11. People or celebrity Marketing

Celebrity marketing is a major business. Artists, musicians, chefs, CEOs, financiers and other professionals can all become celebrities through clever marketing. Some people have done a masterful job of marketing themselves and becoming global celebrities – think of David Beckham, Bono, Jordan and Carla Bruni. Within the United Kingdom, chefs such as Gordon Ramsay, Jamie Oliver and Nigella Lawson have all become household names, with their own brands of restaurants, cookbooks and kitchen utensils.

Similarly, Spanish actors Penélope Cruz and Antonio Banderas, who were national celebrities in their native Spain, became global celebrities after working in Hollywood in English-speaking films. Celebrity culture is embedded in contemporary European culture, with nearly 3 million celebrity magazines sold each week in Britain, compared with 7.5 million in the United States, a country with five times the population.

Kate Moss '90s Style | POPSUGAR Fashion

Kate Moss, the English supermodel, launched her 5th line of clothing for Topshop in March 2008. Topshop credits the use of her name and designs with boosting Topshop sales by more than 10 per cent.20 Another example is Virgin’s CEO Richard Branson, who was famous as a CEO but became a global celebrity after he attempted to circumnavigate the globe in a hot air balloon. Management consultant Tom Peters, himself a master at self-branding, has advised each person to become a ‘brand’.

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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...

18. Marketer and prospect

A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers. Marketers are skilled at stimulating demand for their products, but that’s a limited view of what they do. They also seek to influence the level, timing, and composition of demand to meet the organization’s objectives. Eight demand states are possible: 1. Negative demand—Consumers dislike the product and may even pay to avoid it. 2. Nonexistent demand—Consumers may be unaware of or uninterested in the product. 3. Latent demand—Consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand—Consumers begin to buy the product less frequently or not at all. 5. Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. Full demand—Consumers are adequately buying all products put int...

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