Lesson 1, Topic 1
In Progress

What is Marketed?

Lakshmi Datti December 23, 2021

Marketers market ten main types of entities. They are:

  • Goods – Physical goods constitute the bulk of most countries’ production and marketing efforts. For example, companies market frozen food products, cars, televisions, machines, and other mainstays of a modern economy.
  • Services – Service is largely intangible (i.e., not material). As economies advance, a growing proportion of their activities focuses on the production of services. For example, 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.
  • Events – Marketers 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. Also, local events such as book fairs and travel fairs.
  • Experiences – Customer experience is everything related to a business that affects a customer’s perception and feelings about the market offers. For example, Walt Disney World’s Magic Kingdom creates fantasy experience by letting customers visit a fairy kingdom, a pirate ship, or a haunted house.
  • Persons – Artists, musicians, CEOs, high-profile politicians, and other professionals often get help from marketers. Many entertainers use marketing to market themselves—South Korean girl group Blackpink use marketing to promote themselves to international market.
  • Places – Cities, states, regions, and whole nations compete to attract tourists, residents, and investors. Malaysia uses place marketing to promote Malaysia as “Truly Asia”.
  • Properties – Properties 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 use marketing to facilitate the buying and selling of residential or commercial real estate.
  • Organizations – Corporations, and non-profit institutions are using marketing to boost their corporate images and compete for audiences and funds. Some corporations use social responsibility programme to manage and promote their identity and image.
  • Information – Information is essential for business decision making. Firms make business decisions using information supplied by organizations like Thomson Reuters: “We provide industry expertise to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare, science and media markets, powered by the world’s most trusted news organization.”
  • Ideas – Every market offering includes a basic idea. Products and services are platforms for delivering some idea or benefit. For instant, Charles Revson of Revlon once observed: “In the factory we make cosmetics; in the drugstore we sell hope.”