GOODSPhysical goods constitutes the bulk of most countries’ production and marketing effort. Each year, companies worldwide market billions of fresh, canned, bagged, and frozen food products and millions of cars, refrigerators, television sets, machines, and various other mainstays of a modern and global economy. Not only do companis market their goods, but thanks in part to the internet, even indiviuals can also effectively market goods.

SERVICESAs economies advance, a growing proportion of their activities is focused on the production of services. Developed economies usually have a 70-30 services-to-goods mix. Services include the work of airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people, and accountants, bankers, lawyers, engineers, doctors, software programmers, and management consultants. Many market offerings mix goods and services.At a fast-food restaurant, for example, the customer consumes both a product and a serice.

EVENTSMarketers promote time-based events, such as major trade shows, artistic performances, and company anniversaries. Global sporting events such as the Olympics and the World Cup are promoted aggressively to both companies and fans. There is a whole profession of meeting planners who work out the details of an event and make sure it comes off perfectly.One Direction have done a masterful job of marketing their concert.

EXPERIENCESBy orchestrating several services and goods,a firm can create,stage,and market experiences. Walt Disney World’s Magic Kingdom allows customers to visit a fairy kingdom, a pirate ship, or a haunted house.There is also a market for customized experiences, such as spending a week on eco-

tourism in remote natural habitats in Asia, or paying to have a jungle breakfast with an orang utan at the Singapore Xoological Gardens.

PERSONSCelebrity marketing is a major business. Today, every major film star has an agent, a personal manager, and ties to a public relations agency. Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals all get help from celebrity marketers. Some people have done a masterful job of marketing themselves—David Beckham, Oprah Winfrey, and the Rolling Stones. Management consultant Tom Peters,a master at self-branding,has advised each person to become a “brand.”

Oprah Winfrey, one of the people have done a masterful job of marketing themselves.

PLACESCities,states,regions,and whole nations compete actively to attract tourists, factories, residents, company headquarters and new residents. Place marketers include economic development specialists,real estate agents, commercial banks, local business associations, and advertising and public relations agencies.For example, Asian countries have been marketed by their respective tourism promotion boards to regonal and international visitors.

PROPERTIESProperties are intangible rights of ownership to either real property (real estate) or financial property (stocks and bonds). They are bought and sold, and these exchanges require marketing.Real estate agents work for property owners or sellers,or they buy and sell residential or commercial real estate. Investment companies and banks market securities to both institutional and individual investors.The best example of properties is Camella Homes.

ORGANIZATIONOrganizations work to build a strong, favorable, and unique image in the minds of their target

publics. Companies spend money on corporate identity ads. Universities, museums, performing ats organizations, and non-profits use marketing to boost their public image and to compete for audiences and funds.In the United Kingdom, Tesco’s “Every Little Helps” marketing program reflects the food marketer’s attention to detail in everything it does,within the store and in the community and environment. The campaign has vaulted Tesco to the top of the UK supermarket chain industry.

INFORMATIONInformation 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. Encyclopedias and most non-fiction books market information. The production, packaging, and distribution of information are major industries.The former CEO of Siemens Medical Solutions USA, Tom McCausland, says,“[our product] is not necessarily an X-ray or an MRI, but information.Our business is really health care information technology,and our end product is really an electronic patient record:information on lab tests,pathology,and drugs as well as voice dictation.”

IDEASEvery market offering includes a basic idea. Charles Revson of Revlon once observed:“In the factory we make cosmetics; in the drugstore we sell hope.”Products and services are platforms for delivering some idea or benefit. Social marketers are busy promoting such ideas as “Friends Don’t Let Friends Drive Drunk”and “A Mind Is a Terrible Thing to Waste.”

NEGATIVE DEMANDNegative demand is a type of demand which is created if the product is disliked in general. The product might be beneficial but the customer does

not want it. Similarly, people would like to avoid heart attacks and hence may pay for a full body check up where the results might be negative, but still the customer has to pay.For example – Dental work where people don’t want problems with their teeth and use preventive measures to avoid the same.

NONEXISTENT DEMANDConsumers may be unaware of or uninterested in the product. he marketing task is to find ways to connect the benefits of the product with the personals natural needs and interests.For example, a young couple may not be interested in adopting family planning.

LATENT DEMANDMany consumers may share a strong need that cannot be satisfied by any existing product. There is a strong latent demand for more-efficient vehicles .The marketing task is to measure the size of the potential market and develop effective goods and services that would satisfy the demand.The best example of latent demand are normal phones vs smart phones. People nowadays want more and more features in the smartphone. They might settle for a normal phone, but then later on they get the itch to buy a smart phone.

DECLINING DEMANDDeclining demand is when demand for a product is declining. A marketers job in such a case to think ways to revive the product so that the demand is not declining.For example, when CD players were introduced and IPOD came in the market, the demand for walkman went down. Although there was still a demand for the product, the demand was a declining demand.

IRREGULAR DEMANDIrregular demand can be demand which is not consistent. The best way to counter irregular demand is to introduce incentives for the customer to buy the product.The best example of irregular demand is seasonal products like umbrellas, air conditioners or resorts. These products sell irregularly and sell more during peak season whereas their demand is very low during non seasons.

FULL DEMANDConsumers are adequately buying all products put into the marketplace. In an ideal environment, a company should always have full demand. Full demand means that the demand is meeting the supply potential of the company. It also means that the markets are happy with the products of the company and that people want to buy from the same company. The marketing challenge in this type of demand is to maintain the same level of interest in the product and the company.The best example of full demand is medicine.

OVERFULL DEMANDOverfull demands happen when the companies manufacturing capacity is limited but the demand is more than the supply. This can be observed in the cement industry occasionally. Many companies use demarketing techniques to counter act overfull demands. This is because if the company keeps marketing, but it is not able to supply the material, then the company might suffer badly in brand equity.

The best example of overfull demand is rice and wheat.

UNWHOLESOME DEMANDUnwholesome demand is the other side of Negative demand. In negative type of demands, customer does not want the product even though product might be necessary for the customer. But in unwholesome demand, the customer should not desire the product, yet the customer wants the product badly. Best example of unwholesome demand are cigarettes, alcohol, pirated movies, guns etc.

The changes in technology and economy are eliciting a new set of beliefs and practices on the part of business firms. Table 2.1 shows the major business beliefs in the old economy and how these beliefs have shifted in the new economy.

Today’s economy and most companies are a hybrid of the old and the new economy. Companies need to retain skills and competencies that have worked in the past, but they also need to add new knowledge and competencies if they hope to grow and prosper. Similarly, today’s marketplace is made up of traditional consumers (who don’t buy online), cyberconsumers (who mostly buy online), and hybrid consumers (who do both).

Most consumers are hybrid: they shop in grocery stores but occasionally order online from Peapod; they buy books in Barnes & Noble bookstores and sometimes order books from bn.com. Thus, most companies will need a presence both off-line and online to cater to these hybrid

consumers. Companies are already adjusting their marketing practices to meet these new conditions.