marketing concepts,types of demand & marketing structure
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A marketer seeks a response from prospects in the form of attention, purchase, or donation. Marketers are skilled at stimulating demand for their products. There are eight demand states that range from negative demand where consumers dislike a product to overfull demand where more consumers want to buy a product than can be satisfied. Core marketing concepts include understanding needs, wants, and demands where needs become wants when directed toward specific products, and wants combined with buying power create demand. Marketers identify target markets within segments that present the greatest opportunities based on customer needs.
marketing concepts,types of demand & marketing structure
- 1. MARKETERS AND PROSPECTSA marketer is someone who seeks a response it could be an attention, a purchase or a donation from another party called prospect. Marketers are skilled at stimulating demand for their product.
- 2. EIGHT DEMAND STATES(1) NEGATIVE DEMAND- Consumer dislike the product and may even pay to avoid it. (2) NON EXISTING DEMAND (NO DEMAND)Consumer may be uninterested in the product. (3) LATENT DEMAND- Many consumer may share a strong need that cannot be satisfied by an existing product.
- 3. (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.
- 4. (7) OVERFULL DEMAND- More consumers would like to buy the product than can be satisfied. (8) UNWHOLESOME DEMAND— Consumers may be attracted to products that have undesirable so-cial consequences.
- 5. STRUCTURE OF FLOWS IN A MODERN EXCHANGE ECONOMY
- 6. CORE MARKETING CONCEPTS NEEDS, WANTS, AND DEMANDS Needs - state of felt deprivation including physical, social, and individual needs.
- 7. THIS IS A WANT WANTS – Needs become wants when they are directed to specific objects that might satisfy the need.
- 8. THIS IS DEMAND Wants Buying Power DEMAND
- 9. CUSTOMER NEEDS Stated needs Real needs Unstated needs Delight needs Secret needs
- 10. Target market :-Every customer has different choices as per their needs and identifying market segments the marketer decides which present greatest opportunities which are their target markets. Positioning :- Positioning is the process by which marketers try to create an image or identity in the minds of their target market for its product, service, idea, brand, or organization. Segmentation:- When the marketers start dividing the market in to segments as per customers choices is known as Segmentation.