What is market? Traditionally a “Market” was a physical place Where buyer & seller gathered to buy & sell goods. Economists Describe a market as a collection of buyer & seller who transact over a particular product or product class. Five Basic Markets      1. Resources Market 2. Manufacturer Market 3. Intermediary Market 4. Government Market 5. Consumer Market Key Customer Market     Consumer Market Business Market Global Market Non profit or Governmental Market Market Place, Market Space & Meta Market    Market place – is a physical place such as a store you shop in. Market space – is digital,as when you shop on the internet. Meta market –to describe a cluster of complementary products & services that are closely related in the mind of consumers What is marketed?     Goods- Physical goods constitute the bulk of most countries. car, television, machine tool, machines,watches,cosmetics etc. Services- Services includes the work of airlines,hotels,car rental firms,doctor,accountant,lawyer,software programmers. Events-Marketers promote time based events, such as major trade shows, artistic performance. Experiences- An amusement park or a water park represents experiential market. What is marketed?     Person-Celebrity market is a major business.Artists,musicians,CEOs,physicians etc. Place- Cities, states, regions,& whole nations compete actively to attract tourists. Properties- Properties are bought & sold,& these exchange require marketing. Organizations- Organizations actively work to build a strong ,and unique image in the minds of their target public. What is marketed?   Information-is essentially what books,school,universities produce, market & distribute at price of parents, students,& communities. Ideas- “in a factory, we make cosmetics; in store we sell hope” Who Markets?  Marketers & Prospects- A marketer is someone who seeks a response-attention,a purchase,a vote,a donation-from another party,called perspective What is Marketing? As an art and science of choosing target markets and getting, keeping & growing customer through creating, delivering, & communicating superior customer value Core Marketing Concepts        Needs,Wants and DemandsTarget Markets, Positioning, and SegmentationOffering & BrandsValue & SatisfactionMarketing ChannelsCompetitionMarketing Environments- The New Marketing Realities  Major Societal Forces-  Network information technology Globalization Deregulation Privatization Competition Industry convergence Consumer resistance Retail transformation        The New Marketing Realities  New customer capabilities-  A substantial increase in buying power A greater variety of available goods & services A great amount of information practically anything. An ability to compare notes on product & services Greater ease in interacting and placing & receiving orders.     Company orientation towards the Market Places     The production conceptThe product conceptThe selling conceptThe marketing concept- Company orientation towards the Market Places      The holistic marketing concept- it recognize that “everything matters” in marketing-and that a broad, integrated perspective is often necessary. Relationship Marketing Integrated Marketing Internal Marketing Performance Marketing Marketing Mgmt Task        Developing Marketing Strategies & plansCapturing Marketing InsightsConnecting with customersBuilding strong brandsDelivering ValueCommunicating ValueCreating Long-term Growth- Test Q.1 List out “ What is Marketed.” Q.2 Explain “The Holistic Marketing Concept.” Q.3 Types of Markets. Q.4 Basic Concepts of Marketing.