10. Experience Marketing

By managing several services and products, a firm can create, stage and market experiences. Alton Towers – the most popular theme park in the United Kingdom – or Disneyland Resort Paris or Legoland in Denmark, Germany and England, all represent this kind of experiential marketing, allowing customers to visit a fairy kingdom, a pirate ship, a Lego town or a haunted house, complete with hotel accommodation and food. There is also a growing market or customised experiences, such as spending a week at a Samba Soccer camp, on a yoga retreat in Kitzbühel, Austria, or skiing on Mount Blanc in the Alps.

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19. What is a Market?

Traditionally, a “market” was a physical place where buyers and sellers gathered to buy and sell goods. Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class (such as the housing market or the grain market). Five basic markets and their connecting flows are shown in below. Manufacturers go to resource markets (raw material markets, labor markets, money markets), buy resources and turn them into goods and services, and sell finished products to intermediaries, who sell them to consumers. Consumers sell their labor and receive money with which they pay for goods and services. The government collects tax revenues to buy goods from resource, manufacturer, and intermediary markets and uses these goods and services to provide public services. Each nation’s economy, and the global economy, consists of interacting sets of markets linked through exchange processes. Marketers view sellers as the industry and...

22. Business markets

Companies selling business goods and services often face well-informed professional buyers skilled at evaluating competitive offerings. Advertising and Web sites can play a role, but the sales force, the price, and the seller’s reputation may play a greater one. The term business, business-to-business or industrial marketing focuses on understanding business buying centres and on how businesses purchase in different ways to consumers – further explored in Chapter 8. Business markets are now networked organizations operating in a complex environment. Nowadays the focus is on neither consumer or business markets but on recognizing that the lines between the two are blurring in four important ways: A blurring of value chains through outsourcing and other relationships that allows networks of companies and customers to operate. When Apple set up its iTunes online music store, it brought together recording companies with music and customers who wanted to download music tracks f...

17. Marketing’s role in creating demand

Marketers must have a variety of skills, one in particular being the ability to stimulate demand for their company’s services and products. However, this is too limited a view of the tasks that marketers perform and the skills that they must have. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management along with their other roles. Marketing managers seek to influence the level, timing, and composition of demand to meet the organizations objectives. Eight states of market demand are possible: Full demand: Consumers buy all services or products brought to market. Overfull demand: There are more consumers demanding the service or product than can be satisfied. Irregular demand: Consumer purchases vary on a seasonal, monthly, weekly, daily or even hourly basis. Declining demand: Consumers begin to buy the service or product less frequently or not at all. Negative demand: Consumers dislike the s...

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