WHAT IS MARKETED?
Marketing people are involved in marketing 10 types of entities: goods, services, experiences, events, persons, places, properties, organization, information, and ideas.
Services: As economies advance, a growing proportion of their activities is focused on the production of services. The US economy today consists of a 70-30 services-to-goods mix. Services include the work of airlines, hotels, car rental, as well as professionals working within or for companies such as accountants, bankers, lawyers etc. Many markets offering consist of a variable mix of goods and services. In a food-restaurant the consumer consumes both the food (Product) and a service.
Places: Cities, States, regions and whole nations compete actively to attract tourists, factories, company headquarters, and new residents Place marketers include economic development specialists, real estate agents, commercial banks, local business associations etc. To fuel their high-tech industries and spawn entrepreneurship, cities and states are actively inviting large industries with various infrastructure and tax facilities, quality of life and other advantages.
Ideas: Every market offering includes a basic idea. Charles Revlon of Revlon observed â€œIn the factory, we make cosmetics; in the store we sell hope.â€? Products and services are platform for delivering some idea or benefit. Social marketers are busy promoting such ideas as â€œFriends Donâ€™t Let Friends Drive Drunkâ€? and â€œA Mind Is a Terrible Thing to Waste.â€?
Events: Marketers promote time-based events, such as major trade shows, artistic performances, and company anniversaries. Global sporting events such as the Olympics or World Cup are promoted aggressively to both companies and fans. There is a whole profession of meeting planners who work out the details of an event and make sure it comes off perfectly.
Persons: Celebrity marketing is a major business. Today, every major film star or a cricket player has an agent, a personal manager, and ties to a public relations agency. Artists, musicians, CEOs, physicians are also getting help from celebrity marketers. Some people have done a masterful job of marketing themselves the likes of Madonna, Oprah Winfrey, the rolling stones, Aero smith. Management consultant Tom Peters, himself a master at self-branding has advised each person to become a â€œbrandâ€?. In India it is Amitabh Bachan, Amir Khan, Shah Rukh Khan and many other film stars are endorsing internationally reputed brands for millions of dollars. On the sports front Sachin Tendulkar, Rahul Dravid and of late Dhoni, Pathan etc., are most in demand for endorsing products.
Properties: Properties are intangible rights of ownership of either real property (real estate) or financial property (stocks and bonds). Properties are bought and sold, and this requires marketing. Real estate agents work for property owners or sellers or buy residential or commercial real estate. Investment companies and banks are involved in marketing securities to both institutional and individual investors.
Goods: Physical goods constitute the bulk of most countriesâ€™ production and marketing effort. Each year, Companies market billions of fresh, canned bagged, and frozen food products and millions of cars, refrigerators, television sets, machines, and various other mainstays of a modern economy. Not only do companies market their goods directly or through retail outlets but even through internet. Thanks to the Internet, even individuals can effectively market goods and services.
Experiences: By orchestrating several services and goods, a firm can create, stage, and market experiences. Walt Disney Worldâ€™s Magic Kingdom represents experiential marketing: Customers visit the fairy kingdom and experience various rides. There is also Hard Rock CafÃ© where the customer can enjoy meal and see the band in a live concert. There are also market for customized experiences like spending a week in baseball camp and various climbing experiences.
Organizations: They actively work to build a strong, favorable and unique image in the minds of their target publics. Companies spend money on corporate identity ads. Philips, the Dutch electronics company, puts out ads with the tag line â€œLetâ€™s Make Things Better.â€? This marketing program has vaulted it to the top of the supermarket chains in the country. Universities, museums, and non-profit all use marketing to boost their public images and to compete for audience and funds.
Information can be produced and marketed as a product. It is distributed from schools and universities to the parents and children for a certain price. Encyclopedias and most nonfiction books give the most information and knowledge to the market. Magazines like Road and Track and Byte supply give the information about the Computer World.
Marketers in each area briefed above are always on their toes to find out new ways and means of winning the competition in their field. That is why we find exotic and humorous advertisements in all types of media with celebrities or attractive models with a catchy copy text. It is going to be a continuous effort and process.