The Scope of Marketing

The Scope of Marketing

Marketing is all about turning human needs into a profitable business opportunity. It is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Marketers market 10 main types of offerings:

Goods,

Services,

Events,

Experiences,

Persons,

Places,

Properties,

Organizations,

Information, and

Ideas.

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.

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).

The marketplace is physical, such as a store you shop in; the marketspace is digital, as when you shop on the Internet. A metamarket is a cluster of complementary products and services closely related in the minds of consumers, but spread across a diverse set of industries.

Metamarkets are the result of marketers packaging a system that simplifies carrying out these related product/service activities. The automobile metamarket consists of automobile manufacturers, new and used car dealers, financing companies, insurance companies, mechanics, spare parts dealers, service shops, auto magazines, classified auto ads in newspapers, and auto sites on the Internet.

Reference -  Philip Kotler and Kevin Lane Keller.  (2012).  Marketing Management (14^th Edition). New York: Prentice Hall.