Marketing, at a high-level, is the task of creating, promoting and delivering goods and services to consumers and businesses. The main marketplaces are consumer markets, business markets and global markets. These are broken down into 1o types of entities:
Demand States and Marketing Tasks
The main demand states are Full demand, unwholesome demand, overfull demand, irregular demand and the top three are:
- Negative Demand – this is when a majority or part of the market dislikes your brand.
- No Demand – Target customers are unaware or uninterested in your brand.
- Latent Demand – marketing task equals measuring the size of the market and developing goods and services
Marketing is the societal process of planning and executing the conception, pricing, promotion and distribution. Fine tuning the accuracy of your market involves market segmentation which is the process of identifying and profiling groups of buyers who might prefer or request product.
Remember – Marketplace is a physical location, market-space is online.