MARKETING

 Some of the underlying principles of marketing:

• A traditional definition of marketing (by Chartered Institute of Marketing);

“The management process which identifies, anticipates and supplies customer

requirements efficiently and profitably.”

• The term ‘marketing’ may also convey an image and deeply concentrated
with consumer needs and wants, and also seeks to achieve customer
satisfaction through a coordinated set of marketing decisions and
activities
 NATURE OF EXCHANGE CONCEPT IN MARKETING

• The central idea of the marketing is the exchange of product between the seller and the buyer. This exchange
covers the distribution aspect and the price mechanism of the product.

• The nature of exchange also includes the concern for the customer, generation of value satisfactions, creative
selling and integrated action for serving the customer.

• An exchange process is simply when an individual or an organization decides to satisfy a need or want by
offering some money or goods or services in exchange. It's that simple, and you enter into exchange
relationships all the time.

• In park, recreation and leisure services, the exchange relationship occurs when they plan, develop, provide, and
communicate recreation opportunities, and exchange with the enjoyment of the benefits with the customers.

 The exchange process extends into relationship marketing. For exchange potential to exist, five
conditions must be satisfied: (1) there are at least 2 parties, (2) each party has something that might be
of value to the other party, (3) each party is capable of communication and delivery, (4) each party is free
to accept or reject the exchange, and (5) each party believes it ...
 NATURE OF EXCHANGE CONCEPT IN MARKETING

THE EXCHANGE PROCESS:

•The exchange process extends into relationship marketing.

For exchange potential to exist, FIVE (5) conditions must be satisfied:

1) There are at least 2 parties

2)Each party has something that might be of value to the other party
3) Each party is capable of communication and delivery
4) Each party is free to accept or reject the exchange and
5) Each party believes it
 THREE (3) IMPORTANT COMPONENTS OF MARKETING ORIENTATION
(Narver and Slater, 1990)

Marketing orientation is used to describe both the basic philosophy of an

organization and the techniques.
There are THREE (3) components of marketing orientation which are:

• CUSTOMER ORIENTATION – an organization has a sufficient understanding

of its target buyers that allows it to create superior value for them.

• COMPETITOR ORIENTATION – an organization’s understanding of the

short-term strengths and weaknesses and long-term capabilities and
strategies of current and potential competitors.

• INTERFUNCTIONAL COORDINATION/ORIENTATION – manner in which an

organization uses its resources in creating superior value for target
customers.
 TYPES OF MARKETS IN PARK, RECREATION AND LEISURE SERVICES

There are a few types of market which include:

1)Physical Markets
A place where buyers and sellers physically meet that involve both parties in a
transaction in exchange for money. Few good examples are sport and recreation
stores, shopping malls and retail stores.

2)Virtual Markets / Internet Markets

This type of markets are increasing on a fast track. It is a place where the seller offers
goods and services via online platform i.e. internet. Buyers and sellers are not required
to physically meet or interact. Examples are Lazada.com, Amazon.com, shopee.com
and etc.

3) Auction Market
A place where sellers and buyers indicate the lowest and highest prices they are
willing to exchange. This exchange takes place when both the sellers and buyers
agree on a price. A good example is the New York Stock Exchange (NYSE), Kuala
Lumpur Stick Exchange (KLSE).
4) Consumer Markets
This market type means the marketing of consumer goods and services for
personal and family consumption.
Consumer market examples are fast moving consumer goods are ready to cook
meals, plant-based diet meals, newspaper, magazines, televisions, personal
computers, shoes, clothes and many more.

5) Industrial Markets
The industrial market involves business to business sales of goods and services.
These marketers do not target consumer markets. Some examples of the
industrial market include finish goods like fitness equipment, office furniture,
machines; raw materials for businesses like gasses and chemicals; and
services to business to business for example security agencies, auditing
and legal services etc.

6) Market for Intermediate Goods

These markets dealing in selling raw materials that need further processing to
produce finish goods. For example, rubber as the raw material sold to factories to
form balls for sport activities.

