Name the state of demand where consumers may be unaware or uninterested in the product.

Chapter 1

Why is marketing important?

• Financial success often depends on marketing ability.

• Successful marketing builds demand for products and services, which, in turn, creates jobs.

• Marketing builds strong brands and a loyal customer base, which are intangible assets that

contribute heavily to the value of a firm.

What is the scope of marketing?

•Marketing is about identifying and meeting human and social needs.

• It is the art and science of choosing target markets and getting, keeping, and growing customers through

creating, delivering, and communicating superior customer value.

• What is being marketed?

o Goods (cars, TVs, machines…)

o Services (Barbers, hotels, airlines, repair shops…)

o Events (Olympics and the World Cup…)

o Experiences (Disney world, baseball camp, climb up mount Everest…)

o Persons (Celebrities, Leaders…)

o Places (Vegas, Maldives…)

o Properties (real estate, stocks, bonds…)

o Organizations (Museums, Universities, UN…)

o Information (News, Financial reports, business decisions…)

o Ideas (drugstore “we sell hope”, social media: “Friends Don’t Let Friends Drive Drunk”…)

• Eight Demand states for consumers (examples):

• Negative demand—if they dislike the product and may even pay to avoid it (Insurance).

• Nonexistent demand—if they may be unaware of or uninterested in the product (older models).

• Latent demand—When a demand which the customer realizes later (normal vs smart phones).

• Declining demand—When demand for a product is declining (CD players...)

• Irregular demand—When demand not consistent and vary on a period or season basis (umbrellas).

• Full demand—When the demand is meeting the supply potential of the company.

• Overfull demand—When the demand is much more than the supply.

• Unwholesome demand—When attracted to undesirable products (cigarettes, alcohol).

What are some core marketing concepts?

• Needs, Wants, and Demands

o Needs: the basic human requirements such as for air, food, water, clothing, and shelter

o Wants: specific objects that might satisfy the need.

o Demands: wants for specific products backed by an ability to pay.

• Target Markets, Positioning, and Segmentation

o Not everyone likes the same cereal, restaurant, university, or movie. Marketers therefore identify

distinct segments of buyers by identifying demographic, psychographic, and behavioral

differences between them. They then decide which segment(s) present the greatest

opportunities.

o For each of these target markets, the firm develops a market offering that it positions in target

buyers’ minds as delivering some key benefit(s). Volvo develops its cars for the buyer to whom

safety is a major concern, positioning them as the safest a customer can buy.

When consumers may be unaware of or uninterested in the product is known as?

What are the 4 types of market demand?

What are the states of demand?

When Target buyers are uninterested or unaware of the product or service in the market the demand state is?