a limited view of what they do. They also seek to influence the level, timing, and composition of demand to meet the organization’s objectives. Eight demand states are possible:

 

  1. Negative Demand—Consumers dislike the product and may even pay to avoid it.
  2. Nonexistent Demand-Consumers may be unaware of or uninterested in the product.
  3. Latent Demand-Consumers may share a strong need that cannot be satisfied by an existing product.
  4. Declining Demand-Consumers begin to buy the product less frequently or not at all.
  5. Irregular Demand-Consumers purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.
  6. Full Demand-Consumers are adequately buying all products put into the marketplace.
  7. Overfull Demand-More consumers would like to buy the product than can be satisfied.
  8. Unwholesome Demand-Consumers may be attracted to products that have undesirable social consequences.

 

In each case, marketers must identify the underlying cause(s) of the demand state and determine a plan of action to shift demand to a more desired state.

MARKETS Traditionally, a “market” was a physical place where buyers and sellers gathered to buy and sell goods.

Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class (such as the housing market or the grain market).

 

KEY CUSTOMER MARKETS Consider the following key customer markets: consumer, business, global, and nonprofit.

 

Consumer Markets: Companies selling mass consumer goods and services such as juices, cosmetics, athletic shoes, and air travel establish a strong brand image by developing a superior product or service, ensuring its availability, and backing it with engaging communications and reliable performance.

 

Business Markets: Companies selling business goods and services often face well-informed professional buyers skilled at evaluating competitive offerings.

Advertising and Web Sites can play a role, but the sales forces, the price, and the seller’s reputation may play a greater one.

 

Global Markets: Companies is the global marketplace navigate cultural, language, legal, and political difference while deciding which countries to enter, how to enter each (as exporter, licensee, joint venture partner, contract manufacturer, or solo manufacturer), how to adapt product and service features to each country, how to set prices, and how to communicate in different cultures.

 

Nonprofit and Governmental Markets: Companies selling to nonprofit organizations with limited purchasing power such as churches, universities, charitable organizations, and government agencies need to price carefully.

Much government purchasing requires bids; buyers often focus on practical solutions and favor the lowest bid, other things equal.

 

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