7) Financial Market
This is a broad market and a place for dealing with liquid assets for example shares,
bonds etc.
Branding
Branding is a form of marketing that serves as the basis for future advertising. It helps to
make the product or service both attractive and well-known. Branding often
includes distinctive names, slogans, and graphics, such as a logo.

Public Relations
PR is the publicity that’s garnered from stunts, statements and newsworthy actions by a
company. Public relations is a form of marketing that works side-by-side with ad
campaigns and promotions. It is a way to promote a brand through thoughtful
planning, and through issuing public relations statements or press releases to
news and information outlets such as radio, TV and newspapers.

Broadcast Advertising
Buying radio or television time is one of the most prevalent forms of paid advertising.
Marketing to potential customers through radio often relies on jingles and catch
phrases to get attention. TV marketing can easily be targeted towards the
audiences of different programs through demographics provided by the TV show
producers and by companies that provide demographic information.
Point of Purchase
Packaging is vital to point-of-purchase marketing efforts, and often defines a
product’s placement on store shelves. Packaging is more than just creating a
container that holds the product; it plays a role in brand recognition,
consumer safety and retail opportunities. For service companies, "packaging"
includes presentation and image.

Online Presence
The Internet and all its permutations is the latest frontier for marketers. An online
presence is almost a requirement in the 21st century as part of any marketing
efforts. Marketing can be done in a huge array of formats, from websites to
social media and mobile applications, and can allow for customization,
content-based ads, and interaction from the audience.

Direct
When manufacturers deal directly with consumers, they participate in direct
marketing. There are no third-party intermediaries, such as middle retailers
or wholesalers. Direct marketing takes place through the mail, telephone and
Internet as companies sell their products and services directly to consumers.
Multi-Level
Multi-level marketing is a form of direct sales that involves a chain of connections
through which the company recruits and sells its products. Multi-level marketing
is also called network marketing because salespeople earn commissions on the
products they sell as well as on the sales made by their network.

Street Teams
Street team marketing uses personal interaction to express the virtues of a product,
service or event to potential customers. Street marketing typically targets
consumers directly in front of a venue or store, and provides an entertaining way
of getting across the seller's personality with costumes and antics performed by
the team.

Philanthropic
Companies use their support for charities and popular nonprofit groups to further their
image and promote their brands. Through sponsorship and participation in
fundraising events, philanthropic marketing creates a sense of community
involvement appreciated by consumers.
• The marketing mix is the set of tools available to an organization
to shape the nature of its offer to customers.

• Good marketers are familiar with the 4Ps of product, price,

promotion and place. In addition to the four traditional elements
of the marketing mix, the additional elements of people, process
and physical environment are added.

• Growth in the service sector has led marketing professionals to

reexamine the marketing mix in order to apply them effectively to
the development and selling of services and experiences
Four (4) major thrusts have emerged in recent years as part of such
marketing efforts:

1) Using market segmentation methods to identify promising target

groups of consumers and ways of meeting their needs
 Maximizing revenue potential by developing new, appealing products
and services
 Placing primary emphasis on the highest possible quality in
programming
 Achieving a high level of customer or stakeholder satisfaction, with
expanding the base of participants and retaining those already
involved as key objectives.
• Knowledge of consumer behavior leads to the conclusion that customers are
not one set of people with the same characteristics and preferences. Instead,
customers comprise numerous groups of individuals within each of which
there are similarities in needs, characteristics, motivations, etc.

• A market segment, then, is any relatively homogeneous subdivision of a

market that is likely to be attracted to particular products or services.

• In park, recreation and leisure services, there are several forms of market
segmentation are available by:
1) Demographics – e.g. age groups, gender groups, ethnic groups, tourists
 Socio-economics – e.g. by income, occupation, housing type, car ownership
 Geography – e.g. different areas, from countries to communities, the latter
often coinciding with socio-economic variables in formal classification
systems
 Behavior and benefits – e.g. how customers respond to and what they get from
the service, e.g. off-peak visitors, fitness motivated customers, visitors
motivated by education/skill improvement
 Psychographics – typically different attitudes, lifestyles and values