Lecture 1 - Marketing In 21st Century

Marketing is a multifaceted activity that involves various processes beyond just advertising. It encompasses creating value, customer communication, and relationship management. It is distinct from sales, which focuses on closing deals, and is essential for businesses of all sizes to connect with customers.

Marketing Management involves a strategic approach to identifying target markets, understanding customer needs, and delivering superior value to customers through various means such as product development, advertising, promotion, and customer relationship management.

Stakeholders are individuals or groups that have an interest in the success and outcomes of a business. They can include anyone directly or indirectly impacted by the business's activities.

In marketing management, 'art' typically refers to the creative aspects of marketing such as designing appealing products or advertisements that capture consumer interest, while 'science' refers to the analytical and data-driven aspects such as market research and understanding consumer behavior patterns.

Marketing involves promoting and selling products, services, events, persons, places, organizations, information, and ideas. Emotions, time, and memories are not physical entities that can be marketed in the traditional sense.

A marketer is someone who actively seeks a desired response from potential customers or prospects, whereas the incorrect answers do not fully capture the essence of what a marketer is and does.

Marketers are tasked with creating demand for a company's products or services through various techniques such as advertising, promotions, and strategic messaging.

The correct answer includes the eight demand states that encompass the various scenarios in which demand can exist in the market, such as negative demand, latent demand, and unwholesome demand.

Negative demand occurs when customers actively avoid a product due to dislike or dissatisfaction, leading them to potentially pay a price to steer clear of the offering.

Negative demand refers to a situation where customers actively dislike a product and avoid purchasing it. In this case, products tested on animals are boycotted due to ethical concerns.

Non-existent demand occurs when customers have no interest in a product offering, leading to low or no sales.

Non-existent demand refers to situations where there is no actual need or desire for a product or service, leading to low or zero demand despite attempts to promote it.

Latent demand refers to a situation where there is a strong need for a product or service that is currently unmet in the market. In the correct answer, the example provided highlights the demand for a drug to treat Parkinson's disease, showcasing latent demand in the medical industry.

Declining demand refers to a situation where customers reduce their frequency of purchasing a product or stop buying it altogether, leading to a decrease in sales.

The correct answer demonstrates declining demand as consumers are hesitant to purchase products from GM Motors due to the company's poor performance.

Irregular demand refers to the fluctuation in customer purchases based on various factors such as seasonality, month-to-month trends, daily sales, or even hourly variations. It does not indicate consistency in purchases, reliance on marketing efforts alone, or exclusivity to online sales.

Irregular demand refers to products whose sales fluctuate throughout the year based on seasonal or situational factors. Lawn mowers are a classic example of irregular demand as they sell more during the spring and summer months when people are tending to their lawns.

Full demand refers to a situation where customers are sufficiently purchasing all available product offerings in the marketplace.

Full demand refers to a situation where all products or services offered by a company are in demand, indicating high customer interest and sales potential.

Overall demand is a concept in economics that refers to the total quantity of a product that customers are willing to purchase at a given price level. It is an indicator of the market's interest in a particular product.

Overall demand refers to the total demand for a product or service in the market. The correct answer provides examples where the demand exceeded the supply, leading to sold-out situations due to high consumer interest.

Demarketing is a strategy used by marketers to strategically reduce the demand for a product when the manufacturer cannot keep up with the current demand.

Unwholesome demand is a concept in marketing where customers are attracted to products that have negative impacts on society or the environment. It is important for businesses to be mindful of promoting products that contribute to a healthy and sustainable future.

Unwholesome demand refers to goods or services that are harmful to individuals or society, such as cigarettes that have negative health impacts.

Marketing exchange involves a mutual transfer of goods, services, or ideas in return for something of value, emphasizing the importance of at least two parties being involved for a transaction to occur.

The concept of exchange requires specific conditions to be met in order for transactions to take place successfully.

Utility refers to the value or satisfaction that a product or service provides by meeting the needs or desires of consumers. It is not related to a specific type of company, software program, or the amount of money spent on a product.

The correct answer mentions that Form and Task utilities are provided by production with the guidance of marketing, while Time, place, and possession utilities are provided by marketing.

The structure of flows in a modern exchange economy refers to the movement of goods, services, and money among households, firms, and the government. It involves interactions between different economic agents and sectors to facilitate trade and economic activity.