Important Marketing Scope
We have discussed Marketing Scope. The following will also be discussed Marketing Scope, namely:
Some of the most important Marketing Scope are as follows:
1. Goods 2. Services 3. Events 4. Experiences 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Idea.
Physical goods constitute the major part of a country’s production and marketing effort. Companies market billions of food products, and millions of cars, refrigerators, television and machines.
As economies advance, a large proportion of their activities is focused on the production of services. Services include the work of airlines, hotels, car rental firms, beauticians, software programmers, management consultants, and so on. Many market offerings consist of a mix of goods and services. For example, a restaurant offers both goods and services.
Marketers promote events. Events can be trade shows, company anniversaries, entertainment award shows, local festivals, health camps, and so on. For example, global sporting events such as the Olympics or Common Wealth Games are promoted aggressively to both companies and fans.
What is the new economy? Is it something different from the old economy?
With the emergence of Marketing, we also witness the emergence of the new economy characterized by the following:-
A substantial increase in purchasing power.
A greater variety of available goods and services.
A great amount of information about everything.
A great ease in interacting and placing orders.
An ability to compare notes on products and services.
Today‘s companies also have new capabilities as given below:-
Ability to operate powerful information and sales channels.
Ability to collect fuller and richer information about markets, customers, prospects, and competitors.
Faster internal communication amongst employees.
Two-way communication with customers and prospects.
Send ads, coupons, samples, and information to customers.
Customize offerings and services to individual customers.
Improved, purchasing, recruiting, and training.
Improved external communication.
Improved logistics and service quality
Have a close look at Fig 1.1 below wherein major developments that have taken place in each decade have been depicted for nearly last fifty years. What do you observe? Now, who is going to explain the diagram for us?
The entire growth has been fuelled by the economic growth of the last half a century. The focus in the early fifties was on marketing of consumer goods, which shifted to industrial marketing. The latter development was largely due to increase in size and number of firms.
With the growth in maturity of both the consumer and the supplier, a new school of marketing in the form of non-profit and societal marketing emerged in the early seventies. The business realized that they have a larger role to perform than mere profit making.
With the changes in life style and enhanced standards of living, newer and newer services hit the market place. From education, communication, consultancy to Medicare and health — all kinds of services were being offered in the market. The marketing of services had arrived.
Marketing today knows no borders. From mere exporting, the firms had now acquired global orientation to herald the era of global marketing. For MNC‘s the entire world is a single huge market. It was time now that some of these MNC‘s like Toyota, Honda, Sony, Mercedes, and Phillips etc became household names.
Figure 1.1 Development of Marketing Science