MARKETERS, PROSPECTS AND KEY CUSTOMER MARKETS
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 in stimulating demand for a companyâ€™s products, but this is too limited a view of the tasks they perform. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. Marketing managers seek to influence the level, timing, and composition of demand to meet the organizationâ€™s objectives. Eight demand phases can be possibly listed out as below:
1. Negative demand- Consumers dislike the product and may even pay a price to avoid it.
2. Nonexistent demand- Consumer may be unaware or uninterested in the product.
3. Latent demand â€“ 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- Consumer 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 that can be satisfied.
8. Unwholesome demand- Consumers may attracted to products that have undesirable social consequences.
A â€œmarketâ€? is 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 (e.g. the housing market or grain market). Modern economies abound in such markets. Manufacturers go to resource market (raw material markets, labor markets, money markets), buy resources and turn them into goods and services, and then sell finished products to intermediaries, who sell them to consumers. Consumers sell their labor and receive money with which they pay for goods and services. The government collects tax revenues to buy goods from resources, manufacturer, and intermediary markets and uses these goods and services to provide public services. Each nationâ€™s economy and the global economy consist of complex interacting sets of markets linked through exchange processes.
On the other hand, marketers often use the term market to cover various grouping of customers. They view the sellers as constituting the industry and the buyers as constituting the market. They talk about need markets, product markets, demographic markets and geographic markets or they extend the concept to cover other markets, such as voter marketers, labor markets, and donor markets. Sellers and buyers are connected by four flows. The sellers send goods, services and communication (ads, direct mail) to the market; in return they receive money and information (attitudes, sales data). The inner loop shows an exchange of money for goods and services; the outer loop shows an exchange of information
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 soft drinks, cosmetics, air travel, and athletic shoes and equipment spend a great deal of time to establish a superior brand image. Much of a brandâ€™s strength depends on developing a superior product and packaging, ensuring its availability, and backing it with engaging communication and reliable service. Complicating this task is the always changing consumer market
Business Markets Companies selling business goods and services often face well-trained and well-informed professional buyers who are skilled in evaluating competitive offerings. Business buyers buy goods in order to make or resell a product to others at a profit. Business marketers must demonstrate how their products will help these buyers achieve higher revenue or lower costs. Advertising can play a role, but a stronger role may be played by the sales force, price, and the companyâ€™s reputation for reliability and quality.
Global Markets Companies selling goods and services in the global marketplace face additional decisions and challenges. They must decide which countries to enter; how to enter each country as an exporter, licenser, joint venture partner, contract manufacturer, or sole manufacturer and how to adapt their product and service features to each country. The pricing of their products in different countries and adapting their communications to fit different cultures is a prime criterion. These decisions must be made in the face of different requirements for buying, negotiating, owning, and disposing of property; different culture, language, and legal and political systems; and a currency that might fluctuate in value.
Nonprofit and Governmental Markets Companies selling their goods to nonprofit organizations such as churches, universities, charitable organizations, or government agencies need to price carefully because these organizations have limited purchasing power. Lower prices affect the features and quality that the seller can build into the offering. Most of the Government purchasing, call for bids, with the lowest bid being favored, in the absence of extenuating factors.