What is Marketed: Marketers market 10 main types entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. Let’s take a quick look at these categories.
GOODS: Physical goods constitute the bulk of most countries’ production and marketing efforts. Each year, U.S. companies market billions of fresh, canned, bagged, and frozen food products and millions of cars, refrigerator, televisions, machines, and other mainstays of a modern economy.
SERVICES: As economies advance, a growing proportion of their activities focuses on the production of services.
The U.S. economy today produces a services-to-goods mix of roughly two thirds to one-third. Services include the work airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people, and accountants, bankers, lawyers, engineers, doctors, software programmers, and management consultants. Many market offerings mix goods and services, such as a fast-food meal.
EVENTS: Marketers promote time-based events, such as major trade shows, artistic performances, and company anniversaries.
Global sporting events such as the Olympics and the World Cup are promoted aggressively to companies and fans. Local events include craft fairs, bookstore readings, and farmer’s markets.
EXPERIENCE: By orchestrating several services and goods, a firm can create, stage, and market experience.
Walt Disney World’s Magic Kingdom lets customer visit a fairy kingdom, a pirate ship, or a haunted house.
Customized experience includes a week at a baseball camp with retired baseball greats, a four-day rock and roll fantasy camp, and a climb up Mount Everest.
PERSONS: Artists, musician, CEOs, physician, high-profile lawyer and financiers, and other professionals often get help from marketers.
Many athletes and entertainers have done a masterful job of marketing themselves—NFL quarterbacks Peyton Manning, talk show veteran Oprah Winfrey, and rock and roll legends The Rolling Stones.
Management consultant Tom Peter, himself a master at self branding, has advised each person to become a “brand”.
PROPERTIES: Properties are intangible rights of ownership to either real property (real estate) or financial property (stocks and bonds). They are bought and sold, and these exchanges require marketing.
Real estate agents work for property owners or sellers, or they buy and sell residential or commercial real estate. Investment companies and banks market securities to both institutions and individual’s investors.
ORGANIZATIONS: Museums, performing arts organizations, corporations, and nonprofits all use marketing to boost their public images and compete for audiences and funds.
Some universities have created chief marketing officer (CMO) positions to better manage their school identity and image. Via everything from admission brochures and Twitter feeds to brand strategy.
INFORMATION: Information is essentially what books, schools, and universities produce, market, and distribute at a price to parents, students, and communities.
Firms make business decisions using information supplied by organizations like Thomson Reuters: “We combine expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare, science and media markets, powered by the world’s most trusted news organizations”.
IDEAS: Every market offering includes a basic idea. Charles Revson of Revlon once observed: “In the factory we make cosmetics; in the drugstore we sell hope.”
Products and services are platform for delivering some idea or benefit.
Social marketers promote such ideas as “Friends Don’t Let Friends Drive Drunk” and “A Mind Is a Terrible Thing to Waste.”