UGC NET COMMERCE November 2017(Paper-II) Q26
- Option : C
- Explanation : Marketing people are involved in 10 types of entities: goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
Experiences: By orchestrating several services and goods, a firm can create, stage and market experiences. Walt Disney World’s Magic Kingdom represents experiential marketing. Customers visit a fairy kingdom, a pirate ship, or a haunted house. So does the Hard Rock Café. There is also a market for customized experiences such as spending a week at a baseball camp playing with some retired baseball greats, paying to conduct the Chicago symphony orchestra for five minutes or climbing mount everest.
Events: Marketers promote time-based events such as the Olympics, company anniversaries, major trade shows, sports events and artistic performances. There is a whole profession of meeting planners who out the details of an event and make sure it comes off perfectly.
Persons: Celebrity Marketing is a major business. Years ago, someone seeking fame would hire a press agent to plant stories in newspapers and magazines. Today every major film star has an agent, a personal manager, and ties to a public relations agency. Various professionals such as lawyers, artists etc are also getting help from celebrity marketers.
Places: Cities, states, regions and whole nations compete actively to attract tourists, factories, company headquarters and new residents. E.g, easter at the mountains. Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.
Properties: Properties are intangible rights of ownership of either real property (real estate) or financial property (stocks and bonds). Properties are bought and sold and this requires marketing. Real estate agents work for property owners or sellers or buy residential or commercial real estate. Investment companies and banks are involved in marketing securities to both institutional and individual investors.
Organizations: organizations actively work to build a strong, favourable image in the minds of their target publics. Companies spend money on corporate identity ads. Philips, the dutch electronic’s company puts out ads with the tag “Let’s make Things Better”. Universities, museums, and performing arts organizations all use marketing to boost their public images and to compete for audiences and funds.
Information: Information can be produced and marketed as a product. This is essentially what schools and universities produce and distribute at a price to parents, students and communities. Encyclopaedias and most nonfiction books market information. The production, packaging, and distribution of information is one of our society’s major industries.
Ideas : Every market offering includes a basic idea. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store we sell hope”. Products and services are platforms for delivering some idea or benefit. Social marketers are busy promoting such as ideas as Say no to drugs, Save the rain forest, exercise daily or avoid fatty foods.
The Decisions Marketers Make: Marketing managers face a host of decisions from major ones such as what product features to design into a new product, how many sales people to hire, or how much to spend on advertising etc.
