markman chapter 1

• Marketing is about identifying and meeting human and social needs, with one definition being "meeting needs profitably"
• Marketing Management involves choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value
• Physical goods constitute the bulk of most countries' production and marketing efforts, including canned products, cars, refrigerators, televisions, and machines
• As economies advance, a growing proportion of their activities focus on the production of services, including the work of airlines, hotels, car rental firms, barbers, beauticians, lawyers
• Marketers promote time-based events like major trade shows, artistic performances, and company anniversaries, such as the Olympics and the World Cup
• By orchestrating several services and goods, a firm can create, stage, and market experiences, like Walt Disney World's Magic Kingdom
• Places - Cities, states, regions, and 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
• Properties are intangible rights of ownership to real property (real estate) or financial property (stocks and bonds), like residential or commercial real estate
• Organizations work to build a strong, favorable, and unique image in the minds of their target publics, such as universities, museums, performing arts organizations, and corporations
• The production, packaging, and distribution of information are major industries
• Every market offering includes a basic product or service that delivers some benefit, with social marketers promoting ideas like "Friends Don't Let Friends Drive Drunk" and "A Mind Is a Terrible Thing to Waste"
• Who markets? answer: Marketers and prospects
• A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect
• Marketers are skilled at stimulating demand for their products, but that's a limited view of what they do
• Negative demand - Consumers may dislike a product and even pay to avoid it
•  Nonexistent demand - Consumers may be unaware of or uninterested in a product
• Latent Demand - Consumers may share a strong need that cannot be satisfied by an existing product
• irregular demand Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis
• Full demand Consumers are adequately buying all products put into the marketplace
• Overfull demand More consumers would like to buy a product than can be satisfied
• Unwholesome demand Consumers may be attracted to products that have undesirable social consequences
• Traditionally, a "market" was a physical place where buyers and sellers gathered to buy and sell goods
• Companies selling mass consumer goods and services spend time establishing a strong brand image by developing a superior product, ensuring availability, and backing it with engaging communications and reliable service
• Business Markets Companies selling business goods and services face well-informed professional buyers and must demonstrate how their products will help achieve higher revenue or lower costs
• Companies in the global marketplace must decide which countries to enter, how to enter each, how to adapt product and service features, how to price products, and how to design communications for different cultures
• Companies selling to non-profit organizations with limited purchasing power need to price carefully, as lower selling prices affect the features and quality the seller can build into the offering
• Marketplace is physical, like a store you shop in
• Marketspace is digital, like when you shop on the Internet
• Metamarket describes a cluster of complementary products and services closely related in the minds of consumers, spread across diverse industries
• Needs are basic human requirements like air, food, water, clothing, and shelter
• Wants are directed to specific objects that might satisfy the need
• Demands are wants for specific products backed by an ability to pay
• Stated needs, real needs, unstated needs, and delight needs are different types of customer needs
• Value proposition is a set of benefits that satisfy customer needs
• A brand is an offering from a known source
• Satisfaction reflects a person's judgment of a product's perceived performance in relation to expectations
• Distribution channels include warehouses, transportation companies, banks, and insurance companies
• Communication channels deliver and receive messages from target buyers, including newspapers, magazines, radio, television, mail, telephone, billboards, posters, flyers, CDs, audiotapes, and the Internet
• Supply chain is a longer channel stretching from raw materials to components to finished products carried to final buyers