BMKT525 MARKETING MANAGEMENT
SUMMARRY
Chapter One
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging o erings that have value for customers, clients, partners, and society at large.
Marketing builds strong brands and a loyal customer base, intangible assets that contribute heavily to the
value of a firm. It builds demand for products and services, which, in turn, creates jobs.
Marketing management is the art and science of choosing target markets and getting, keeping, and
growing customers through creating, delivering, and communicating superior customer value.
What Is Marketed?
Goods - Physical goods constitute the bulk of most countries’ production and marketing e orts.
E.g., food products, cars, refrigerators, televisions, and machines.
Services - airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people,
accountants, bankers, lawyers, engineers, healthcare services, educational services, and consultants.
Many market o erings mix goods and services, such as a meal in a restaurant.
Events - Marketers promote time-based events
E.g., Shows, Artistic Performances, Company Anniversaries, Olympics, and the World Cup
Local events include craft fairs, workshops, bookstore readings, and farmers’ markets.
Experiences - By orchestrating several services and goods, a firm can create, stage, and market
experiences.
E.g., Disney World’s Magic Kingdom lets customers visit a fairy kingdom, a pirate ship, or a haunted
house. Customized experiences include 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, musicians, CEOs, physicians, high-profile lawyers and financiers, and other
professionals often get help from marketers.
E.g., talk show veteran Oprah.
Places - Cities, states, regions, and whole nations compete to attract tourists, residents, factories, and
company headquarters. Place marketers include economic development specialists, real estate agents,
commercial banks, local business associations, and advertising and public relations agencies.
E.g. Las Vegas, Batroun.
Properties - 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.
Organizations - Museums, performing arts organizations, corporations, and nonprofits all use marketing
to boost their public images and compete for audiences and funds. ( brochures and Twitter feeds)
Information - 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.
Ideas - Every market o ering includes a basic idea. “In the factory we make cosmetics; in the drugstore
we sell hope.” Products and services are platforms for delivering an 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.”
,Who Markets?
A marketer is someone who seeks a response, attention, a purchase, a vote, a
donation from another party, called the Prospect(customer).
Eight Demand States
1. Negative demand: Consumers dislike the product and may even pay to avoid it.
Example: ads, vaccinations, dental work, surgery, vegetarians have a negative demand for meat.
2. Nonexistent demand: Consumers may be unaware of or uninterested in the product.
Example: products that usually have no value to people, like a newspaper published last week.
Or, any products that have value but are not in a particular market, like snowmobiles in areas of
warm climates.
3. Latent demand: Consumers may share a strong need that cannot be satisfied by an existing
product.
Example: the desire for smartphones before they existed, the demand for a ordable solar
energy in areas with weak energy sources.
4. Declining demand: Consumers begin to buy the product less frequently or not at all.
Example: demand for compact disks (CD)
5. Irregular demand: Consumer purchases vary on a seasonal, monthly, weekly, daily, or even
hourly basis.
Example: Ramadan and Christmas décor, Jallab in Ramadan, and chocolate eggs during Easter.
6. Full demand: Consumers are adequately buying all products put into the marketplace.
Example: selling out a concert, everyday necessities like soap and toothpaste.
7. Overfull demand: More consumers would like to buy the product than can be satisfied.
Example: demand for hand sanitizer and face masks at the beginning of COVID-19.
8. Unwholesome demand: Consumers may be attracted to products that have undesirable social
consequences.
Example: guns, alcohol, and cigarettes.
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.
, 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).
Five basic markets and their connecting flows are shown in Figure 1.1.
Key Customer Markets
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 o erings. Advertising and Websites can play
a role, but the sales force, the price, and the seller’s reputation may play a greater one.
SUMMARRY
Chapter One
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging o erings that have value for customers, clients, partners, and society at large.
Marketing builds strong brands and a loyal customer base, intangible assets that contribute heavily to the
value of a firm. It builds demand for products and services, which, in turn, creates jobs.
Marketing management is the art and science of choosing target markets and getting, keeping, and
growing customers through creating, delivering, and communicating superior customer value.
What Is Marketed?
Goods - Physical goods constitute the bulk of most countries’ production and marketing e orts.
E.g., food products, cars, refrigerators, televisions, and machines.
Services - airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people,
accountants, bankers, lawyers, engineers, healthcare services, educational services, and consultants.
Many market o erings mix goods and services, such as a meal in a restaurant.
Events - Marketers promote time-based events
E.g., Shows, Artistic Performances, Company Anniversaries, Olympics, and the World Cup
Local events include craft fairs, workshops, bookstore readings, and farmers’ markets.
Experiences - By orchestrating several services and goods, a firm can create, stage, and market
experiences.
E.g., Disney World’s Magic Kingdom lets customers visit a fairy kingdom, a pirate ship, or a haunted
house. Customized experiences include 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, musicians, CEOs, physicians, high-profile lawyers and financiers, and other
professionals often get help from marketers.
E.g., talk show veteran Oprah.
Places - Cities, states, regions, and whole nations compete to attract tourists, residents, factories, and
company headquarters. Place marketers include economic development specialists, real estate agents,
commercial banks, local business associations, and advertising and public relations agencies.
E.g. Las Vegas, Batroun.
Properties - 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.
Organizations - Museums, performing arts organizations, corporations, and nonprofits all use marketing
to boost their public images and compete for audiences and funds. ( brochures and Twitter feeds)
Information - 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.
Ideas - Every market o ering includes a basic idea. “In the factory we make cosmetics; in the drugstore
we sell hope.” Products and services are platforms for delivering an 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.”
,Who Markets?
A marketer is someone who seeks a response, attention, a purchase, a vote, a
donation from another party, called the Prospect(customer).
Eight Demand States
1. Negative demand: Consumers dislike the product and may even pay to avoid it.
Example: ads, vaccinations, dental work, surgery, vegetarians have a negative demand for meat.
2. Nonexistent demand: Consumers may be unaware of or uninterested in the product.
Example: products that usually have no value to people, like a newspaper published last week.
Or, any products that have value but are not in a particular market, like snowmobiles in areas of
warm climates.
3. Latent demand: Consumers may share a strong need that cannot be satisfied by an existing
product.
Example: the desire for smartphones before they existed, the demand for a ordable solar
energy in areas with weak energy sources.
4. Declining demand: Consumers begin to buy the product less frequently or not at all.
Example: demand for compact disks (CD)
5. Irregular demand: Consumer purchases vary on a seasonal, monthly, weekly, daily, or even
hourly basis.
Example: Ramadan and Christmas décor, Jallab in Ramadan, and chocolate eggs during Easter.
6. Full demand: Consumers are adequately buying all products put into the marketplace.
Example: selling out a concert, everyday necessities like soap and toothpaste.
7. Overfull demand: More consumers would like to buy the product than can be satisfied.
Example: demand for hand sanitizer and face masks at the beginning of COVID-19.
8. Unwholesome demand: Consumers may be attracted to products that have undesirable social
consequences.
Example: guns, alcohol, and cigarettes.
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.
, 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).
Five basic markets and their connecting flows are shown in Figure 1.1.
Key Customer Markets
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 o erings. Advertising and Websites can play
a role, but the sales force, the price, and the seller’s reputation may play a greater one.
